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Transcorp Hotels records 47% revenue growth in 2022

April 3, 2023 12:01 pm

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Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has reported a 47 percent growth in revenue for the close of the financial year which ended December 31, 2022.

In a statement released on Monday, the organisation said its revenue rose from 21.4 billion in 2021 to a record N31.4 billion in 2022.

Transcorp Hotels said it reported a profit before tax (PBT) of N4.5 billion in 2022, representing a 172 percent increase from N1.7 billion in 2021.

Emmanuel Nnorom, chairman of the board of directors, said the company closed the 2022 financial year strongly.

He announced a total dividend payment of N1.33 billion at 13 kobo per share.

“Our continued focus on strategic financial management remained beneficial, as we exercised firm discipline in capital allocation, making swift investment decisions and capturing all economic upsides, ” he said.

Nnorom added that the company would continue to drive key investments in innovation and cost efficiency “including hospitality tech to improve our competitive advantage in the industry through sustainable and cost-effective strategies”.

“In staying true to our key strategic thrust of sweating our existing assets to support business expansion, we will continue to deepen our market share, while maintaining the highest service standards in line with our mission,” the chairman said.

Commenting on the results, Dupe Olusola, managing director/chief executive officer (CEO), Transcorp Hotels, said the financial performance in 2022 is attributable to the detailed execution of the company’s strategy, its unconventional thinking, its nimbleness, and its unwavering dedication to providing value to all of its stakeholders.

“We are excited to have delivered another exceptional year of revenue growth with a 47% increase to ₦32 billion in 2022 from the ₦21.7 billion recorded in 2021,” she said.

“The full-fledged return of our International Business Travel segment and the continued strong leisure demand contributed immensely to this performance.”