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Transcorp Hotels’ Q1 PBT rises by 624.4 per cent

By Guardian Nigeria
11 May 2022   |   3:55 am
Transcorp Hotels Plc, a subsidiary of Transnational Corporation Plc ended quarter one (Q1) with an impressive result, reporting a 77.4 per cent growth in revenue, from N3.97 billion posted in the same period in 2021 to N7.04 billion.

Transcorp Hilton Hotel,

Transcorp Hotels Plc, a subsidiary of Transnational Corporation Plc ended quarter one (Q1) with an impressive result, reporting a 77.4 per cent growth in revenue, from N3.97 billion posted in the same period in 2021 to N7.04 billion.

The hospitality company which owns the iconic Transcorp Hilton Abuja, Transcorp Hotels Calabar and online booking platform Aura by Transcorp Hotels, also recorded more than 624 per cent growth in profit before tax (PBT), from a loss of N203.7 billion in the comparative period to a profit of N1.067 billion.

The performance is contained in the company’s unaudited financial statements for the quarter ending on March 31, 2022, published on the Nigerian Exchange Group (NGX).

Managing Director/Chief Executive Officer of Transcorp Hotels Plc, Dupe Olusola, expressed confidence in the company’s ability to sustain its growth trajectory.

“Our first-quarter performance was driven by our relentless innovation in all facets of our business, creating new and tailored business and leisure offerings, while consistently improving guest experience to ensure maximum value for every spend. This has seen us record continuous growth from January through March.

“Our leisure business remains strong on the back of strategies employed following the pandemic, even as our international business travellers continue to show impressive recovery. Looking ahead, we expect to continue to see improvements through the second quarter, as we remain committed to delivering exceptional services and increasing access to luxurious hospitality, in keeping with our mission of redefining hospitality in Africa.

“Also, as COVID-19 restrictions continue to reduce, we expect business travel to accelerate which would further supplement the buoyant leisure business,” she said.

The Chief Finance Officer, Oluwatobiloba Ojediran, highlighted the outstanding performance, stressing that the group was able to strategically contain costs of operation to achieve the optimal results.

“A notable level of operational efficiency was witnessed during the quarter, as the operating expense margin reduced from 58 per cent in Q1 2021 to 45 per cent in Q1 2022, despite the impressive 77 per cent year-on-year growth in revenue. Also, the gross profit margin was sustained at 73 per cent,” Ojediran said.