Transcorp Hotels Announces 143% Increase in Gross Profit, Shareholders to Get N717m Dividend

Kayode Tokede

Transcorp Hotels Plc has announced a gross profit of N16.23 billion for the year ended December 31, 2021 as against N6.67billion reported in 2020, indicating a 143 per cent increase

The results released to the the Nigerian Exchange Limited (NGX) showed a 114 per cent growth in revenue to N21.74billion from N10.16billion in 2020.

The hospitality company proposed a final dividend of 7 Kobo per share, translating into N717million and it is subject to appropriate withholding tax and shareholders’ approval.

The Company’s results show an impressive growth in its performance signalling its strong recovery from the impact of the COVID- 19 pandemic in 2020.

The performance also reflects the Company’s resilience and nimbleness, as it consistently leverages innovation to achieve an outstanding performance, breaking occupancy, and revenue records in 2021.

The Managing Director/Chief Executive Officer of Transcorp Hotels, Dupe Olusola in a statement said: “We are very pleased with the incredibly strong operating performance of our businesses, as most segments improved in 2021. Our leisure demand remained strong throughout the year as different leisure packages introduced continue to drive occupancy.

“We believe that Transcorp Hotels Plc is well-positioned to continue to capitalise on the recovery in the hospitality industry as we work towards achieving our vision of becoming Africa’s leading hospitality brand.

“We are on launching several projects that have been in the pipeline to further our play of being a full-service hospitality brand and diversify our portfolio,” Mrs. Olusola added. “We are excited about the opportunities to deliver continued growth in 2022, as we remain focused on strengthening our business and investing for the future.”

Chairman Transcorp Hotels, Mr. Emmanuel Nnorom in his comments said he expects the hospitality industry to continue to recover in 2022.

“As the domestic leisure, business and the Bleisure segment — corporate travellers which also add leisure activities into their stay – continue to expand, even as international guests return, we expect the hospitality industry to continue its recovery,” Nnorom said, adding that Transcorp Hotels Plc is in an advantageous position to drive the recovery of the industry in Nigeria.

“Having steered the business out of the effects of the pandemic, and back to profitability, our management team has shown the resilience and potential of our business, as well as a sign of the bright future that lies ahead.

“Backed by a Board committed to corporate governance and organisational excellence, our esteemed shareholders can be reassured that we will continue to deliver value and strong returns, ” Nnorom added.