Transcorp Hotels Plc has recorded a growth of 172 per cent in its profit before tax and N31.4 billion revenue for full year of 2022.
The company reported a profit before tax of N4.5 billion, a 172 percent increase year-on-year, having ended 2021 with N1.7 billion. It also reported a 47 percent growth in revenue to N31.4 billion in 2022 from N21.4 billion the previous year, and a N2.6 billion profit after tax.
Further analysis of the company’s results for the year ended December 31, 2022, showed that, with the hike in costs of supplies caused by negative macro-climate, continued efforts to drive cost efficiencies resulted in an improved net profit margin which doubled from seven per cent in 2021 to14 per cent in the year 2022.
The company recorded about two per cent increase in finance costs over the previous year despite the cessation of the previously enjoyed COVID-19 concessions on interest rate granted by lenders.
The board of the company approved the sum of N1.33 billion, representing 13 kobo per share to be paid to shareholders as dividends for the year ended December 31, 2022, which is subject to the shareholders declaration at its Annual General Meeting.
Speaking on the results, managing director/CEO, Transcorp Hotels, Dupe Olusola, said: “this impressive achievement is the highest revenue generated since the inception of the Company. The full-fledged return of the International Business Travel segment and the bolstering leisure segment contributed immensely to this performance. We continuously strive to achieve a dynamic mix of schemes to efficiently manage hotel occupancy and guest experience.”
She added that, “our excellent financial performance in 2022 is the direct result of our concerted efforts and commitment to deliver value to our stakeholders and customers. In 2023 and beyond, we will build on our strengths, stay agile; optimise our existing businesses, while identifying new opportunities.
“We remain committed to redefining hospitality in Africa through innovation and exceptional services as we unlock value for all our stakeholders.”
Transcorp Hotels, an Africa’s hospitality companies, committed to redefining hospitality on the continent. Transcorp Hotels is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group).