Transcorp Hotels Revenue Surges 115%, Assets N115.3bn In Q3 2021
Transcorp Hotels, owner of Transcorp Hilton Abuja, Transcorp Hotels Calabar and Aura by Transcorp Hotels, has declared a 115 per cent growth in revenue in its unaudited third report for 2021, rising from N6.8 billion in September 2020 to N14.6 billion in September 2021.
In its unaudited financial statement for the year ended September 30 2021, the company’s gross profit was N10.8 billion in Sep 2021, compared to N4.3 billion in the nine- months of 2020, indicating a 149 per cent growth year-on-year.
Transcorp Hotels operating expenses stood at N7.9 billion in YTD September 2021, compared to N6billion in YTD September 2020 (31 per cent growth year-on-year), while
Interest cost is put at N3.1 billion in September 2021, compared to N4.5 billion in the same period of 2020, representing a 31 percent decline year-on-year.
The company’s total assets increased by 2.18 per cent to N115.3 billion in Q3 2021 due to the increase in Trade Receivables and Cash and Cash Equivalents (CCE)precipitated by the improvement in business activities within the period.
According to the report, total liabilities rose by 3.31 per cent from 51.8billion billion in December 2020 to N53.5billion in Q3 2021.
The hospitality firm stated that it was due to the increase in trade payables because of improved business activities within the period.
Its shareholders fund, N61.84 billion,witnessed a 1.21 per cent year-to-date increase relative to FY 2020’s value at N61.10 billion.
Commenting on the results,, the Managing Director /Chief Executive Officer, Dupe Olusola said: “Our performance reflects the strength of our business to withstand external shocks and continue to grow revenue even in tough economic conditions.
“Demand has continued to improve at impressive levels during the year, accelerating in the third quarter to pre-pandemic levels. We ended September with 63 percent occupancy, growing from 28 percent achieved in the same period last year, as we continue to outperform the industry average on several indices.
“We are seeing significant improvement in our corporate and group bookings, as vaccination rates increase, and companies begin to return to full operations.. Domestic leisure demand remains very strong and continues to be responsible for the improvement seen on our revenue and this signifies our nimbleness and strength of purpose to redefine hospitality in Africa.
“Our flagship hotel Transcorp Hilton was named by the World Travel Awards as Africa’s Leading Business Hotel, for seven consecutive years. This is testament to our continued focus on redefining hospitality and providing excellent services to our customers, ensuring that every experience with us is memorable.”
The managing director explained that the company would remain focused on the execution of our growth strategy, leveraging technology and the expertise of our people to deliver best-in-class guest experience across all our assets, properties and touchpoints.
Olusola added that the company recently launched Aura by Transcorp Hotels, a digital platform for booking accommodation, food and experiences, noting that Aura caters to the three major things people needed when they travel; where to stay, what to eat and things to do to make their travel memorable.
She said: “This business, which stems from our asset-light strategy offers us a great opportunity for expansion in line with our long-term plans to expand across Africa.
“As the global economy continues to recover from the impact of the COVID-19 pandemic, Transcorp Hotels Plc. will remain a leader in the industry, offering bespoke hospitality services to discerning guests, who live for memorable experiences and excellent service delivery.”
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