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2021 half year results: Transcorp Hotels records increase in revenue, hospitality sector recovers

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Transcorp Hotels Plc has announced its un-audited financial statements for the half year ended June 30, 2021. The results published on the Nigerian Exchange Group showed that revenue rose by 84% to N8.4bn from N4.5bn in June 2020, while total assets rose by 5.27% to N119bn from N113bn during the period under review. Shareholders’ funds stood at N61bn, maintaining its year-end 2020 level. 

The Company’s results are a testament to its resilience, recording a 97% improvement year-on-year, with a Loss Before Tax of N102 million in HY 2021, compared to N3.5 billion in HY 2020. 

“Our performance reflects the capacity of our business to run sustainably and improve revenue significantly, even in tough economic conditions,” said Mrs. Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc.

“We saw demand improve at impressive levels during the first half of the year, with occupancy nearing the pre-pandemic levels at some points. For example, occupancy was 67.2 percent in June, growing from 44.8 percent in January,” she said. 

Commenting further, Mrs Olusola stated: “We are encouraged by the signs of complete recovery in our corporate and group bookings, as companies begin to return to full operations and more physical meetings are held. In the meantime, we remain diligent in the execution of other initiatives for the year, leveraging technology and the expertise of our people to deliver best-in-class guest experience across all our assets, properties and touchpoints.”

The leading hospitality brand had recently launched Aura, an online platform for booking accommodation, staycations, great food and memorable lifestyle experiences. Mrs. Olusola said Aura will help Transcorp Hotels to further redefine hospitality, grow domestic tourism and contribute to Nigeria’s economic growth, in line with the Company’s purpose of improving lives and transforming Nigeria.

Speaking on Transcorp Hotel’s remarkable performance, the Chief Finance Officer, Oluwatobiloba Ojediran, said, “We have seen an upward trend in our quarterly performance with a revenue of N4 billion in Q1 2021 to N4.8 billion in Q2 2021, resulting in a total revenue performance of N8.8 billion. This is an impressive performance as it represents 94% of the N9.3 billion revenue that was recorded in the pre-COVID H1 2019.” 

Mrs. Olusola reaffirmed Transcorp Hotel’s commitment to efficiency, excellence and execution, which she said, “will help us deliver even stronger returns to our esteemed shareholders in the second half of 2021 and beyond, as we reinforce our position as leaders in the hospitality sector delivering excellent service, innovation and excellent standards to all our stakeholders”.

Transcorp Hotels Plc. is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African. The Company’s hotels include Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also recently launched Aura, an online platform for booking accommodation, food and memorable lifestyle experiences.