Transcorp Hotels record impressive turnaround in Q3’21, grows profit 662%

Transcorp Hotels Plc, owner of Transcorp Hilton Abuja, Transcorp Hotels Calabar and Aura by Transcorp Hotels, has announced its unaudited third quarter results showing 115 per cent growth in revenue year-on-year (YoY) to N14.6 billion and a gross profit growth of 149 per cent to N10.8 billion, leading to a profit before tax of N745 million a 662 per cent improvement on performance recorded at the same period in 2020.

Total assets increased by 2.18 per cent from N115.3 billion in December 2020 to N112.9 billion in the third quarter of 2021 due to the increase in trade receivables and cash equivalents precipitated by the improvement in business activities within the period.

Total liabilities increased by 3.31 per cent from N53.5 billion in December 2020 to N51.8 billion in the third quarter of 2021. This is due to the increase in trade payables because of improved business activities within the period.

Shareholders Fund: N61.84 billion, a 1.21 per cent year-to-date increase relative to the financial years of 2020’s value at N61.10 billion.

Commenting on the results, Dupe Olusola, the managing director/chief executive officer 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 per cent occupancy, growing from 28 per cent 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.

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