Transcorp Hotels Records Impressive Q1 Results

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Transcorp Hotels Plc on Wednesday held its Facts Behind the Figures to investors and other stakeholders at the Nigerian Exchange Group (NGX), presenting its strategic and operational development, as well as its financial performance, which was impressive in Q1 2021, ending with a revenue of N3.98 billion.

Facts Behind the Figures is an opportunity for the management of a company to brief the investing public on its activities.

Speaking at the session which was hosted virtually by the NGX, MD/CEO Dupe Olusola expressed pride at the company’s strong ties with the Exchange.

“It is always an honour to be invited by The Exchange to deepen public interest and knowledge about Transcorp Hotels Plc. We are grateful for the unrelenting market support of our business,” Mrs Olusola said.

“Our Q1 2021 performance was quite impressive with a total revenue of N3.8bllion which is above budget by 21per cent (N3.15bn). This impressive performance was driven majorly by our intensive drive for Leisure & Staycation and unique packages for key events and activities such as the new year festive package in January, Valentine’s Package, Mother’s Day package, Group Conference & Events activities from major companies and parastatals,” the Transcorp Hotels Plc MD/CEO added.

Speaking about the company’s plan as it continues to aim for incremental growth following the impact of COVID-19, Mrs Olusola said the company will continue to invest in new businesses and asset-light initiatives that leverage technology to increase our footprint across Africa.”

The company recently launched Aura, a digital platform for booking quality accommodation, great food and exciting experiences. It also recently commissioned a purpose-built co-working space at Transcorp Hilton Abuja, which is called Workspace by Transcorp Hotels. According to the company, there are plans to expand this to other locations.

Transcorp Hotels is also developing a 3,000-capacity Event Centre at the Transcorp Hilton Abuja, which will cater to existing demand for suitable venues to host medium to large scale events such as trade fairs, concerts, weddings, and religious programmes.

“We have also engaged other strategic and cost optimizing initiatives across both our hotels in Abuja and Calabar, as we increase focus on our leisure and staycation business segments.

“We will constantly continue to challenge ourselves to ensure that we meet the diverse customer needs and provide excellent experience across all touchpoints,” Mrs Olusola said.

Also speaking at the event, the Divisional Head, Listings Business at NGX, Mr. Olumide Bolumole expressed pleasure at Transcorp Hotels Plc.’s interaction with the market.

“Recently, the NGX hosted the MD/CEO of Transcorp Hotels Plc. Mrs Dupe Olusola to a digital closing gong ceremony to commemorate the formal listing of their N10bn rights issue. We are pleased that the company has again chosen to utilise our platform to engage the market about its financial performance as well as strategic and operational development within the organization through an FBF presentation,” Bolumole said.

He noted that considering the impact of COVID-19 on the hospitality sector, organizations will need to reimagine how they operate to navigate the uncertainties of doing business in the new normal. He acknowledged Transcorp Hotels’ commitment to innovation, allowing the company to serve customers beyond the hotel premises through new businesses like Aura by Transcorp Hotels.

Following the presentation and an engagement session with participants, the Exchange honoured Mrs Olusola with the NGX digital Closing Gong.

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