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Transcorp Hotels Plc pushes on with outstanding Q1 performance as PBT rises by 624.4% and revenue grows by 77.4%

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…Hospitality giant reports revenue of N7bn and gross profit of N5.1bn 

 Transcorp Hotels Plc, Nigeria’s top hospitality company and a subsidiary of Transnational Corporation Plc. (Transcorp Group) has ended Q1 2022 with an impressive result, reporting a 77.4% growth in revenue to N7.04 billion from N3.97 billion in the same period in 2021. The hospitality company which owns the iconic Transcorp Hilton Abuja, Transcorp Hotels Calabar and online booking platform aura by Transcorp Hotels, also recorded more than 600% growth in profit before tax (PBT) to N1.067 billion from a loss of N203.7 million in the same period last year.

The result is contained in the Company’s Unaudited Financial Statements for the period ended 31 March 2022, published on the Nigerian Exchange Group (NGX).

Commenting on the results, Mrs Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc, expressed confidence in the Company’s ability to sustain its growth trajectory.

“Our first quarter performance was driven by our relentless innovation in all facets of our business, creating new and tailored business and leisure offerings, while consistently improving guest experience to ensure maximum value for every spend. This has seen us record continuous growth from January through March. Our leisure business remains strong on the back of strategies employed following the pandemic, even as our International Business Travellers continue to show impressive recovery. Q1 ended with a RevPAR growth of 74.4% when compared with Q1 2021, and an ADR growth of 19.1%, even as we continue to outperform industry average,” Dupe Olusola said.

Looking ahead, we expect to continue to see improvements through the second quarter, as we remain committed to delivering exceptional services and increase access to luxurious hospitality, in keeping with our mission of redefining hospitality in Africa. Also, as COVID-19 restrictions continue to reduce, we expect business travel to accelerate which would further supplement the buoyant leisure business,” the Managing Director/CEO added.”

In her comments, the Chief Finance Officer, Mrs. Oluwatobiloba Ojediran, highlighted the outstanding performance of the Company, stressing that the Group was able to strategically contain costs of operation to achieve the optimal results.

“A notable level of operational efficiency was witnessed during the quarter, as the operating expense margin reduced from 58% in Q1 2021 to 45% Q1 2022, despite the impressive 77% year-on-year growth in Revenue. Also, the Gross profit margin was sustained at 73%,” Mrs. Ojediran said.

“This is amidst Nigeria’s inflation rate which climbed to 15.92% in March 2022, from 15.6% in December 2021, the fastest rise in consumer prices since last October 2021. Also, prices of diesel, which is used to power most businesses, more than doubled within the same period.

As demand continues to rise, the hospitality company has disclosed plans to expedite the commencement of planned developments in Lagos and Port Harcourt, even as it continues to expand its reach via its online booking platform, aura by Transcorp Hotels, which allows people to book hotels and short let apartments, experiences, and order food anywhere in Nigeria. The Company is also developing a world-class event center at the Transcorp Hilton, Abuja.

About Transcorp Hotels Plc.

Transcorp Hotels Plc.  is one of Africa’s leading hospitality companies, committed to redefining hospitality standards. Transcorp Hotels is the hospitality subsidiary of Transnational Corporation Plc. (Transcorp Group). The Company’s hotels include the award-winning Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura, an online platform for booking accommodation, food and memorable lifestyle experiences.

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Boosting Health Access: Lasaco Assurance Supports NYSC Corps Members’ Health Mission”

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Insurance underwriter, Lasaco Assurance Plc, has donated health recovery items to support the Health Initiative Programme of the National Youth Service Corps members serving in the Ifako Ijaiye Local Government area of Lagos State.

A statement from the firm said that the donation was to boost health development in the country.

 

Some Corps members, under the aegis of Local Government Initiative, for their first quarter Health Initiative, embarked on a project to provide health services to rural dwellers, whose access to quality health services was limited due to poverty, ignorance and superstition.

 

Lasaco Assurance supported the corps members to reach the target audience and help them overcome their difficulties in accessing quality health.

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The company’s Head of Corporate Communications, Seye Smart, who represented the Head of Strategy, Research and Communications, Dayo Adetokun, at the presentation of the gift items to the corps members, emphasised the importance of exposing the citizens to quality health and safety as that would improve their capacity, make them function well and prolong their life expectancy.

 

A healthy citizen, she explained, would contribute meaningfully to the growth of society and be useful for the development of humanity.

Leader of the LGI team, Bose Ojimi, said the programme was the group’s modest contribution to the country’s quest for improved health and safety for Nigerians and hoped that other corporate organisations would follow in the footsteps of Lasaco Assurance to offer necessary assistance to the people.

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Yahaya Bello absent as court adjourns, EFCC mulls military’s help to fish him out 

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Justice Emeka Nwite of the Federal High Court Abuja has adjourned the suit instituted by the Economic and Financial Crimes Commission (EFCC), against the immediate past Governor of Kogi State, Yahaya Bello, to April 23rd.

 

The adjournment is for substituted service and possible arraignment of Bello for alleged N84bn money laundering. At the resumed sitting, Counsel for the EFCC, Kemi Phinro, told the court that the immediate past governor of Kogi State was absent from court for his arraignment because he was being protected by someone with immunity.

 

Phinro said the former governor was whisked out of his Abuja residence by the same person with immunity. Phinro said the anti-graft agency might seek the help of the military to fish him out to come face his arraignment. Responding to this submission, Yahaya Bello through his counsel, Abdulwahab Muhammad, told the court that there is an order of the court restraining the EFCC from arresting or arraigning him.

 

Muhammad said a Kogi State High Court had on February 9, 2024 restrained the EFCC from arresting or arraigning the former governor. He added that the EFCC has appealed the ruling and the Court of Appeal was yet to decide on the matter. He pointed out that the action of the EFCC was unconstitutional and the court lacked jurisdiction to entertain any charge from

the EFCC.

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Billionaire Businessman, Tunde Ayeni’s Talk of the town Daughters Wedding

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Barr. John Olatunde Ayeni C.O.N is indeed a man of high repute with a highly cerebral nature blessed with suave, elegance and finesse. As a young man, he has carved a niche for himself as a seasoned investor and a finance person with a background in the legal profession after bagging a law degree at Ahmadu Bello University, Zaria before he was called to bar. Everything he touches turns into gold. He is a man who knows the true spirit of friendship and brotherhood which has elevated him to the position he holds today. The erstwhile Chairman of Skye Bank has created his name in gold as one of the best brains to have come out of Nigeria as he sits atop several high business conglomerates.

 

One thing has remained constant for him he is a man who loves his family and will never trade anything for his family. More reason he spared no cost to ensure his daughter Abolaji Ayeni gets one of the biggest wedding Soiree with her hubby Oluwatobiloba Adeoye that will never be forgotten in a hurry. It was a rollercoaster of events that remained colourful and also further cents Ayeni’s position as a crowd puller as all his friends turned up for him to celebrate him and his family in one of their proud moments as a father.

 

Last year 2nd of December, the Groom’s family was hosted by Ayeni at an introduction ceremony at his Lagos residence and from that moment he has told his friends that; the wedding shindig would be one to remember as he is putting lots of resources into making the day a memorable one and also appreciate his daughter for making him and his wife proud parents.

 

On Thursday the 11th of April, Ayeni and his family hosted a traditional engagement wedding in Lagos Ikoyi where it was a parade of cultural aesthetics from the best Aso-Ebi to the best of Agbada and music as Yinka Aiyefele serenade the audience with his musical rendition there was an array of cuisines that guests savoured their taste buds with and lots of high-cost drinks.

On Saturday the 13th of April, Ayeni also pulled his heavyweight as the Church wedding where the couples were tied together by Pastopr Tunde Bakare’s Latter Rain Church in Oregun before the train moved to the reception at the Balmoral Hall of the Federal Palace Hotel, Victoria Island where guests were treated like a king, the whole V.I corridor was locked down as automobiles of different kinds took over the roads.

 

It was an absolute display of wealth, opulence and splendour as the who is who in Nigeria’s business, political and socialite space were in attendance. The roll call was quite an elitist one as it was like a gathering of stars with deep pockets. The father of the bride adorned in his full Agbada was seen smiling cheerfully welcoming his guests and also making sure those who attended were given the best of treats. The food was local and continental and the wines served were vintage wines. It was like a carnival as Evangelist Dunni Olarewaju (Opelope Annionting)coroner was on the bandstand while King Wasiu Ayinde Marshall the Fuji maestro also serenaded the audience.

 

Those who attended confessed that Ayeni is not only a master planer in the boardroom he is also a master planner of soirees and a good host with a high sense of hospitality. Those spotted were; the Governor of Ogun State, Prince Dapo Abiodun, Kogi State Secretary to the State Government; Mrs Ayoade Folashade, Former Governor of Ogun State Senator Ibikunle Amosun, Chairman Federal Inland Revenue Service; Dr Zacch Adedeji Former Governor of Delta State, Chief James Ibori, Former Governor of Ekiti State, Mr Niyi Adebayo, Hajia Bola Shagaya, Olugbon of Ilegbon Oba Francis Alao, Olofin of Isheri Oba Sulayman Bamgbade, Elegushi of Ikate Land Oba Saheed Elegushi, Akinshiku Dosumu Oba Otudeko, Iyaloja of Lagos Folashade Tinubu-Ojo, Mogaji Wole Arisekola, Former Fidelity Bank MD Mr Nnamdi Okonkwo, Daily Times Publisher Mr Fidelis Anosike and wife Rita Dominic-Anosike, Nkiru Anumudu, Segun Awolowo, Terry Waya, Comfort Obamuyiwa, Aisha Achimogu, Abu Abel, Abisagboola ‘Bankuli’ Oluseun and a host of others.

By: Oladapo Shofowora.

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