NIGERIA – Transcorp Hotels Plc has reported its half-year (H1) ended June 30, 2024, results with revenue at N29.7 billion (US$17.88m), about 61 percent increasing when compared to N18.5 billion (US$11.13m) declared in H1 2023.
The hospitality subsidiary of Transcorp Group on the Nigerian Exchange Limited (NGX) reported N10.5 billion (US$6.32m) profit before tax in H1 2024, representing an increase of 192 percent over the N3.6 billion (US$2.16m) recorded in H1 2023.
Consequently, the company rewards shareholders with an interim dividend of N1.02 billion (US$614,062) at N0.10 for every 50 kobo ordinary shares, subject to appropriate withholding tax and approval.
Also, profit after Tax stood at N6.6 billion (US$3.97m) in H1 2024, an increase of 157per cent year-on-year compared to N2.6 billion (US$1.56) during the same period last year.
In the period under review, the company’s occupancy grew to 81per cent in H1 2024, up from 77per cent in H1 2023.
Revenue per Available Room (RevPAR) increased by 57 percent to N162,999 (US$98.13) from N103,646 (US$62.40) during the same period in 2023.
Managing Director/CEO, Transcorp Hotels, Dupe Olusola, in a statement, said the Company continues to deliver excellently on its record Q1 financial results and further drives its second-quarter performance to new levels.
The company achieved a combined strong half-year performance, with 61 percent revenue growth, setting another performance record.
“Revenue Per Available Room increased nearly 60 percent compared to the first half of 2023 due to an increase in both group and transient demand at our flagship property, Transcorp Hilton Abuja, even as our leisure business continues to wax stronger,” Olusola stated.
“As we continue to combine our high standards with operational excellence, execution, exceptional guest experience, and consistent financial discipline, we are confident in our ability to keep growing in line with our strategic objectives and delivering long-term value to all our stakeholders. We are excited about the launch of our upcoming 5,000-capacity event center later this year,” he added.
Transcorp Hotels Plc recently decided to divest its equity holdings in its subsidiary, Transcorp Hotels Calabar.
This was part of its strategic resolutions at the ninth Annual General Meeting of Transcorp Hotels Plc held at Congress Hall, Transcorp Hilton Abuja.
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