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Transcorp Hotels Plc Pushes On With Outstanding Q1 Performance

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…as PBT rises by 624.4% and revenue grows by 77.4% 

…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 the 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 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 increasing 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% in 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, the 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.

BIG STORY

JUST IN: Amaechi Resigns As Minister Of Transportation

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Chibuike Rotimi Amaechi, a presidential aspirant on the platform of the All Progressives Congress, on Monday, officially resigned his position in the cabinet of President Muhammadu Buhari as the Minister of Transportation.

In a press statement issued by the Amaechi Presidential Media Committee (APMC) signed by Kingsley Wali, in Abuja, Amaechi in his resignation letter expressed profound gratitude to the President for considering him fit to serve in his administration.

He equally thanked Buhari for the enormous support given him, which he said, was responsible for the tremendous record of achievements he made in the Ministry of Transportation over the last seven years.

The statement quoted Amaechi as saying in his resignation letter: “It is with mixed feelings that I tender my resignation as the Minister of Transportation of the Federal Republic of Nigeria to contest for the Presidential ticket of our great party, the All Progressives Congress.

“Your Excellency, it has been a great honor and privilege serving as a member of your cabinet following your historic victory at the polls in 2015. Under your administration, the Ministry of Transportation has recorded significant achievements, made possible by your visionary support and commitment to ensuring that we deliver on our mandate.

“As I embark on the next phase of our mission to work towards a better Nigeria for ALL NIGERIANS, I humbly seek Your Excellency’s prayers, and blessings, and look towards your continuous support and guidance.

“Your Excellency, whilst humbly seeking your kind consideration of my request please accept the assurances of my highest esteem.”

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BREAKING: EFCC Arrests Accountant-General Of The Federation, Ahmed Idris, Over Diversion Of N80bn

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Nigeria’s Accountant-General, Ahmed Idris, has been arrested over alleged money laundering and diversion of public funds.

Those familiar with the development said Mr. Idris was intercepted in Kano by operatives of the Economic and Financial Crimes Commission (EFCC) on Monday evening and is being flown to Abuja, the nation’s capital, for interrogation.

Report has it that the EFCC has for some time been investigating a case of diversion of at least N80 billion in public funds which were allegedly laundered through some bogus contracts.

The companies used in laundering the funds have allegedly been linked to family members and associates of the accountant-general, investigators said.

Our sources further said after progress was made in the investigation, Mr. Idris was summoned repeatedly for interrogation but he failed to honor the invitations.

“We kept inviting him but he kept dodging us,” one of our sources said. “We were left with no choice but to keep him under watch and arrest him.”

The spokesperson for the EFCC could not be reached to comment on his story. One of his subordinates said he is traveling in the United Kingdom at this time.

However, a top EFCC official confirmed the development but asked not to be named because he had no permission to discuss the matter with the media.

President Muhammed Buhari appointed Mr. Idris’s accountant-general on June 25, 2015.

The position became vacant at the time after the former Accountant General, Jonah Otunla, left office on June 12, 2015.

President Buhari reappointed Mr. Idris for a second four-year term in June 2019, amid criticisms from labor groups who said the accountant-general should retire after turning 60.

Mr. Idris, a native of Kano State, North-west Nigeria, was born on November 25, 1960, and was until his appointment in 2015 the Director of Finance and Accounts, Federal Ministry of Mines and Steel Development.

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BREAKING: Embattled Ex-EFCC Chair, Ibrahim Magu, Promoted To AIG

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The Police Service Commission has promoted Ibrahim Magu, suspended acting chairman of the Economic and Financial Crimes Commission (EFCC) to the rank of an Assistant Inspector General of Police (AIG), along with five others.

AIG Magu Ibrahim who is proceeding on retirement is the most senior in the CP cadre and missed the last two promotions after returning to the Police from the EFCC.

It was gathered that the decision to promote Magu follows the recommendation of the Inspector-General of Police, Usman Baba. The PSC had last July declined to promote Magu during the promotion of 24 CPs and other officers.

This is just as the PSC confirmed the promotion of Mr. John Ogbonnaya Amadi as a Deputy Inspector General of Police, to take over from late DIG Joseph Egbunike who represented South East in the Police Management team. Also promoted DIG is Zana Bala Senchi.

The other Commissioners of Police promoted to AIG are CP Abraham Egong Ayim; Okunlola Kola Kamaldeen; Andrew Amieengheme; Akeera Mohammed Younous; Celestine Amechi Elumelu; Ngozi Vivian Onadeko and Danladi Bitrus Lalas (Airwing).

A statement by Ikechukwu Ani, Head of Press and Public Relations said 23 Deputy Commissioners of Police were promoted to Commissioners of Police

The new 23 Commissioners of Police are; Taiwo Olusola Jesubiyi, former DC, Admin and Finance, Akwa Ibom State Command; Kolawole Olajide former DC, Force CID Annex, Alagbon, Lagos; Julius Alawari Okoro, former DC, Maritime, Lagos; Adelesi Ebunoluwa Oluwarotimi, former DC DFA, Kwara State Command; George Chijioke Chuku, former DC Ops Ebonyi State Command; Paul Alifa Omata, former DC Ops, Kwara State Command; and Effiong Dominic Edem, former DC Ops, Zone 2 Lagos. Others are Yusuf Adesina Akeem, presently at the National Defence College; Mary Gbemudu George, former DC, Anti Human Trafficking Abuja; Etim Aqua Efiom, former DC Ops FHQ, Abuja; Mohammed Yakubu, former DC SCID Anambra Command; Ganiyu Alhaji Salami, former DC ZCID Zone11 Osogbo; Magaji Kontagora Ahmed, former, DC Ops, Lagos State Command; and Kolo Yusufu, presently O/c IGP Special Tactical Squad & TIU.

Also promoted CPs are Bzigu Yakaba Kwazhi Dali, presently on secondment to ECOWAS Commission, Guinea, Bissau; Ahmed Ammani, presently at the National Defence College; Afolabi Babatola Adeniyi, former DC, Ops Yobe State Command; Njoku Henry Eronini, former DC, JTF, Yenagoa, Bayelsa State; Abiodun Oladimeji Asabi; Dankwara Adamu Mohammed, former DC, SPU FHQ, Abuja; Mohammed Usaini Gumel, former DC TIU FHQ, Abuja; Ogundele Ayodeji, former DC Central Intelligence, Force CID Annex, Lagos and Idris Nagoya, former 2i/c Force Animal branch.

The Commission also approved the promotion of 23 Deputy Commissioners to the next rank of Commissioners of Police; 31 Assistant Commissioners to Deputy Commissioners of Police.

Magu’s ordeal began in July 2020 when he was suspended from office as acting EFCC chairman by President Muhammadu Buhari, over Malami’s allegations against him and he consequently appeared before a presidential panel headed by retired Justice Ayo Salami set up to probe him for alleged graft and insubordination.

More to come…

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