Connect with us


BIG STORY

Transcorp Hotels Plc Pushes On With Outstanding Q1 Performance

Published

on

…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

COALITION: We’ll Register New Party As Backup To ADC — El-Rufai

Published

on

A leader of the Social Democratic Party, SDP, and an important figure in the opposition coalition, Nasir El-Rufai, stated that a new political party would be registered as a backup for the African Democratic Congress, ADC.

El-Rufai explained that the new party would serve as an alternative option to guard against potential infiltration by the All Progressives Congress, APC, into the ADC.

The opposition coalition had chosen the ADC as its platform on Wednesday.

However, El-Rufai noted that there is a possibility the APC could spark a crisis within the ADC by turning old members against the new leadership.

He revealed this during an interview with Radio France International (RFI) Hausa Service on Wednesday night.

“Those who refuse to join the APC face threats of investigations by agencies like the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and other related offences Commission (ICPC), or Code of Conduct Bureau (CCB).

“The opposition parties’ alliance in the ADC is temporary, and we may register a new party as a second option, which we will move to should the ADC be instigated into crisis by the government,” the former Kaduna governor stated.

Continue Reading

BIG STORY

Real Estate Industry Experts, Stakeholders Raise Alarm Over Building Collapse In Lagos, Seek Urgent Reforms

Published

on

The recurring tragedy of building collapse in Lagos once again came under the spotlight today as stakeholders from across Nigeria’s building industry gathered at the University of Lagos for the Professor Leke Oduwaye-Adron Homes Urban Development Dialogue, a high-level forum aimed at addressing regulatory and construction lapses fueling the crisis.

Themed “Recurring Building Collapse in Lagos: The Challenge of Regulatory Oversight and Construction Practices,” the dialogue was organized by the Department of Urban and Regional Planning (DURP), University of Lagos, in collaboration with real estate giant, Adron Homes.

Delivering goodwill remarks, the Group Chairman of Adron Group, Sir Aare Adetola EmmanuelKing, KOF, issued a strong call for accountability across the building sector. Describing building collapse as a “tragedy that has become far too familiar,” Aare Adetola Emmanuelking emphasized that such disasters are not acts of fate but direct results of human negligence, greed, and systemic failure.

“Buildings do not collapse by accident. They collapse because somewhere along the chain of planning, approval, construction, or supervision, individuals choose to compromise,” he stated firmly”, he stated.

The respected real estate mogul outlined what he termed the three uncompromising actions needed to combat the menace, Verification, Validation, and Control, stressing that all actors within the building industry must be held to the highest standards of competence and ethical responsibility.

The event featured a thought-provoking guest lecture by Tpl. (Dr.) Idris Salako FNITP, former Lagos State Commissioner for Physical Planning and Urban Development. Drawing from his vast experience, Dr. Salako delivered a hard-hitting analysis of the root causes of building collapse in Lagos. He identified critical gaps such as weak enforcement of development control regulations, poor coordination between regulatory agencies, and widespread disregard for approved building plans by some developers.

Dr. Salako further highlighted how political interference, corruption, and the proliferation of quack professionals continue to erode the integrity of the building sector. He stressed the urgent need for capacity building among regulatory bodies, proper training and certification of artisans, and the full digitalization of building approval processes to ensure transparency and efficiency.

The dialogue also featured keynote addresses by Tpl. Tunji Odunlami FNITP, Ogun State Commissioner for Physical Planning and Urban Development, and Professor Ayo Omotayo, Director General, National Institute of Policy and Strategic Studies, Kuru. Both speakers echoed the need for proactive urban planning, robust regulatory frameworks, and collaboration between government, professionals, and private developers to create safer cities.

Other dignitaries in attendance included Tpl. Waheed Kadiri FNITP, PPNITP, Past President, Nigerian Institute of Town Planners (Chairman of the event), Professor Modupe Omirin, Dean, Faculty of Environmental Sciences, UNILAG, Dr. Taofik Salau, Head of Department, DURP, UNILAG, and Dr. S.A. Adeyemi, Chairman, Organizing Committee, among several others.

Participants unanimously called for urgent reforms to curb building failures, emphasizing the need for professionalism, transparency, and stricter enforcement of building regulations.

The dialogue is expected to spark renewed policy debates and strategic actions toward ensuring that Lagos, and indeed Nigeria, builds safe, resilient, and sustainable urban spaces where lives are protected, and dreams can thrive.

Continue Reading

BIG STORY

Federal Government Sets July Date For Petrol Pricing Summit

Published

on

The Federal Government has scheduled July 23 and 24, 2025, for a national stakeholder forum aimed at addressing rising concerns surrounding petrol pricing and supply issues in the downstream sector, amid increasing pressure from independent marketers for price regulation.

The summit, which is being organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, will gather industry players, marketers, refiners, and government representatives to discuss petroleum pricing standards, feedstock availability, and measures to stabilise the deregulated market.

Francis Ogaree, the Executive Director of Hydrocarbon Processing Plants, Installation and Transportation Infrastructure at the NMDPRA, confirmed the summit’s dates during the recently concluded 24th Nigeria Oil and Gas Energy Week held in Abuja.

He also stressed the importance of dialogue to create a sustainable pricing framework in the post-subsidy environment. It should be noted that petroleum marketers have raised concerns about unexpected changes in the price of Premium Motor Spirit, also known as petrol, particularly without prior notification from the Dangote refinery.

Billy Gillis-Harry, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria, has consistently advocated for a stable market and reliable energy supply, calling for mechanisms to evaluate price changes and protect the industry from negative impacts.

Gillis-Harry also emphasised the need for transparent pricing, especially concerning the effect of Dangote’s price cuts on retailers who may have bought petrol at higher rates. He called for fair pricing practices and urged an end to unfair industry practices.

Likewise, the Petroleum and Natural Gas Senior Staff Association of Nigeria last month criticised the current petroleum pricing structure, accusing marketers of taking advantage of Nigerians with inflated pump prices. The association insisted that the current petrol price should fall between N700 and N750 per litre.

In response, Ogaree stated that the NMDPRA recognises the operational uncertainties affecting industry stakeholders and has taken significant steps to standardise pricing and attract more investments in local refining.

Speaking during the panel session titled, “Building a resilient and competitive refining sector”, he said, “We are engaging stakeholders at our forum, where we address the issues and proffer solutions. I would like to remind you that the NMDPRA has only been in existence for three and a half years. And in that period, we have achieved giant strides in the number of licenses we have given and in addressing the issues.

“Even on the issue of petroleum pricing, which is another one that we are facing now and relates to standardisation. It is a work in progress, and that is why at the latter part of this month, exactly on July 23 to 24, a two-day event, we will be talking about petrol pricing. Again, that is to allay some fears and put in some standards. The issue of pricing, everyone knows that it is a sensitive one and peculiar from one country to another, and the authority is working.”

On the topic of refining capacity and supply security, Ogaree disclosed that Nigeria currently has 10 refineries that are either operational or close to starting operations, including the three NNPC refineries, the 650,000bpd Dangote refinery, and six modular refineries.

He explained that some upcoming refineries will require between 1,000 and 200,000 barrels per day and are projected to begin operations by 2026.

“We have about 10 refineries right now. The three Nigerian National Petroleum Company refineries. We have Dangote refinery and six modular refineries. When I look at the combined capacity for those refineries, we need about 1,124,000 barrels per day.”

However, he pointed out that the success of the downstream sector depends largely on having enough crude oil feedstock to serve the growing number of licensed refineries.

“We know our current production capacity. These are just operating refineries. When I think about new refineries coming up very soon. Some of them need 200,000 barrels to 1,000 barrels, and I compute them together. Some of them would be on onstream by 2026.

“You know that this number of barrels has to grow, and there has to be more production if we are to meet up. The apparent fear, and I must be sincere, is on the feedstock. We have given out 47 licenses, all of which are to do establishments, construction, and they all go into operation. We must be able to meet their demands when they all go on stream.”

Continue Reading



 

Join Us On Facebook

Most Popular