Nigera’s hospitality firm, Transcorp Hotels, grows first half post tax profit by 83% to N1.38bn

Nigeria’s hospitality firm, Transcorp Hotels, recorded a jump in profit after tax of 83 percent to N1.38 billion in the first half of 2018, the company’s unaudited financial statements for the period just released has shown.

The growth represents a year-on-year growth over the N760 million recorded in the first half of 2017.

The results also show Transcorp Hotels revenue grew by 29 percent year-on-year growth in the first half of 2018, moving from N6.20 billion in H1 2017 to N8.01billion in H1 2018.

Gross profit for the period grew by 31 percent to N5.89 billion from N4.50 billion recorded in H1 2017 while profit before tax for H1 2018 settled at N2.02 billion against N1.10 billion in H1 2017, representing 85 percent year-on-year growth.

“We are thrilled with the half year results of the hotel, which was primarily driven by the increase in occupancy, room inventory and aggressive marketing strategies,” Valentine Ozigbo, Transcorp Hotels CEO said in his comments on the results.

Odigbo added that, “With the help of a strong and dedicated workforce, we will continue to deliver significant value to our shareholders and unrivalled service excellence to our customers.”

He emphasised that for Transcorp Hotels Plc. to achieve its long-term strategy of being Africa’s leading hospitality company, the organisation is investing resources into diversifying its overall guest experience using technology.

According to Ozigbo, the company recently launched the Transcorp Hilton mobile application, which allows guests request for dining services, housekeeping services, valet services and maintenance requests with the click of a button.

“Guests can read up about local attractions in Abuja, explore on-site and off-site recreational services and navigate key locations around the city through the inbuilt map,” he said.

He added that Transcorp Hotels Calabar is also undergoing an extensive upgrade of its existing technology and internet services, to ensure guests experiences are better personalised and customer service is seamless across digital platforms.

“This is the only way we can remain competitive in the ever-changing business landscape”, Ozigbo said.