Transcorp Hotels posts N4.5bn gross profit in 2022

By Daily Trust Last updated Mar 7, 2023

Transcorp Hotels Plc., a subsidiary of Transcorp Group, has posted a Profit Before Tax (PBT) of N4.5 billion in 2022. This is a 172 per cent increase year-on-year, having ended 2021 with a PBT of N1.7bn. It also reported a 47% growth in revenue to N31.4bn in 2022 from N21.4bn the previous year, and a […]

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Transcorp Hotels Plc., a subsidiary of Transcorp Group, has posted a Profit Before Tax (PBT) of N4.5 billion in 2022.

This is a 172 per cent increase year-on-year, having ended 2021 with a PBT of N1.7bn.

It also reported a 47% growth in revenue to N31.4bn in 2022 from N21.4bn the previous year, and a N2.6bn profit after tax.

Commenting on the results, Dupe Olusola, Managing Director/CEO of Transcorp Hotels, said: “This impressive achievement is the highest revenue generated since the inception of the company. The full-fledged return of the International Business Travel segment and the bolstering leisure segment contributed immensely to this performance. We continuously strive to achieve a dynamic mix of schemes to efficiently manage hotel occupancy and guest experience.”

The board of the company has also approved that N1.33bn be paid to shareholders as dividends for the year ended December 31, 2022, which is subject to the shareholders’ declaration at its Annual General Meeting.

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