Transcorp Hotels Plc, and owners of Transcorp Hilton Abuja and the iconic Transcorp Hotels Calabar has announced its audited financial statements for the year ended December 31, 2018.
The reports show an unprecedented improvement over the previous year as turnover grew by 26percent to N17.4billion, the highest revenue ever achieved in the history of the company. Profit Before Tax (PBT) increased to N5.0billion from N3.7billion in 2017, representing a growth of 35per cent. In the same vein, Profit After Tax (PAT) grew by N1.0billion to N3.7billion in 2018 compared to N2.7billion in the prior year, a growth of about 37percent.
The $100million upgrade of Transcorp Hilton Abuja saw the company’s Fixed Assets increase by 11 percent from N100billion as at December 31, 2017 to N111billion as at December 31, 2018. Likewise, shareholders’ fund stood at N57.5billion showing a growth of 5 per cent over N54.9billion recorded at December 31, 2017. In appreciation of its esteemed shareholders, the Directors of the company have recommended a dividend 15kobo per ordinary share subject to their approval at the next Annual General Meeting in slated for March 2019.
“We are pleased with the overall performance of our company as evident in the year on year growth. This demonstrates the strength and quality of our business strategy to consistently provide world-class luxury services to all our guests and redefine the hospitality standards in Africa” said Mrs. Owen Omogiafo, the MD/CEO of Transcorp Hotels Plc.
She further stated that “In keeping with our core values of Excellence, Enterprise and Execution, the impressive growth in revenue can be attributed to the sale of our newly upgraded rooms in Transcorp Hilton Abuja and by anticipating the needs of our guests and reinventing how we deliver value. We keep up the pace with global advancements in technology and are proud to say that Transcorp Hilton Abuja is the first hotel in Nigeria to launch the “ICE app” a digital application that delivers personalized experiences to guests.
In the year under review, Transcorp Hotels Plc was recognized by local and international bodies for being a pace-setter in the hospitality industry. Some of the notable awards are the Hospitality brand of the Year Award by the New Telegraph awards 2018, Sectorial Leadership Award in the 2018 PEARL awards by the Nigerian Stock Exchange and the Corporate Governance Award at the Annual Directors Awards from the Institute of Directors.
The flagship hotel of Transcorp Hotels Plc, Transcorp Hilton Abuja once again emerged the winner in the World Travel Awards for the 4th Consecutive year in the following categories; Africa’s Leading Business Hotel, Nigeria’s Leading Hotel, Nigeria’s Leading business hotel, Nigeria’s Leading MICE Hotel and Nigeria’s Leading hotel suite. The hotel for the 3rd consecutive year also received the Seal of Excellence, “Signum Virtutis” for the Seven Stars Business Hotel-Africa and Best Luxury Hotel-Africa.