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Transcorp Hotels to Pay Dividend Amid 34.5% Drop in Profit

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transcorp hotels financial results

By Dipo Olowookere

Notable Nigerian hospitality company, Transcorp Hotels Plc, has released its financial statements for the period ended December 31, 2017.

In the not-too-impressive results, the firm suffered a drop in its revenue for the 2017 fiscal year, going down by 9.59 percent from N15.3 billion in the 2016 full year to N13.8 billion in the period under review.

Also, the firm’s operating profit went down by 25.68 percent in 2017 from N4.7 billion in 2016 to N3.5 billion last year.

Furthermore, the company’s profit before tax depreciated by 29.70 percent, closing at N3.7 billion in 2017 against N5.2 billion in the corresponding period of 2016.

In addition, the profit after tax in the period under review declined by 34.52 percent, standing at N2.7 billion as at December 31, 2017 compared with N4.1 billion as at December 31, 2016.

However, during the period under review, the total assets of Transcorp Hotels appreciated by 10.67 percent, closing at N100.5 billion as at December 31, 2017 against N90.8 billion as at December 31, 2016.

A look at the company’s fundamental analysis by Business Post showed that Transcorp Hotels’ Basic Earnings Per Share (EPS) stood at N0.35k last year against N0.49k two years ago, while its P.E (x) closed at N21.40k in the period under review compared with N15.41k in 2016.

Furthermore, its Return On Assets (ROA) stood at 2.67 percent in 2017 against 4.51 percent in 2016, while the Return On Equity closed at 4.88 percent last year in contrast to 7.70 percent two years ago.

Meanwhile, the board of Transcorp Hotels has announced the payment of 12.45 kobo per share dividend to its shareholders, while an Annual General Meeting (AGM) has been fixed for March 16, 2018 at Transcorp Hilton Hotel Abuja.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Travel/Tourism

Air Peace Partners ADINA to Strengthen African Trade

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By Modupe Gbadeyanka

To strengthen African trade and diaspora connections, one of the leading airlines in Nigeria, Air Peace, partnered with the Africa Diaspora Investment Network Alliance (ADINA) for its summit held in Ghana on December 27, 2024.

The airline operator said it backed the event to solidify its commitment to fostering stronger ties between Africa and its global diaspora.

The programme facilitated conversations around trade, investment, and economic empowerment, positioning the diaspora as a significant force for Africa’s economic transformation.

At the summit held at the Kempinski Gold Coast City Hotel in Accra, the Head of Sales and Business Development at Air Peace, Mr Davids Odeyemi, emphasized the airline’s mission to connect Africa and its diaspora.

He highlighted Air Peace’s extensive network, which offers seamless travel solutions for diasporans seeking to reconnect with their roots, explore their heritage, and invest in Africa’s burgeoning markets.

Mr Odeyemi also reaffirmed the airline’s role as a driver of intra-African trade, enhancing connectivity to enable the movement of goods, services, and people, thereby creating jobs and fostering economic growth.

Air Peace’s partnership with the ADINA Summit also aligns with its broader commitment to promoting tourism and showcasing Africa’s rich cultural heritage. The airline’s continuous investment in a modern fleet underscores its determination to provide a world-class travel experience, reinforcing its position as a catalyst for African development.

The programme underscored the critical role of diaspora remittances in bolstering local economies, with discussions focusing on the potential of the diaspora to surpass traditional foreign direct investments.

Air Peace, through this partnership, gained access to a high-level network of African and diaspora leaders, creating opportunities to connect with talent, clients, and collaborators while amplifying its branding and marketing initiatives.

By actively participating in the ADINA Summit 2024, Air Peace reaffirmed its dedication to shaping the continent’s future. This partnership exemplifies the airline’s leadership in African aviation and its unwavering commitment to driving progress across the continent. Together with ADINA, Air Peace is helping to unlock Africa’s economic potential and strengthen its global connections.

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Musawa, Governor Mba Commission Enugu Christmas Village

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Enugu Christmas Village

By Dipo Olowookere

The Enugu Christmas Village has been commissioned by the Minister of Arts, Tourism, Culture, and the Creative Economy, Ms Hanatu Musawa; and the Governor of Enugu State, Mr Peter Mba.

This development officially kicked off the holiday season in the state, giving residents and others from across Nigeria and outside the opportunity to relax in an atmosphere of love, positioning Enugu as a key destination for cultural and holiday tourism.

Facilitated by Omu Resort, a leading tourism promoter in Africa, the Enugu Christmas Village is set to become the heartbeat of holiday celebrations in the state.

The company has already organised a 25-day festival at the village designed to attract residents, visitors, and dignitaries from across the region.

With its vibrant atmosphere and festive attractions, the Enugu Christmas Village boasts an array of attractions such as a waterpark, roller skating, archery, amusement rides, and much more.

At its centre is a breathtaking display of 500,000 Christmas lights, illuminating the village in a magical glow that promises to captivate visitors of all ages.

The festival goes beyond the lights and rides, offering a rich tapestry of events that celebrate the state’s cultural heritage.

Highlights include Afrobeat Concert, Praise Night, Highlife Concert Street Carnival, Cultural Parade and a Grand Fireworks Show.

One of the most anticipated moments is the Santa Street Storm, where over 100 Santa Claus figures riding tricycles will parade through the streets, distributing gifts to orphanages and the less privileged, spreading joy and goodwill.

Running from December 7 to December 31, 2024, the Enugu Christmas Festival is more than just a celebration of the holiday season. It underscores the state’s cultural vibrancy and its potential as a leading tourist destination.

The festival offers a unique opportunity for families and friends to come together, celebrate, and unwind in a festive atmosphere. It is also expected to fosters unity and showcases the rich cultural heritage of Enugu State, while promoting arts, tourism, and community well-being.

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Emirates Unveils Airbus A350-900 in Dubai

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Emirates Airbus A350-900

By Aduragbemi Omiyale

One of the leading airline operators, Emirates Airline, has officially unveiled its first Airbus A350-900 at an exclusive event showcase in Dubai attended by aerospace partners, government officials and dignitaries, members of the media, as well as aviation enthusiasts.

The Emirates A350 features three spacious cabin classes, accommodating 312 passengers in 32 next-generation Business Class lie-flat seats, 21 Premium Economy seats and 259 generously pitched Economy Class seats.

The latest onboard products reflect the airline’s commitment to delivering a premium passenger experience while optimising operational efficiency. The Emirates A350 is the first new aircraft type to join Emirates’ fleet since 2008.

Apart from its newly delivered A350, Emirates operates two other aircraft types around the world to 140 destinations – the widebody Boeing 777 aircraft and the iconic ‘double decker’ Airbus A380 aircraft.

The A350’s introduction will enable Emirates to expand into new destinations globally, including mid-sized airports unsuited for larger aircraft. The Emirates A350 will be delivered in two versions – one for regional routes and one for ultra long-haul routes.

The Emirates A350 takes technology to another level. Customers can now adjust their electric window blinds at the touch of a button.

The aerBlade dual blind system will feature in Business and Premium Economy Class offering two shaded options, and the aerBlade single blind systems will make a debut in Economy Class, with all blinds showing the Emirates Ghaf tree motif when closed.

Business Class on the Emirates A350 will feature 32 luxurious leather ‘S Lounge seats’, inspired by the Mercedes S Class for an exceptional travel experience. The A350 aircraft will feature brand new additions of wireless charging on the side cocktail table in Business Class, and in-seat lighting controls with 5 streams of light. The 1-2-1 seat configuration in the A350 Business Class ensures a very private, exclusive experience.

Speaking at the event, the chairman of Emirates Airline, Mr Ahmed bin Saeed Al Maktoum, said, “Today is an exciting milestone for Emirates as we showcase our first A350 and usher in a new era for our fleet and network growth.

“This aircraft sets the stage for Emirates to spread its wings farther by offering added range, efficiency and flexibility to our network, enabling us to meet customer demand in new markets and unlock new opportunities in the cities that we serve.

“Onboard, our updated interiors and seating configurations will help us deliver a more elevated and comfortable experience to travellers across every cabin class.

“The 65 Emirates A350s joining our fleet in the coming years fit into the airline’s broader plans to support our visionary leadership’s Dubai’s D33 Strategy, which will transform the city into a pivotal hub in the global economy by expanding its connectivity and reach.”

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