By Dipo Olowookere
One of Africa’s leading hospitality companies, Transcorp Hotels Plc, has promised to continue to invest in innovative products that will continue to mesmerise its guests and make them come back again.
The Managing Director/CEO of Transcorp Hotels, Mrs Dupe Olusola, gave this assurance while addressing shareholders at the Annual General Meeting (AGM) held at Transcorp Hilton Abuja on Monday.
“Our key focus will be a continued investment in innovation that allows us to be dynamic and agile whilst delivering superior offerings and service to all our guests.
“We will continue to innovate and optimise all the facets of our business, from operational efficiency to guest engagement, and bolstering direct revenue.
“The good cost-saving habits and financial strengths that we cultivated during nearly two years of volatile market conditions will be enhanced,” she stated.
Mrs Olusola disclosed that in the 2021 fiscal year, the occupancy, and proportion of hotel accommodation occupied, which started at 55 per cent in January, grew steadily to an all-time high of 80 per cent in December 2021.
She further said the Average Daily Rate (ADR) also grew from N69,000 in January 2021 to N83,000 in December 2021, noting, “We remained the superior choice for all, including numerous world leaders and dignitaries from around the world who we hosted in 2021.”
“We continued to reinforce our position as the all-around industry leader with an increased focus on delivering excellent service quality, customer satisfaction and security,” she added.
In her presentation, the Chief Financial Officer of the firm, Mrs Oluwatobiloba Ojediran, stated that the company continued its impressive performance despite the economic headwinds.
According to her, “Gross profit grew 143 per cent to N16.23 billion for the year ended December 31, 2021, as against N6.67 billion reported in 2020. We also recorded a 114 per cent growth in revenue to N21.74 billion from N10.16 billion in 2020.”
To reward the shareholders for their loyalty, the board recommended the payment of N717 million, which was approved at the gathering.
The chairman of the board, Mr Emmanuel Nnorom, while speaking at the event, said “Our disciplined approach to financial management has continued to yield results as reflected in reduced finance cost during the year.
“During the year, Transcorp Hotels maintained its credit rating for the Company and the Bonds, as two prominent rating agencies affirmed the company’s stable” outlook.”
A shareholder of Transcorp Hotels, Mr Olatunde Okelana, applauded the company for its inclusiveness, especially its board, which he said has equal representation of males and females.
