Transcorp hotels plc posts N14.6bn turnover in 2016 plc
Transcorp Hotels Plc, a subsidiary of the Transnational Corporation of Nigeria (Transcorp Plc) has recorded a turnover of N14.6 billion in 2016 financial year, representing a nine percent increase of the previous year over the N13.4 billion.
The chairman of the company Mr. Olorogun O’tega Emerhor gave the figure while presenting the company financials to its shareholders at the company’s 3rd annual general meeting held yesterday in Abuja.
He said Trancorp’s gross profit stood at N11 billion which exceeded the 2015 profit of N10.3 billion, a growth of 3 percent.
He explained to shareholders that the strong performance recorded by the company is because the company continued to reinvent its offerings, keeping with service excellence.
He noted that the company was relentless in maintaining market leadership in its flagship property, closing the year with an occupancy rate of 60 percent well ahead of competition. This according to him ensured Transcorp delivered a resilient performance even in the face of the impact of economic recession concerning the hospitality industry which has seen occupancy for large hotels drop below 35 percent.
“2016 was a year of notable achievements for Transcorp Hotels Plc, despite the strong economic headwinds. The upgrade of Transcorp Hilton Abuja is underway in harmony with our commitment to stakeholders to build Africa’s choice hospitality assets”, Emerhor said.
He noted that, in validation of Transcorp Hilton Abuja as the prime hotel property in Abuja, the hotel won numerous awards in 2016 and for the fourth year in a row emerged the proud recipient of five prestigious awards at the 23rd World Travel Awards, the laurels include Africa’s Leading Business Hotel; Nigeria’s Leading Business Hotel, Nigeria’s Leading Hotel; Nigeria’s Leading Hotel Suite (the Presidential Suite).
Meanwhile shareholders of Transcorp Hotels Plc have commended the management and staff of the company for recording a strong financial and operational performances in the financial year ended December 2016, with improvements across all indices despite the economic recession which took a hefty toll on the hospitality business generally.