Transcorp Hotels Plc, on Monday presented its unaudited financials for the half-year ended June 30, 2018, showing significant growth in revenue and profit, which the management explained was driven by a robust increase in room occupancy and inventory.
While revenue rose from N6.2bn in the corresponding period of 2017, to N8.01bn, representing a 29% rise; while gross profit for the period grew by 31% to N5.89bn from N4.5bn in 2017.
Profit before tax for the period was N2.02bn, as against N1.1bn, representing 85% year-on-year growth, just as Profit after Tax was no less impressive at N1.38bn, representing 83% year-on-year growth over N760m.
A statement by the company quoted Valentine Ozigbo, its Chief Executive Officer, as expressing excitement at the result, “which was primarily driven by the increase in occupancy, room inventory and aggressive marketing strategies. With the help of a strong and dedicated workforce, we will continue to deliver significant value to our shareholders and unrivalled service excellence to our customers.”
He emphasised plans by Transcorp Hotels Plc to achieve its long-term strategy of being Africa’s leading hospitality company, following which it is investing resources into diversifying its overall guest experience using technology.
“We recently launched the Transcorp Hilton mobile application, which allows guests request for dining services, housekeeping services, valet services and maintenance requests with the click of a button. Guests can read up about local attractions in Abuja, explore on-site and off-site recreational services and navigate key locations around the city through the inbuilt map.
He added that Transcorp Hotels Calabar is also undergoing an extensive upgrade of its existing technology and internet services, to ensure guests experiences are better personalised and customer service is seamless across digital platforms. “This is the only way we can remain competitive in the ever-changing business landscape”, Ozigbo said.