TRANSCORP Hotels Plc has announced its un-audited financial statements for the half year ended June 30, 2021. The results published on the Nigerian Exchange Group showed that revenue rose by 84 per cent to N8.4 billion from N4.5 billion in June 2020, while total assets rose by 5.27 per cent to N119 billion from N113 billion during the period under review.
The Companys results show that shareholders funds stood at N61 billion, maintaining its year-end 2020 level and recorded a 97 per cent improvement year-on-year, with a Loss Before Tax of N102 million in HY 2021, compared to N3.5 billion in HY 2020.
Speaking on Transcorp Hotels remarkable performance, the Chief Finance Officer, Oluwatobiloba Ojediran, said, We have seen an upward trend in our quarterly performance with a revenue of N4 billion in Q1 2021 to N4.8 billion in Q2 2021, resulting in a total revenue performance of N8.8 billion. This is an impressive performance as it represents 94 per cent of the N9.3 billion revenue that was recorded in the pre-COVID H1 2019.
Managing Director/Chief Executive Officer of Transcorp Hotels Plc., Mrs. Dupe Olusola said, Our performance reflects the capacity of our business to run sustainably and improve revenue significantly, even in tough economic conditions. We saw demand improve at impressive levels during the first half of the year, with occupancy nearing the pre-pandemic levels at some points. For example, occupancy was 67.2 per cent in June, growing from 44.8 per cent in January.
Commenting further, Mrs. Olusola stated: We are encouraged by the signs of complete recovery in our corporate and group bookings, as companies begin to return to full operations and more physical meetings are held. In the meantime, we remain diligent in the execution of other initiatives for the year, leveraging technology and the expertise of our people to deliver best-in-class guest experience across all our assets, properties and touchpoints.
The leading hospitality brand had recently launched Aura, an online platform for booking accommodation, staycations, great food and memorable lifestyle experiences.
Olusola said Aura will help Transcorp Hotels to further redefine hospitality, grow domestic tourism and contribute to Nigerias economic growth, in line with the Companys purpose of improving lives and transforming Nigeria.
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