Business

Transcorp Hotels Plc Pushes on With Outstanding Q1 Performance as PBT Rises by 624.4% and Revenue Grows by 77.4%

Published

2 years ago

May 5, 2022

Hospitality giant reports revenue of N7bn and gross profit of N5.1bn

AJAGBE ADEYEMI TESLIM

Sponsored by: H&H

Transcorp Hotels Plc, Nigeria’s top hospitality company and a subsidiary of Transnational Corporation Plc. (Transcorp Group) has ended Q1 2022 with an impressive result, reporting a 77.4% growth in revenue to N7.04 billion from N3.97 billion in the same period in 2021.

The hospitality company which owns the iconic Transcorp Hilton Abuja, Transcorp Hotels Calabar and online booking platform aura by Transcorp Hotels, also recorded more than 600% growth in profit before tax (PBT) to N1.067 billion from a loss of N203.7 million in the same period last year.

The result is contained in the Company’s Unaudited Financial Statements for the period ended 31 March 2022, published on the Nigerian Exchange Group (NGX).

Commenting on the results, Mrs Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc, expressed confidence in the Company’s ability to sustain its growth trajectory.

“Our first quarter performance was driven by our relentless innovation in all facets of our business, creating new and tailored business and leisure offerings, while consistently improving guest experience to ensure maximum value for every spend.

This has seen us record continuous growth from January through March. Our leisure business remains strong on the back of strategies employed following the pandemic, even as our International Business Travellers continue to show impressive recovery.

Q1 ended with a RevPAR growth of 74.4% when compared with Q1 2021, and an ADR growth of 19.1%, even as we continue to outperform industry average,” Dupe Olusola said.

Looking ahead, we expect to continue to see improvements through the second quarter, as we remain committed to delivering exceptional services and increase access to luxurious hospitality, in keeping with our mission of redefining hospitality in Africa. Also, as COVID-19 restrictions continue to reduce, we expect business travel to accelerate which would further supplement the buoyant leisure business,” the Managing Director/CEO added.”

In her comments, the Chief Finance Officer, Mrs. Oluwatobiloba Ojediran, highlighted the outstanding performance of the Company, stressing that the Group was able to strategically contain costs of operation to achieve the optimal results.

“A notable level of operational efficiency was witnessed during the quarter, as the operating expense margin reduced from 58% in Q1 2021 to 45% Q1 2022, despite the impressive 77% year-on-year growth in Revenue. Also, the Gross profit margin was sustained at 73%,” Mrs. Ojediran said.

“This is amidst Nigeria’s inflation rate which climbed to 15.92% in March 2022, from 15.6% in December 2021, the fastest rise in consumer prices since last October 2021. Also, prices of diesel, which is used to power most businesses, more than doubled within the same period.

As demand continues to rise, the hospitality company has disclosed plans to expedite the commencement of planned developments in Lagos and Port Harcourt, even as it continues to expand its reach via its online booking platform, aura by Transcorp Hotels, which allows people to book hotels and short let apartments, experiences, and order food anywhere in Nigeria. The Company is also developing a world-class event center at the Transcorp Hilton, Abuja.

Business

UBA Champions Youth Empowerment through Graduate Programme, Employs 398 Across Africa.

Published

1 day ago

May 3, 2024

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

African’s Global Bank, United Bank for Africa (UBA), held the second edition of its expanded Graduate Management Acceleration Programme (GMAP) class of 2024, where 398 young Africans were inducted into the UBA Tribe after a rigorous six-month hands-on-work and learning experience.

The event, which was held in a grand ceremony in Eko Hotel, Lagos on Thursday, was graced by esteemed guests, the UBA management, faculty members, mentors, and the graduating cla

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Africa’s Global Bank, United Bank for Africa (UBA), held the second edition of its expanded Graduate Management Acceleration Programme (GMAP) class of 2024, where 398 young Africans were inducted into the UBA Tribe after a rigorous six-month hands-on-work and learning experience.

The event, which was held in a grand ceremony in Eko Hotel, Lagos on Thursday, was graced by esteemed guests, the UBA management, faculty members, mentors, and the graduating class.

The graduands are from six African countries, including Nigeria, Ghana, Cameroun, Kenya, Tanzania and Zambia.

Addressing the gathering, UBA’s Group Chairman, Tony Elumelu, who congratulated all the graduates, expressed profound pride and admiration for their success having completed the intense capacity-building programme, combining learning with on-the-job training experience, garnered while rotating across several departments and units in the bank.

Elumelu took time to highlight the bank’s passion for youth empowerment in Africa, while bridging the unemployment gap, which according to him, remains one of the greatest challenges of the continent.

“For me these young UBA Graduates are a testament to who we are: a truly pan-African Group, that invests in African talent.This milestone is more than just numbers. It signifies UBA’s commitment to youth empowerment. Unemployment is the greatest challenge we face – a tragic and cruel betrayal of a generation. We know governments alone cannot create all the jobs we need – so it is up to us, the African private sector, to partner our government in improving lives and livelihoods. This is Africapitalism, and it is gratifying to see UBA play its part. UBA is dedicated to creating a positive impact, through the GMAP programme UBA is creating employment, boosting economic growth, and transforming lives across Africa,” Group Chairman said.

Continuing, he said, “At UBA, identifying these young ones, bringing them to the centre, training them, equipping them for the future and the task ahead, not just for a career in UBA, but wherever they end up remains our passion, because this is how we play our role as a Pan-African bank, in helping to empower the next generation, which is the African youth. We are helping to create employment and this for us is our driving force.”

Earlier in his speech, UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, commended the graduating class for their unwavering commitment and emphasized the program’s role in cultivating the next generation of UBA leaders.

“Your dedication, resilience, and unwavering commitment have been nothing short of inspiring. Each of you has demonstrated the qualities of a true UBA ambassador, and today, we celebrate not just your achievements but also the collective strength of our UBA family.

While recognizing the invaluable support extended by families and friends, the GMD said, “Let us take a moment to express our deepest appreciation for their steadfast support as the invaluable support of your families and friends throughout this journey. Their love, encouragement, and understanding have undoubtedly played a pivotal role in your success.”

UBA’s Group Head, Human Resources, Modupe Akindele, said the bank remains committed to nurturing talent and leadership within the organisation. She noted that the GMAP programme, which marked its second graduation will be a continuous initiative, as it culminates an intensive journey towards leadership excellence.

“Already, the programme has graduated over 1,100 graduates, that is about 700 in 2023 and now we have 398 graduates. The fact remains that at UBA, we believe in equal opportunity for all, regardless of age, tribe, gender, or background; and so, we will continue to pursue our dream to nurture these young ones to their full potential,” she added.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries and across 4 continents.

With presence in the United States of America, the United Kingdom and France and more recently the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.

Picture 1: l-r: Group Deputy Managing Director, Muyiwa Akinyemi; Group Head, Human Capital Management, Modupe Akindele; Group Managing Director/CEO, Oliver Alawuba; Group Chairman, Tony Elumelu; Group Head, Customer Experience, Michele Nwoga; Executive Directors, Ugo Nwaghodoh and Alex Alozie flanked by graduands of Graduate Management Accelerated Programme(GMAP) of United Bank for Africa(UBA), held in Lagos on Thursday

Picture 2: l-r: Group Deputy Managing Director, Muyiwa Akinyemi; Group Head, Human Capital Management, Modupe Akindele; Group Managing Director/CEO, Oliver Alawuba; Group Chairman, Tony Elumelu; Group Head, Customer Experience, Michele Nwoga; Executive Directors, Ugo Nwaghodoh and Alex Alozie flanked by graduands of Graduate Management Accelerated Programme (GMAP) of United Bank for Africa(UBA), held in Lagos on Thursday

Picture 3: l-r: Group Treasurer, Stephen Amangbo(1st from Left) ; Executive Director, Alex Alozie(3rd from left); Group Deputy Managing Director, Muyiwa Akinyemi(5th from left); Group Chairman, Tony Elumelu(middle); Group Managing Director/CEO, Oliver Alawuba(9th from left); Executive Directors, Ugo Nwaghodoh(11thfrom left); Group Head, Human Capital Management, Modupe Akindele(12 from left); and Company Secretary, Bili Odum, flanked by graduands of Graduate Management Accelerated Programme(GMAP) of United Bank for Africa(UBA), held in Lagos on Thursday

Business

Access Bank Advocates for Innovative Financing Models to Realise SDGs

Published

1 day ago

May 3, 2024

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

At the 2024 Medic West Africa Event, organised by ABCHealth in collaboration with Informa Markets, Access Bank reaffirmed its dedication to fostering positive transformation in healthcare across Africa.

L-R: Mories Atoki, Chief Executive Officer, ABCHealth; Jane Ike-Okoli, Head of Specialised Sectors Business & Commercial Banking, Stanbic IBTC; Ralph Opara, Group Head, Commercial Banking Division (Lagos 2), Access Bank PLC; Odunayo Sanyo, Executive Director, MTN Foundation; Ibironke Akinmade, Group Head, Health Finance, Sterling Bank, and Zouera Youssoufou, MD/CEO, Aliko Dangote Foundation at the 2024 Medic West Africa Event hosted by ABCHealth in partnership with Informa Markets in Lagos…recently.

The event, which served as a platform for stakeholders across industries deliberate on the theme ‘Healthcare Investments in Africa: Mobilizing the Private Sector to Drive Healthcare Investments in Africa,’ aimed to chart a path through which corporates can leverage innovative financing models and strategic partnerships in fostering the achievement of the United Nations Sustainable Development Goals.

The discussions also explored strategies for strengthening healthcare infrastructure, leveraging technological advancements, as well as enhancing community health initiatives.

Lending his voice to the conversation, Ralph Opara, Group Head, Commercial Banking Division at Access Bank Plc, stressed that, “The government can’t carry the burden of the health sector alone. Hence, it is imperative that the private sector explores and implements innovative financing models and strategic partnerships to bridge the healthcare investment gap.”

Opara noted that collaborative effort between the public and private sectors is not only crucial but essential to driving innovation, improving healthcare accessibility, and ensuring sustainable development across the continent.

Walking the talk on partnerships, Access Bank partnered with the Private Sector Health Alliance of Nigeria (PSHAN), to launch the Adopt-A-Health Facility Program (ADHFP) with the primary aim of delivering, at least, one global standard Primary Healthcare Centre (PHC) in each of the 774 Local Government Areas (LGAs) in Nigeria. So far, the initiative has resulted into over 180 PHCs adopted across the country.

Other notable participants at the event include Mories Atoki, CEO, ABCHealth; Jane Ike-Okoli, Head of Specialised Sectors Business & Commercial Banking, Stanbic IBTC; Odunayo Sanyo, Executive Director, MTN Foundation; Ibironke Akinmade, Group Head, Health Finance, Sterling Bank, and Zouera Youssoufou, MD/CEO, Aliko Dangote Foundation.

Business

Transcorp Hotels Breaks All-time Revenue Record in Q1 2024, Achieves 844% PAT Growth

Published

1 day ago

May 3, 2024

august24admin

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Transcorp Hotels Plc, the hospitality subsidiary of one of Africa’s leading, listed conglomerates Transnational Corporation Plc (Transcorp Group), has sustained its remarkable financial performance as shown in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The company recorded a 72% increase in revenue to N13.8 billion compared with N8 billion reported in Q1 2023.

Highlights of Transcorp Hotels Q1 2024 Results
Q1 2024 RevenueN13.8 billion, up 72%, in comparison with N8 billion reported in Q1 2023.

Profit before Tax rose by 568%, amounting to N6 billion in Q1 2024, compared to N911.6 million during the same period last year.

Profit after Tax grew by 844 % year-on-year to N5 billion in Q1 2024, compared to N531 million in the same period last year.

Occupancy grew to 82% in Q1 2024, up from 75% in Q1 2023.

Commenting on the Q1 results, Oluwatobiloba Ojediran, the Chief Financial Officer said, “This outstanding performance highlights the continuous improvement we have recorded in all parts of our business, and how our operational efficiency has given us a competitive edge.

We have continued to break our own revenue records and outperform industry performance on all indices”.
Transcorp Hotels Plc Managing Director/CEO, Dupe Olusola said, “Our excellent first quarter performance marks the beginning of another great year for our company.

We broke our all-time monthly revenue record in March, a demonstration of our commitment to excellence and superior performance.

We leveraged opportunities across our segments for continuous growth. Demand in our International Business Travel and leisure segments remained strong in Q1 2024, delivering an industry-leading revenue per available room (RevPAR) growth of 74% and profit growth in excess of 844%”.

“We assure our stakeholders that we will continue to deliver exceptional value and leverage innovative tactics to rapidly expand our business portfolio.”

About Transcorp Hotels Plc
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies with strategic investments in the power, hospitality, and energy sectors.

Transcorp Hotels is redefining hospitality standards in Africa through its businesses, including the iconic Transcorp Hilton, Nigeria’s flagship hospitality destination, and digital platform, Aura by Transcorp Hotels. www.transcorphotelsplc.com