Hotels return to profitability amidst Covid-19 pandemic
Admin l Thursday, November 04, 2021
LAGOS – Nigeria’s leading and largest listed diversified conglomerate, Transnational Corporation of Nigeria Plc (Transcorp) has released its unaudited results for the third quarter ended September 30, 2021, indicating sustained growth in 2021 as seen in the first two quarters of the year.
With strategic investments in the Power, Hospitality, and Energy sectors, the conglomerate recorded a profit after tax of N13.5bn, rising by 617% up from N1.75bn recorded in the previous year.
Revenue rose by 57%, from N54.4bn in Q3 2020 to N85.6bn in the period under consideration. Gross profit grew by 74%, from N22.7bn in Q3 2020 to N39.4bn in Q3 2021, while Profit before tax accelerated by 671% from N1.75bn in Q3 2020 to a significant N13.5b in Q3 2021.
Commenting on the performance, Mrs. Owen Omogiafo, President/Group CEO of Transcorp said “the results reflect the continued commitment by the group to improve performance across all the sectors in which we operate. Our power business increased by 49% year on year, while our hospitality business increased by 115%.”
Omogiafo indicated that the company intends to complete the year with another quarter of excellent year-over-year growth, thanks to its scalability and sustainability strategy.
Omogiafo said, “Our outlook for the rest of the year remains positive despite some macro-economic issues. We are particularly excited by the performance of our Hospitality business and its recovery following the impact of the Covid pandemic.
“We have remained on track regarding our capacity recovery plan in our Power business and despite the systemic challenges in the Power sector, Transcorp remains a strong contributor to the power generated in the country.
“We will continue to drive operational efficiency and focused on delivering value to all stakeholders as we work towards building a long-lasting institution that would deliver on our purpose of Improving Lives and Transforming Nigeria.”
