Chairman of the board of directors, Mr Emmanuel Nnorom while reading the company’s financial statement at the AGM said the hospitality company closed the 2021 financial year strongly, with a gross revenue of N22 billion, surpassing its 2019 pre-COVID revenue of N20 billion.
“Our disciplined approach to financial management has continued to yield results as reflected in reduced finance cost during the year. During the year, Transcorp Hotels maintained its credit rating for the company and the Bonds, as two prominent rating agencies affirmed the company’s “stable” outlook,” Mr. Nnorom said.
“The pandemic changed the customer behaviour, arrival and departure patterns and the geographical business mix of the hotel. We harnessed all these and dominated the market as we outperformed the industry average and the N10bn revenue recorded in 2020,” the chairman said.Managing director/CEO of Transcorp Hotels Plc Mrs Dupe Olusola said occupancy – proportion of hotel accommodation occupied – which started at 55 per cent in January grew steadily to a record 80 per cent in December 2021.
Mrs. Olusola said “we remained the superior choice for all, including numerous world leaders and dignitaries from around the world who we hosted in 2021. We continued to reinforce our position as the all-round industry leader with an increased focus on delivering excellent service quality, customer satisfaction and security.”
The MD said Trancorp was able to achieve the growth rate because the management became more innovative “in our leisure business segment as a response to the COVID-19 pandemic which was a key success factor for us in 2020. We pushed further in 2021 and grew revenues from this segment by 118 per cent from N1.7 billion in 2020 to N3.7 billion at the end of 2021.”