Transcorp Hotels Plc Targets 60% Occupancy Rate and N17bn Revenue in FY2021

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Thursday, May 06, 2021 / 11.00AM / Ottoabasi Abasiekong for WebTV /Header Image Credit: Transcorp Hotels


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Transcorp Hotels Plc a leading Hospitality group in Sub-Saharan Africa has targeted an occupancy rate of 60% and a revenue of N17bn in 2021.

 

This was one of the major key points raised at the "Facts Behind The Figures",  of the company which was a virtual session hosted by the Nigerian Exchange Group (NGX).

 

The CEO of Transcorp Hotels Plc, Mrs. Modupe Olusola, in her remarks said despite the adverse impact of the COVID-19 pandemic, the company used the period to promote domestic tourism in Nigeria.

 

According to her the introduction of new business initiatives has led to a continuous recovery from the commercial impact of the pandemic.

 

She noted that businesses took a deep hit from COVID-19 with huge uncertainties, and this led to the reimagining of the hospitality sector.

 

Speaking further she highlighted the following as the key strategic initiatives for Transcorp Hotels;

  • Sweating existing assets/ Operational excellence
  • Expanding into new businesses and locations
  • Increasing efficiency and innovation through investment in technology

 

Olusola assured market stakeholders and investors that the company remained focused on its core values which are Enterprise, Excellence, and Execution.

 

The Chief Financial Officer (CFO) of Transcorp Hotels, Mrs. Oluwatobiloba Ojediran, in her presentation said the N10bn equity raised through the exchange, by way of a Right issue enabled the company to offset its liabilities.

 

She said the occupancy rate of the Hotel improved from 10.9% in March 2020 (Peak of COVID 19) to 55% in December 2020.

 

Looking at the Q1,2021 result the CFO highlighted the fact that the company achieved N3.5bn revenue which was 21% higher than its budget estimate.

 

In terms of innovation, the Business Development Officer (BDO), Mrs. Ifeoma Okafor-Obi, described "Aura" as a digital platform that would provide unique hospitality and tourism experiences for customers.

 

The Divisional Head, Listings Business, Nigeria Exchange Limited, Mr. Olumide Bolumole, said it recognized the efforts made by the board and management of Transcorp Hotels Plc towards achieving business continuity and operational efficiency.

 

He commended Transcorp Hotels for the launch of "Aura", a digital platform aimed at connecting people remotely to quality accommodation, great food, and other experiences.

 

Bolumole was pleased that the company had chosen the Nigerian Exchange Limited platform, to inform investors about its financial performance as well as disseminate information about its strategic and operational developments.


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