Transcorp Hotels Plc Holds 7th AGM, Notifies Shareholders of Its New Initiatives


Wednesday, April 28, 2021 / 4:02 PM / Transcorp Hotel / Header Image Credit: Transcorp Hotel 

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Transcorp Hotels Plc., Africa's leading hospitality brand and owners of the award-winning Transcorp Hilton Abuja and the iconic Transcorp Hotels Calabar, on Monday held its 7th Annual General Meeting (AGM) at the Transcorp Hilton Abuja following a year where the global hospitality sector was hit by the coronavirus pandemic.


"Our primary goal at the time was to survive as individuals and as a business, to adapt and to thrive in a new, changing, and unprecedented environment. My team and I remained positive and proactive as we introduced and successfully implemented our strategies and initiatives for the season," said Dupe Olusola MD/CEO Transcorp Hotels Plc.


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"We will continue to invest in new businesses and asset light initiatives that leverage technology to increase our footprint across Africa. One such is the launch of Aura; a digital platform for booking quality accommodation, great food and exciting experiences. We have also launched a purpose-built co-working space at Transcorp Hilton Abuja, and plans are in top gear for a 3,000.


capacity Event Centre at the Transcorp Hilton Abuja, which will cater to an existing demand for suitable venues to host medium to large scale events such as trade fairs, concerts, weddings, and religious programmes." Mrs. Olusola added as she stressed the company's strategy for future growth.


"This proactive approach was pivotal in the remarkable recovery we recorded in Q3 and Q4 of 2020, with monthly occupancy rising to a high of 55% in December compared to 10.9% in June. The revenue performance in December was an impressive N1.2bn, coming up to 75% of the previous year's performance for the same period, in spite of the pandemic. We expect an upward revenue trend in 2021, targeting approximately N3.8bn in Q1, which is about 95% of 2019 performance for the same period," the Transcorp Hotels MD/CEO said.



Also speaking of the Company's resilience and nimbleness as part of its key success factors in 2020, the Chairman Transcorp Hotels Plc. Mr. Emmanuel Nnorom commented at the AGM that; "Our ability to generate revenue despite the lockdown, as well as the concerted efforts to promote event-ready packages to our customers, helped us outperform the industry average on key performance indicators". 


"We will continue to grow and diversify our portfolio of innovative products and services that will deliver a strong performance as well as superior guest experience and excellent service across our key locations," the chairman added.


While congratulating Mrs. Olusola on the launch Aura by Transcorp Hotels, Patrick Ajidua, a shareholder who was physically at the hybrid AGM commended the management of Transcorp Hotels Plc on the performance of the company in spite of the global pandemic.


"She (Mrs. Olusola) became MD/CEO in March and only had the 4th quarter because of the pandemic. So, for her to make N10 billion in revenue is commendable," Mr. Ajidua said, adding that the shareholders have high expectations for 2021 and are excited about the new initiatives being introduced by the company.


At the close of the AGM, Mrs. Olusola led shareholders to the newly renovated pastry corner and the new coworking space at the Transcorp Hilton, Abuja which is called Workspace by Transcorp Hotels. According to her, the new development will be the first of many, with plans to set up the business in other African cities over the coming years.

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