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2021 Half Year Results: Revenue increase induces recovery in hospitality sector

Transcorp Hotels Plc has announced its un-audited financial statements for the half year ended June 30, 2021.

 

The results published on the Nigerian Exchange Group showed that revenue rose by 84 per cent to N8.4 billion from N4.5 billion in June 2020, while total assets rose by 5.27 per cent to N119 billion from N113 billion during the period under review. Shareholders’ funds stood at N61billion, maintaining its year-end 2020 level.

 

The Company’s results are a testament to its resilience, recording a 97 per cent improvement year-on-year, with a Loss Before Tax of N102 million in HY 2021, compared to N3.5 billion in HY 2020.

 

“Our performance reflects the capacity of our business to run sustainably and improve revenue significantly, even in tough economic conditions,” said Mrs Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc.

 

“We saw demand improve at impressive levels during the first half of the year, with occupancy nearing the pre-pandemic levels at some points.

 

“For example, occupancy was 67.2 per cent in June, growing from 44.8 per cent in January,” she said

 

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