Business

Transcorp Hotels targets N28bn revenue in 2025

Transcorp Hotels Plc has said that it is targeting to grow its revenue from N17 billion in 2021 to N28 billion in the next four years (2025). Managing Director/ CEO, Mrs. Dupe Olusola, who stated this while presenting the company’s facts behind the figures to the Nigerian Exchange Limited (NXG) and the investment public, said the company was equipped with a sound financial plan and clear target to stabilize its balance sheet and ultimately its leverage position. “We are set to take advantage of the prevailing low interest and buy-back majority of the outstanding Series 1 bond.

“To mitigate refinancing risks and shore up liquidity, the company successfully raised a N10 billion rights issue, with 99.34 per cent of the rights allotted. The proceeds of the rights issue were used to optimize the company’s leverage position and reduce finance costs in the medium term, by settling existing borrowings with high cost,” she said.

She noted that the firm began year 2021 in a strong position, maintaining its place as the number one hospitality brand in the country, having learned valuable lessons through the turbulence of the previous year. “Despite the year starting with increased cases of COVID-19 infection and the discovery of a new strain of the virus, with government enforcing restrictions on gatherings and events, we have remained focused and resilient and this is shown in the remarkable achievements in Q1 2021. “Our Q1 2021 performance was quite impressive with a total revenue of N3.8 billion which represents a slight decrease of 5 per cent from the revenue in Q1 2020 (N3.98 billion) but above budget by 21 per cent (N3.15 billion).

 

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