Business - News - May 7, 2021

How Transcorp Hotels will sustain  record Q1 2021 performance – MD

Transcorp Hotels PLC MD rings NGX Digital Closing Gong after presenting ‘Facts Behind the Figures" for first qiarter 2021 performance  

The management of Transcorp Hotels Plc. on Wednesday unfolded operational strategies on how to sustain its impressive performance result in the first quarter of 2021.
The managing director of the hotel, Dupe Olusola, said in Lagos at the briefing on the “Facts Behind the Figures” to investors and other stakeholders at the Nigerian Exchange Group (NGX).
The event provided the opportunity for the management of hotel to brief the investing public on its activities, while unveiling the hotel’s strategic and operational developments as well as its financial performance for the quarter.
At the briefing, Olusola disclosed that the hotel realized a revenue of about N3.98 billion for the period under review.
At the briefing held virtually, and hosted by the NGX, Olusola hailed the hotel’s strong ties with the Exchange.
“It is always an honour to be invited by The Exchange to deepen public interest and knowledge about Transcorp Hotels Plc. We are grateful for the unrelenting market support of our business,” Olusola said.
“Our Q1 2021 performance was quite impressive with a total revenue of N3.8billion, which is above budget by 21 perce (N3.15bn).
“This impressive performance was driven majorly by our intensive drive for leisure and staycation and unique packages for key events and activities, such as the new year festive package in January, Valentine’s Package, Mother’s Day package, Group Conference & Events activities from major companies and parastatals,” the MD said.
On the company’s plans as it aims at incremental growth following the impact of COVID-19, Olusola said the company would continue to invest in new businesses and asset-light initiatives by leveraging on technology to increase the hotel’s footprints across Africa.
She announced the recent launch of Aura, a digital platform for booking accommodation, food and exciting experiences.
Also, she said the hotel recently commissioned a purpose-built co-working space at Transcorp Hilton Abuja, called Workspace by Transcorp Hotels.
The company, the MD said, has plans to expand the service to other locations across Africa.
In addition, she said Transcorp Hotels was also developing a 3,000-capacity Events Centre in Abuja, to cater for the existing demand for suitable venues to host medium to large scale events, such as trade fairs, concerts, weddings, and religious programmes.
“We have also engaged other strategic and cost-optimizing initiatives across both our hotels in Abuja and Calabar, as we increase focus on our leisure and staycation business segments.
“We will constantly continue to challenge ourselves to ensure that we meet the diverse customer needs and provide excellent experience across all touchpoints,” Olusola said. 
Also speaking at the event, the Divisional Head, Listings Business at NGX, Olumide Bolumole expressed pleasure at Transcorp Hotels Plc.’s interaction with the market.
Recently, Bolumole said NGX hosted the MD/CEO of Transcorp Hotels Plc. to a digital closing gong ceremony to commemorate the formal listing of their N10billion rights issue.
“We are pleased that the company has again chosen to utilise our platform to engage the market about its financial performance as well as strategic and operational development within the organization through a Fact-Behind-Figures” presentation,” Bolumole said.
Considering the impact of COVID-19 on the hospitality sector, je said organisations would need to imagine again how they operate to navigate the uncertainties of doing business in the new normal.
He acknowledged Transcorp Hotels’ commitment to innovation, which has allowed the company to serve customers beyond the hotel premises through new businesses like Aura by Transcorp Hotels. 
Following the presentation and an engagement session with participants, the Exchange honoured Olusola with the NGX digital Closing Gong.
 

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