Transcorp Hotels PLC says its Q3 revenue result delivered a 5% growth its headline revenue.
The result showed that the group recorded a gross revenue increased to 11,4 billion for the third quarter of the year 2016 compared to last year same quarter when it recorded a net revenue of NGN10,9 billion.
Profit before tax for the period remain unchanged. This year the company posted NGN3,926 million, this close NGN3,914 million reported last year.
Net profit for the period also remained unchanged. This year, Trancorp Hotels reported NGN 2,674 million. Last year, the company reported NGN2,662 million.
With a NGN90 billion total assets which rose from NGN88 billion last year, the company disclosed that it has a total of NGN19,5 billion was its total debt (current borrowing). The company noted that the fair values of borrowings are based on cash flows discounted using a rate based on the borrowing rate of 16% and the rate used is the average interest rate obtainable from commercial banks.
Transcorp Hotels Plc was incorporated on 12 July 1994 in Nigeria under the Companies and Allied Matters Act as a private limited liability Company, and is domiciled in Nigeria. The Company is engaged in the hospitality industry; particularly the rendering of hotel services.
The company owns and operates Transcorp Hilton Hotel Abuja. The hotel which is situated in Abuja provides luxury accommodation, exotic cuisines, fully equipped meeting rooms and leisure facilities to business travellers and tourists from all over the world.
The company also holds 100% equity interest in Transcorp Hotels Calabar Limited and Transcorp Hotels Port Harcourt Limited and also has interests in Transcorp Hotels Ikoyi Limited.