Transcorp Hotels posts NGN756 million profit for Q2

Dupe Olusola Transcorp

Transcorp hotels plc says its revenue for half the year 2017 dropped to NGN6.1 billion from NGN7.6 billion recorded same period in the financial year 2016.

Its costs of sales for the period was NGN1.6 billion against NGN1.8 billion posted in the year before.

The hotel recorded NGN 4.7 billion as its gross profit for the period in review in contrast to NGN5.7 billion reported in the fiscal year 2016, while its operating profit lowered to NGN948.5 million against NGN2.4 billion recorded in 2016.

Transcorp said its profit before tax was NGN1.0 billion in 2Q 2017 in contrast to NGN2.7 billion in 2016. after deducting its tax expenses for the period, the profit for the year lowered by to NGN756.6 million from NGN1.8 billion in 2016.

Total assets for the half year 2017 was NGN92.8 billion against NGN90.7 billion posted same period 2016 while its total liabilities was NGN38.8 billion versus NGN37.5 billion in 2016.

About the company

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.

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