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Transcorp Hotels records an impressive turnaround in Q3 2021, with a 662% growth in profit

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Transcorp Hotels


Transcorp Hotels Plc. (the “Company” or the “Group”), (Bloomberg: TRANSCOH:NL; Reuters: TRANSCOHOT.LG), owner of Transcorp Hilton Abuja, Transcorp Hotels Calabar and Aura by Transcorp Hotels, has announced its unaudited Q3 results showing 115 percent growth in revenue year-on-year (YoY) to N14.6 billion and gross profit growth of 149 percent to N10.8 billion, leading to a profit before tax of N745 million a 662% improvement on a performance recorded at the same period in 2020.

HIGHLIGHTS OF THE RESULT:

Statement of Profit or Loss:

Year-on-Year Analysis (YTD Sep 2021 to YTD Sep 2020) reveals the following:

  • Revenue: N14.6 billion in YTD Sep 2021, compared to N6.8 billion in YTD Sep 2020 (115% growth year-on-year)
  • Gross profit: N10.8 billion in YTD Sep 2021, compared to N4.3 billion in YTD Sep 2020 (149% growth year-on-year)
  • Operating expenses: N7.9 billion in YTD Sep 2021, compared to N6.0 billion in YTD Sep 2020 (31% growth year-on-year)
  • Interest Cost: N3.1 billion in YTD Sep 2021, compared to N4.5 billion in YTD Sep 2020 (31% decline year-on-year)
  • Profit/(Loss) Before Tax: N745 million in YTD Sep 2021, compared to N(5.6) billion in YTD Sep 2020 (662% improvement year-on-year)

Statement of Financial Position

  • Total assets increased by 2.18% from N115.3 billion in December 2020 to N112.9 billion in Q3 2021 due to the increase in Trade Receivables and Cash and Cash Equivalents precipitated by the improvement in business activities within the period.
  • Total liabilities increased by 3.31% from N53.5 billion in December 2020 to N51.8 billion in Q3 2021. This is due to the increase in trade payables because of improved business activities within the period.
  • Shareholders Fund: N61.84 billion, a 1.21% year-to-date increase relative to FY 2020’s value at N61.10 billion.

Commenting on the results, Dupe Olusola, the MD/CEO said:

“Our performance reflects the strength of our business to withstand external shocks and continue to grow revenue even in tough economic conditions.

“Demand has continued to improve at impressive levels during the year, accelerating in the third quarter to pre-pandemic levels. We ended September with 63 percent occupancy, growing from 28 percent achieved in the same period last year, as we continue to outperform the industry average on several indices.

“We are seeing significant improvement in our corporate and group bookings, as vaccination rates increase, and companies begin to return to full operations.. Domestic leisure demand remains very strong and continues to be responsible for the improvement seen on our revenue and this signifies our nimbleness and strength of purpose to redefine hospitality in Africa.

“Our flagship hotel Transcorp Hilton was named by the World Travel Awards as Africa’s Leading Business Hotel, for seven consecutive years. This is a testament to our continued focus on redefining hospitality and providing excellent services to our customers, ensuring that every experience with us is memorable.

“We remain focused on the execution of our growth strategy, leveraging technology and the expertise of our people to deliver best-in-class guest experience across all our assets, properties and touchpoints.

“Recently, we launched Aura by Transcorp Hotels, a digital platform for booking accommodation, food and experiences. Aura caters to the three major things people need when they travel; where to stay, what to eat and things to do to make their travel memorable. This business, which stems from our asset-light strategy offers us a great opportunity for expansion in line with our long-term plans to expand across Africa.

“As the global economy continues to recover from the impact of the COVID-19 pandemic, Transcorp Hotels Plc. will remain a leader in the industry, offering bespoke hospitality services to discerning guests, who live for memorable experiences and excellent service delivery.”

Business

Ganado Farms: Redefining Nutrition, Agric Business In Nigeria

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The quest for the diversification of the Nigerian economy has no doubt hit a chord with many Nigerians, especially young people with an unquenchable thirst for entrepreneurial endeavors. The recourse and adherence to the quest for diversification, from research and daily realities, is more pronounced in the areas of agriculture and agribusiness, an area several Nigerian youths and start-ups are playing hard and smart. One of such start-ups is Ganado Farms, a multi-crop and integrated agribusiness involved in crop cultivation and livestock breeding. The success story of Ganado Farms is one many Nigerians will find inspiring and at the same time, surprising. This is because the reach and scope of the company, which started off in 2017, to say the least, is phenomenal.

Ganado Farms, which no doubt have its hands full, growing crops such as Cassava, Fruits, Vegetables, Ofada Rice, Ginger, Strawberry, Potatoes, Onions, Watermelon, Cucumber, Lettuce, Cabbage, Tomato, Pepper and Carrots, aside livestock breeding, can be described as one of the most diversified companies involved in agribusiness in Nigeria.

Speaking on the operations of the company, it’s Head of Operations, Mr. Tomisin Inumo-Jacobs in a chat, said though Ganado Farms is still a young company, which came into being in April 2017, the company nevertheless have the vision of becoming the pioneer of agro and techno platforms, through organic food, which will help in promoting and uplifting the agriculture sector in Nigeria and Africa at large.

 

He said: “We believe strongly that agriculture is still man’s oldest profession and as long as people and even animals eat, the sky is the beginning.

“Though we are still young, haven started operations precisely in April 2017, we already have farms in Nigeria and Ghana. We are in 3 states across the southwest and Plateau State in the North Central.

“In Jos and Epe in Lagos, we have our fruits and vegetable farms, while in Wasimi in Ogun State, we have the livestock farm. The Ofada Rice and Cassava farms are located in Oyo State, while we also grow ginger, Onions, strawberry and potatoes in Jos.

Speaking further, Inumo-Jacobs said the company focuses primarily on large-scale production of watermelon, cucumber, lettuce, cabbage, tomato, pepper, carrots, vegetables, potatoes, onion and strawberries.

Unlike many other companies that focus only on farming and the production of farm products, Ganado Farms is multi-faceted, as it also offers agricultural training and consultancy.

“We help people who are looking at going into agriculture but probably do not have the time and the experience to get started to generate maximum profit by helping them acquire the land and farming for them based on solid insurance and expertise. We also help sell to our off-takers after harvest.

“So far, we have helped over 1,200 stakeholders maximize great profits through agriculture. Our passion for Agriculture and transparency has helped us to stay on top of our game in the Agribusiness”, the Ganado Farms boss said.

Ganado Farms also prides itself of having a mission that speaks volumes of what has propelled it to the enviable level it has attained in a short while, as the mission statement says: ” to be ever dependable in helping people make a risk free agribusiness decision and healthy living, contributing our quota to the most affordable and organic food production, employment rate and promoting agriculture in Nigeria, Africa and beyond.”

 

Ganado Farms

Though agriculture is believed to be the oldest profession in the world with its practice still largely primitive and manual in this part of the world, Ganado Farms have brought in some innovations, taking advantage of information and communication technology to make its operations less cumbersome.

According to Inumo-Jacobs, these innovative ways of doing things, especially with technology, were informed by the quest of the company to give the general public a more affordable, fresher, cleaner, healthier and more hygienic farm produce directly from their farms.

“We have been able to set up a value chain, reaching the final consumers directly with our products. Buyers can now shop from the comfort of their homes and get it delivered to their doorsteps through our fast and efficient delivery service, Ganado Logistics.

“Farm produce such as 100% stone-free Ofada Rice, Well produced Garri Flakes, Dried Catfish, Tomatoes, Habanero Pepper, Chilli Pepper, Local Pepper, Cucumber, Watermelon, Pineapple, 100% Fruit Juice and Smoothies in all variants. Potatoes, Strawberries, Chicken, Turkey, Eggs, Pigs and Cows can be ordered online by clicking on http://www.ganadofoods.com and it will be delivered in record time”, he said

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LEMON FRIDAY: ADRON HOMES SLASHES PRICES TO 50%, ENCOURAGES NIGERIANS TO OWN HOUSES

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Adron Homes and Properties has slashed its estates prices by 50% to encourage Nigerians own a house regardless of their income in its Lemon Friday happy hour promo. The real estate company in ensuring its mandate of making the incredible affordable slashed the prices of all its estates across the country to encourage Nigerians to own a home of their own. The promotion tagged LEMON FRIDAY happy hour is slated to last till December 6, hence, giving more time for participation and coming with different valuable gifts for subscribers.
With this year’s Lemon Friday happy hour sale, customers would enjoy up to 50 percent discount on all its estates in Ikorodu, Epe, Atan-Ota, Ibeju Lekki, Badagry, Ijebu Ode, Shimawa, Abeokuta, Osun, Abuja, Nasarawa and Keffi respectively.
The Lemon Friday happy hour promo will avail customers a 50% slash till December 6th of the year before the prices go back to the usual 40%, on all estates in Ikorodu, Epe, Atan-Ota, Ibeju – Lekki, Badagry, Ijebu – Ode, Shimawa, Abeokuta, Osun, Abuja, Nasarawa and Keffi respectively.
For every purchase you make, you’d be getting a great deal that Adron is best known for.
It is no doubt that we are the foremost and widely covered real estate company in Nigeria and that’s why we are rolling out this big offer to allow every Nigerian own a house with ease with breaking their income-expenditure budget”, he stated.
Customers can pay as low as N25,000 initial deposit and enjoy up to 36 months payment plan on all properties. This means you could make payment at your pace and within your budget because at Adron Homes, for every budget; there is a piece of land for you in all our estates.
At Adron, we encourage Nigerians to begin their journey to becoming property owners today with us and smile at what their income will fetch them in all our estates”, he pointed out.

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Nigeria-Dubai: In Grand style, Emirates Airline Lands In Nigeria 

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Emirates has today touched down in both Abuja and Lagos, marking the restart of daily services to Nigeria from Dubai. It received a spectacular water cannon welcome at Murtala Mohammed Airport, Lagos. Both flights from Dubai, EK 785 to Abuja and EK 783 to Lagos, were welcomed to Nnamdi Azikiwe International Airport and Murtala Muhammed International Airport with water cannon salutes. Upon arrival, a cake-cutting ceremony was also held between Emirates officials and the airport authorities to mark the resumption of operations.

 

Paulos Legesse, Country Manager Nigeria said: “We are delighted to resume operations to and from Nigeria, and are pleased to see strong interest from our customers, reflected in robust forward bookings from the time of our announcement, as well as today’s full flights from Dubai to Abuja and Lagos. The services will also give our customers the opportunity once again to safely experience Emirates’ superior product and service, offering them convenient travel options to Dubai, an already popular destination for Nigerian travelers, as well as seamless connectivity to other key cities across our network.”

 

The aircraft is being deployed to both Nigerian cities in the three-class Boeing 777-300ER which offers 8 luxurious First Class suites, 42 generous Business Class seats, and over 300 seats in Economy Class.

Customers across all classes were able to enjoy the airline’s regional delicacies onboard, as well as its renowned in-flight entertainment system, ice, featuring over 4,500 channels of on-demand entertainment, including Nollywood films and content.

Emirates operates in Abuja with EK 785 and 786. EK 785 departs Dubai at 1100hrs, arriving in Abuja at 1540hrs. The return flight, EK 786 takes off from Abuja at 1900, arriving in Dubai at 0435hrs the next day. Emirates flight EK 783 to Lagos departs Dubai at 1030hrs, arriving in Lagos at 1540hrs. The return flight EK 784 departs Lagos at 1810hrs, arriving in Dubai at 0415hrs the next day.

Traveling to Dubai: Ensuring the safety of travelers, visitors, and the community, Covid-19 PCR tests are mandatory for all inbound passengers arriving in Dubai, including UAE citizens, residents and tourists, irrespective of the country they are coming from. Travellers coming from Nigeria must hold a negative Covid-19 PCR test certificate for a test taken no more than 72 hours before departure.

Additionally, the Nigerian Centre for Disease Control (NCDC) has specified designated laboratories for passengers departing Nigeria and travelers must obtain their certificate from one of the labs listed here to be accepted on the flight. Travelers coming from Nigeria will also need to take another Covid-19 PCR test on arrival at Dubai International Airport.

Since it safely resumed tourism activity in July 2020, Dubai remains one of the world’s most popular holiday destinations, especially during the winter season. The city is open for international business and leisure visitors. From sun-soaked beaches and heritage activities to world-class hospitality and leisure facilities,

Dubai offers a variety of world-class experiences. It was one of the world’s first cities to obtain the Safe Travels stamp from the World Travel and Tourism Council (WTTC) – which endorses Dubai’s comprehensive and effective measures to ensure guest health and safety.

Dubai is currently hosting the world for Expo 2020, happening between October 2021 and March 2022. Through the theme of Connecting Minds, Creating the Future, Expo 2020 Dubai aims to inspire people by showcasing the best examples of collaboration, innovation and cooperation from around the world.

Its program is packed with experiences to suit all ages and interests, including a rich line-up of themed weeks, entertainment, and edutainment. Art and culture fans, as well as food and technology enthusiasts, can explore exhibits, workshops, performances, live shows and more.

Emirates continues to lead the industry with innovative products and services and recently took its customer care initiatives further with even more flexible booking policies which have been extended to 31 May 2022.

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