The Board of Directors of Transcorp Hotels Plc has declared a closed period from September 30, 2019, until 24 hours after the release of the company’s third-quarter financial statements.
This was disclosed in a notification to the Nigerian Stock Exchange (NSE).
Why this matters: The closed period will allow the board to consider the company’s unaudited financial statements for the third quarter. Other company issues will also be discussed during the meetings.
A look into the company’s half-year financials:
- Revenue increased by 18% in half-year 2019 from N7.56bn to N8.90bn. Similarly, operating profit grew by 41% from N1.99bn in 2018 to N2.81bn by the end of June 2019.
- However, with the interest expense of N1.97bn during the half-year 2019, arising from the just-completed $132 Million hotel upgrade, profit before tax reduced from N1.99bn in 2018 to N833mn in 2019.
- Transcorp Hotels also traded at N5.40 down from N6.10 at the beginning of the year.
What is a closed period?
A closed period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information.
About Transcorp Hotels Plc
Transcorp Hotels Plc (“Company”) is the hospitality subsidiary of Transnational Corporation of Nigeria Plc. The company owns and operates the multiple award-winning Transcorp Hilton Abuja, which provides luxury accommodation, world-class cuisines, conferencing and leisure facilities to business travelers and tourists from all over the world.
The company owns and operates hotels in Nigeria. Its hotels comprise Transcorp Hilton Hotel, a 5-star hotel with 670 rooms located in Abuja; and Transcorp Hotels with 146 rooms located in Calabar.
The company, which was formerly known as Transnational Hotels and Tourism Services Limited, changed its name to Transcorp Hotels Plc in 2014. It was incorporated in 1994 and is based in Abuja, Nigeria.
NB: A previous version of this article wrongly included the results of Transcorp Plc instead of Transcorp Hotels Plc. This has now been corrected.