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Home General News

Transcorp Plc: Decline in food and beverage, others depletes revenue

Adeyemi Adebayo by Adeyemi Adebayo
October 31, 2020
in General News
Transcorp group

The President/Group CEO of Transcorp, Owen Omogiafo

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Transcorp Plc reported revenue of N54.38 billion in 2020 9M, compared to N58.28 billion in the corresponding period of 2019.

Key highlights for 2020 9M

  • Revenue decreased to N54.38 billion, -6.69% YoY
  • Revenue from rooms decreased to N4.32 billion, -53.08% YoY
  • Revenue from food and beverage decreased to N1.64 billion, -60.77% YoY
  • Revenue from shop rental decreased to N511.13 million, -14.14.9% YoY.
  • Revenue from service charge decreased to N54.75 million, -52.63% YoY.
  • Revenue from other operating revenue decreased to N265.42 million, -53.96%
  • Revenue from capacity charge increased to N17.72 billion +8.65% YoY
  • Revenue from energy sent out increased to N29.84 billion, +82.93% YoY.
  • Revenue from ancillary services decreased to N23.4 million, -60.41% YoY.
  • Foreign exchange loss on financing activities increased to 1.84 billion, +316.12% YoY.
  • Finance cost increased to N11.68 billion, +14.86% YoY.
  • Pre-tax profits decreased to N2.02 billion, -72.55% YoY.
  • Earnings Per Share decreased to 3.4 kobo, -154.84% YoY.

Bottom Line

Transcorp Plc recorded decreased revenues from six of its revenue-generating units. Companies, especially hoteliers have generally recorded decreased revenue in the last three quarters, mostly due to COVID-19.

Pre-tax profits also declined in the period under consideration due to increased foreign exchange loss on financing activities and finance costs.

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