By Peter Egwuatu
THE President/Chief Executive Officer Transcorp Hotels Plc, Mr Valentine Ozigbo yesterday said that management has mapped out strategies to minimise cost and improve profitability given the challenging business environment.
He also disclosed that the Company has already rolled up its sleeves and set strategies in motion to ensure marked improvement in the 2019 financial year.
Ozigbo , who stated this at the fact behind the figures presentation of Transcorp Hotels held at the Lagos Floor of the Nigerian Stock Exchange, NSE said: “
The year end 2018 results released recently were very impressive and the conglomerate has announced its determination to focus on cost management initiatives, which is expected to catapult the returns on its investments especially in the hospitality business.”
Ozigbo, noted that the diversified company with vested interests and investments in hospitality; Power, Oil and Gas and others, remains committed to deliver superior value to its wide clientele base.
On the Company’s financial performance for the year ended December 31, 2018 he said: “We delivered an exemplary result of 9.4 percent growth in Profit After Tax, PAT.
In fact our revue grew by 30 percent to N104.2 billion from N80.3 billion in 2017; Gross profit up by 32 percent to N48.3 billion from N36.4 billion in 2017; Operating profit grew by 33 percent to N34.6 billion from N26.0 billion in 2017, Profit Before Tax, PBT grew by 82 percent to N22.4 billion from N12.3 billion in 2017 while Profit After Tax, PAT appreciated by 94 percent to N20.6 billion from N10.6 billion in 2017.”
Commenting on the power sector, he said: “Nigerian power sector is in a very poor state, stressing that 84.8 million Nigerians do not have access to electric power, a far cry from other Africa oil producing states’ scores.”