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Transcorp Hotels Records Impressive Turnaround In Q3 2021, With A 662% Growth In Profit

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Transcorp Hotels,

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 a gross profit growth of 149 percent to N10.8 billion, leading to a profit before tax of N745 million a 662% improvement on 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.
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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 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.

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“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.”

About Transcorp Hotels Plc.

Transcorp Hotels Plc. is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African. The Company’s hotels include Transcorp Hilton Abuja and Transcorp Hotels Calabar.

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Business

HAVING A FIRSTBANK SALARY ACCOUNT CAN EASE YOUR MONEY PROBLEMS, FIND OUT HOW…

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First Bank

“There is always a lot to spend money on, and sometimes the bills can’t wait for the salary to be paid” Tope complained when his wife informed him that they had run out of cooking gas and had to refill.

 

He had just moved to a new location with his family and the bills seemed to be coming at such speed that he could hardly keep up.

 

Barely three weeks in the new apartment, the electricity bill had arrived. The new apartment was bigger than the last and their two double-seater cushions left too much space vacant in the seating room. They needed to get a couple more furniture to fill the space. His wife had not stopped reminding him of the car he promised to get, in order to ease mobility for the family.

 

Everyone has been a Tope at some point in time, and that is why everyone needs a financial partner like FirstBank, Nigeria’s premier and leading financial services brand. FirstBank offers a variety of loan products that can help you ease off pressure as you work towards meeting pressing and urgent needs, as well as medium term goals.

FirstAdvance is a digital product tailored for Salary Account holders, who have an urgent cash need and would want to access salary advance from the bank. If you have held a salary account with FirstBank for up to two months, you can access 50% of your monthly net salary and as much as half a million naira (N500,000).

 

A physical visit to the bank branch is not required as you can access it via the FirstMobile (FirstBank’s Mobile banking app) and USSD channels. To access the service via USSD, dial *894*11# from the phone number linked with your FirstBank account. This has proved to be the solution for many people while emergencies arise before pay day. There is no point in waiting for month end before you can take on those pressing financial obligations.

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FirstCredit is another digital product designed to cater for the non-salaried individuals. All that is required is for your account to have been active and transacting in FirstBank for six months or more to access FirstCredit. It provides customers with quick and easy access to loans to fund urgent transactions. You do not need a smart phone or a physical visit to the bank to get this done as well. This credit facility can be accessed using a mobile phone and the USSD banking code, *894*11#. You can access as much as N300,000 to be repaid within 30 days.

 

No physical documentation or collateral is required, neither do you need a physical visit to the bank to access both loans. Imagine the confidence that comes with sorting out your bills within minutes and without having to wait till month end.

 

Salary accounts should do more than receiving your monthly pay from your employer. It should be instrumental in making your day-to-day living easier, and this is what having your salary account with FirstBank can achieve for you. You can get a Personal Loan Against Salary (PLAS) if you have a a longer-term project at hand or investments to make. It may be paying school fees for your kids, acquiring assets or renovating your properties, paying rent, taking professional examinations.

 

Customer who qualify can access Up to N50 million based on their net monthly income and rates are competitive, while offering long term and flexible repayments up to 48 months tenor.

 

Despite all these benefits and ease in access to loans, it literarily costs nothing to open a FirstBank Salary Account. Zero opening balance, Zero minimum daily operating balance, Zero account maintenance charge, plus you even get your first debit card issued for free.
Truly, it is always “YOU FIRST” from FirstBank.

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UBA Group Dominates the 2021 Banker Awards, Wins ‘African Bank of the Year’

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UBA

Breaks the Banker Magazine Record as it wins Best Bank in Nigeria and 12 of Its Subsidiaries Africa’s global bank, United Bank for Africa (UBA) Plc yet again, reaffirms its leadership position across Africa, as the bank has been globally recognised as the African Bank of the year 2021 by the Banker Magazine, a leading global finance news publication published by the Financial Times of London.

 

UBA’s solid financial performance, its excellent service delivery to customers and its continuous role of facilitating rapid economic growth across the African continent were some of the reasons that led to the bank being named best bank in 12 of its African subsidiaries and in Nigeria. UBA Nigeria Plc, UBA Benin, UBA Burkina Faso, UBA Cameroon, UBA Chad, UBA Congo Brazzaville, UBA Cote D’Ivoire, UBA Gabon, UBA Guinea, UBA Liberia, UBA Senegal, UBA Sierra Leone and UBA Zambia all came out top as the best banks in their respective countries.

 

This will not be a first for UBA. In 2020, six of its subsidiaries in Benin, Cote D’Ivoire, Chad, Liberia, Sierra Leone and Zambia were winners of the Best Bank award. This year, the UBA Group is breaking a record with its exceptional wins as African Bank of the Year and Bank of the year in 13 countries. The total 14 awards makes it the first time ever in the history of the almost 100 years of The banker, that any banking group will be clinching as many as 14 wins in a single year.

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At the Virtual award ceremony which was held on December 1st 2021, the Middle East and Africa Editor for The Banker, John Everington, explained at the event that a rigorous and highly analytical process is made annually to reach the decision for each Bank of the Year award and the institution’s reputation for independence, authority and integrity is thoroughly applied to each submission.

 

“While several African banks impressed the judges this year, there was no doubt as to the worthiest recipient of the Bank of the Year for Africa – UBA Group – a clear winner across a wide range of criteria. UBA has performed impressively across its footprint with a strong financial performance across most of its markets,” Everington said.

 

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who expressed delight over the recognition from The Banker stated “Like I always say, at UBA, we must be doing something right. Winning 14 total awards in13 subsidiaries and the Bank of the Year on the African continent is a big achievement.’

 

Continuing, Uzoka said, “The recognitions come as a reassurance that we are on track in consolidating our leadership position in Africa, as we continue to create superior value for all our stakeholders. We have our millions of customers across the globe and our many thousands of staff to thank for this. They are the very reason why we keep winning’

 

Since1926, the Bank of the Year awards has been celebrating the best of global banking and is regarded as the industry standard for banking excellence. The 2021 edition highlights those institutions that have outshone their peers in terms of performance, strategic initiatives and response to the Covid-19 pandemic.

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The Banker Magazine is a publication of the Financial Times – a leading global finance news publication which has been in existence since 1888. The Banker magazine is the definitive reference in international banking for high level decision makers.

 

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touch points, in 20 African countries.

 

With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services

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Business

FIRSTBANK HOLDS NON-OIL EXPORT WEBINAR SERIES, CREATES AWARENESS OF THE BANK’S EXPORT SOLUTIONS.

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FirstBank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the convening of its non-oil export webinar series. The Event is centered on deliberating opportunities that will enhance the country’s expansion of its drive towards diversifying the national economy, thereby reducing the reliance of oil as a mainstay of the country’s revenue.  

 

The first series of the virtual event is scheduled for 10am on Tuesday, 30th November 2021 via Zoom meeting. To register and be part of this transformational knowledge session, click on this link-https://www.firstbanknigeria.com/business/non-oil-export/ . Registration is Free!! 

 

The event is themed “Building Sustainable Non-Oil Export in Nigeria; Harnessing Opportunities within the AfCFTA Treaty & Agro Commodities” and will have the attendance of Mr. Segun Awolowo MD/CEO, Nigerian Export Promotion Council (NEPC); Dr Biodun Adedipe, Founder and Chief Consultant of B. Adedipe Associates Limited (BAA Consult)  amongst others, as guest speakers.  

 

The webinar series aims to facilitate sustainable exports as well as guide participants on ways of navigating the hurdles and challenges of exports in Nigeria. The webinar will explore market and economic trends, unique export opportunities and potentials within the non-oil export industry across the geopolitical zones in the country.  

 

The importance of exports in Nigeria remains a front burner conversation by individuals and organisations as it provides a means of increasing the markets for producers, and an opportunity to attract the much needed foreign exchange earnings to boost the national economy, which is critical to expanding its Gross Domestic Products. 

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Speaking on the event, the Group Head, Marketing & Corporate Communications, Folake Ani-Mumuney said: “in recent years, the country has witnessed increased activities by the government towards diversifying the economy, thereby boosting the export potentials of the country – beyond the contribution of crude oil – which has been the mainstay of the national economy for many decades.  

 

Our forthcoming Non-oil Webinar series will expand discussions that are crucial to the growth of Nigeria’s export potentials as we unlock numerous opportunities that will promote the economic diversification drive of the government which is essential to the continued growth of the national economy, especially with the current business challenges posed by the pandemic.”

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