TRANSCORP HOTELS : QUARTER 2 - FINANCIAL STATEMENT FOR 2023

TRANSCORP HOTELS PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2023

TRANSCORP HOTELS PLC.

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2023

CORPORATE INFORMATION

Country of incorporation and domicile	Nigeria
Directors:	Mr. Emmanuel Nnorom	Chairman
	Mrs. Dupe Olusola	Managing Director/Chief Executive Officer
	Mrs. Owen Omogiafo	Non-Executive Director
	Mr. Peter Elumelu	Non-Executive Director
	Mr. Alex Okoh	Non-Executive Director
	Mr. Alexander Adeyemi	Non-Executive Director (Resigned 9 January 2023)
	Mrs. Helen Iwuchukwu	Non-Executive Director
	Mr. Udechukwu Obi Osakwe	Non-Executive Director (Appointed 16 February 2023)
	Ms. Bolanle Onagorowa	Independent Non-Executive Director
Acting Group Company Secretary:	Mrs. Funmi Olofintuyi
Registered office:	1 Aguiyi Ironsi Street, Maitama
	Federal Capital Territory
	Abuja, Nigeria.
Holding Company:	Transnational Corporation Plc.
Registration number:	RC 248514
Registrars:	Africa Prudential Plc
	220B Ikorodu Road
	Palmgrove, Lagos.
Principal banker:	United Bank for Africa Plc
	UBA House
	57 Marina, Lagos
	Nigeria.
Auditors:	Deloitte & Touche
	Chartered Accountants
	Civic Towers, Plot GA 1 Ozumba Mbadiwe Avenue
	Victoria Island, Lagos
	Nigeria.
Investors Relations Manager:	Mrs. Oluwatobiloba Ojediran
	[e-mail]
Investors Relations Portal:	https://www.transcorphotels.com/investor-relations/

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TRANSCORP HOTELS PLC.

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2023

					Group				Company
	Note	Jan - June 2023			Jan - June 2022		Jan - June 2023		Jan - June 2022
		N'000			N'000		N'000		N'000
Revenue	5.	18,983,693		14,986,267	18,456,442		14,510,158
Cost of sales	6.	(5,173,760)	(4,049,297)	(4,986,251)	(3,884,415)
Gross profit		13,809,933			10,936,970		13,470,191		10,625,743
		964,754	288,643	988,252	288,465
Other operating income	7.
Impairment (losses) on financial assets	9.	(4,524)		(665)	(4,524)		-
Operating expenses	10.	(9,265,024)	(6,808,438)	(8,746,487)	(6,376,257)
Operating profit		5,505,139			4,416,510		5,707,432		4,537,951
	8.1	(1,987,805)	(2,053,159)	(1,987,805)	(2,053,159)
Finance costs
Finance income	8.2	8,305		2,614	21,650		14,837
Profit before tax		3,525,639			2,365,965		3,741,277		2,499,629
		(1,063,752)	(674,194)	(1,063,752)	(674,194)
Income tax	11.
Profit for the period		2,461,887			1,691,771		2,677,525		1,825,435
Total comprehensive income for the period		2,461,887			1,691,771		2,677,525		1,825,435
Profit for the period attributable to:
Owners of the Company		2,487,567	1,721,621	2,677,525	1,825,435
Non-controlling interests		(25,680)	(29,850)	-	-

		2,461,887		1,691,771
Earnings per share
	24	17
Basic earnings per share (kobo)	12.
Diluted earnings per share (kobo)	12.
24	17

2,677,5251,825,435

2618

2618

The accounting policies on pages 8 to 9 and the notes on pages 10 to 26 form an integral part of the unuadited consolidated and separate financial statements.

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UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 30 JUNE 2023

		April-June 2023			April-June 2022		April-June 2023		April-June 2022
		N'000			N'000		N'000		N'000
Revenue		10,733,678		7,945,263	10,425,795		7,688,620
Cost of sales		(2,726,266)	(2,133,877)	(2,623,033)	(2,047,753)
Gross profit	8,007,412			5,811,386		7,802,762		5,640,867
	802,942	130,206	804,170	130,060
Other operating income
Impairment loss on financial assets		(4,524)		-
Operating expenses		(5,137,283)		(3,628,895)	(4,849,018)		(3,398,497)
Operating profit	3,668,547			2,312,696		3,757,914		2,372,430
		(990,567)	(1,011,208)	(990,567)	(1,011,208)
Finance costs
Finance income		6,064		(3,495)	12,077		2,355
Profit before tax	2,684,044	1,297,993	2,779,424	1,363,577
	(683,761)	(459,904)	(683,761)	(459,904)
Income tax
Profit for the period	2,000,283	838,089	2,095,663	903,673
Total comprehensive income for the period	2,000,283			838,089		2,095,663		903,673
Profit for the period attributable to:
Owners of the Company		2,013,070	852,680	2,095,663	903,673
Non-controlling interests		(12,788)	(14,591)	-	-

		2,000,282		838,089
Earnings/(loss) per share
20	8
Basic profit/(loss) per share (kobo)
Diluted profit/(loss) per share (kobo)
	20	8

2,095,663903,673

20	9
20	9

The accounting policies on pages 8 to 9 and the notes on pages 10 to 26 form an integral part of the unuadited consolidated and separate financial statements.

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TRANSCORP HOTELS PLC.

UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2023

			Group
	Note	30 June 2023		31 December 2022
		N'000		N'000
Assets
Non-current assets
Property, plant and equipment	13.	107,690,574	107,971,345
Investment property	14.	-	-
Goodwill	16.	1,974,756	1,974,756
Intangible assets	15.	154,118	158,856
Investment in subsidiaries	4.	-	-
Investment in financial asset	21.	300,075	300,075
Long term receivables	30	-		-
		110,119,523	110,405,032
Current assets
Inventories	18.	618,214	616,624
Trade and other receivables	19.	3,524,714	3,220,475
Prepayments	20.	1,259,481	1,062,154
Cash and bank balances	22.	7,071,906		5,183,097
		12,474,315	10,082,350
Total assets		122,593,838		120,487,382
Equity and Liabilities
Equity
Share capital	23.	5,121,264	5,121,264
Share premium	23.	12,548,859	12,548,859
Retained earnings		47,694,578	45,207,011
Equity attributable to Owners of the
Company		65,364,701	62,877,134
Non-controlling interests		(113,200)		(87,520)
Total equity		65,251,501	62,789,614
Liabilities
Non-current liabilities
Borrowings	17.	15,081,289	16,113,199
Deferred income	25.	1,325,921	1,544,322
Contract liabilities	26.	2,101,348	2,139,555
Deposit for shares	29.	2,410,000	2,410,000
Defined benefit liability	31.	194,245	161,705
Deferred tax liability	11.	6,023,475		6,023,475
		27,136,278	28,392,256
Current liabilities
Trade and other payables	27.	20,518,770	20,125,593
Current tax liabilities	11.	1,056,415	594,493
Contract liabilities	26.	300,970	258,284
Borrowings	17.	7,852,896	7,846,378
Deferred income	25.	444,000	447,756
Defined benefit liability	31.	33,008		33,008
		30,206,059	29,305,512
Total liabilities		57,342,337		57,697,768
Total equity and liabilities		122,593,838		120,487,382

	Company
30 June 2023 31 December 2022
N'000			N'000
92,915,737	93,369,335
1,717,765	1,717,765
-	-
104,559	119,265
3,529,841	3,529,841
300,075	300,075
8,663,302			8,418,588
107,231,279	107,454,869
523,291	529,871
4,256,758	3,793,545
1,224,074	1,036,980
6,955,305			5,101,419
12,959,428	10,461,815
120,190,707			117,916,684
5,121,264	5,121,264
12,548,859	12,548,859
48,056,037			45,378,512
65,726,160	63,048,635
-			-
65,726,160	63,048,635
15,081,289	16,113,199
1,325,921	1,544,322
2,101,348	2,139,555
-	-
194,245	161,705
6,023,475			6,023,475
24,726,278	25,982,256
20,051,019	19,710,927
1,056,376	589,440
300,970	258,284
7,852,896	7,846,378
444,000	447,756
33,008			33,008
29,738,269	28,885,793
54,464,547			54,868,049
120,190,707			117,916,684

The Unaudited Consolidated and Separate Financial Statements on pages 3 to 26 were approved by the Board of Directors on the 27th of July 2023 and were signed on its behalf by:

Mr. Emmanuel Nnorom		Mrs. Oluwatobiloba Ojediran		Mrs. Dupe Olusola
Chairman		Chief Finance Officer		Managing Director/CEO
FRC/2014/ICAN/00000007402		FRC/2020/001/00000020314		FRC/2020/003/00000021104

The accounting policies on pages 8 to 9 and the notes on pages 10 to 26 form an integral part of the unuadited consolidated and separate financial statements.

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