TRANSCORP HOTELS : QUARTER 3 - FINANCIAL STATEMENT FOR 2022

TRANSCORP HOTELS PLC

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2022

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
	Mrs. Helen Iwuchukwu	Non-Executive Director
	Ms. Bolanle Onagorowa	Independent Non-Executive Director
Ag. 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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UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2022

Note	Group			Company
Jan - Sept 2022	Jan - Sept 2021		Jan - Sept 2022	Jan - Sept 2021

		N'000
Revenue	5.	22,654,514
Cost of sales	6.	(6,273,041)
Gross profit		16,381,473
		474,508
Other operating income	7.
Impairment loss on financial assets	9.	(665)
Operating expenses	10.	(10,505,118)
Operating profit		6,350,198
	8.1	(3,068,576)
Finance costs
Finance income	8.2	6,991
Profit before tax		3,288,613
	11.	(1,016,189)
Income tax
Profit for the period		2,272,424
Total comprehensive income for		2,272,424
the period
Profit/(loss) for the period attributable to:
Owners of the Company		2,312,651
Non-controlling interests		(40,227)
		2,272,424
Earnings/(loss) per share	12.	23
Basic profit per share (kobo)
Diluted profitper share (kobo)	12.
23

N'000		N'000
14,601,237	21,949,396
(3,772,305)	(6,016,198)
10,828,932		15,933,198
884,207	460,678
-	-
(7,880,419)	(9,838,181)
3,832,720		6,555,695
(3,089,138)	(3,068,576)
1,510	25,281
745,092	3,512,400
(3,075)	(1,016,189)
742,017	2,496,211
742,017		2,496,211
743,129	2,496,211
(1,112)	-
742,017	2,496,211
7	24
7	24

1. '000
   13,978,234
   (3,556,701)
   10,421,533

878,549

-

(7,458,881)

3,841,201

(3,089,138)

1,231

753,293

-

753,293

753,293

753,293

-

753,293

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The accounting policies on pages 8 to 9 and the notes on pages 10 to 24 form an integral part of the 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 SEPTEMBER 2022

		July-Sept 2022		July-Sept 2021		July-Sept 2022		July-Sept 2021
		N'000		N'000		N'000		N'000
Revenue		7,668,247	5,826,655	7,439,238	5,606,704
Cost of sales		(2,223,745)		(1,462,878)	(2,131,783)		(1,383,955)
Gross profit	5,444,502		4,363,777		5,307,455		4,222,749
	185,865	336,509	172,213	330,851
Other operating income
Impairment loss on financial assets		-
Administrative expenses		(3,696,679)	(2,894,960)	(3,461,924)	(2,748,279)
Operating profit	1,933,688		1,805,326		2,017,744		1,805,321
		(1,015,417)	(949,948)	(1,015,417)	(949,948)
Finance costs
Finance income		4,377		451	10,444		371
Profit before tax	922,648	855,828	1,012,771	855,743
		(341,995)	(3,075)	(341,995)
Income tax expense
Profit for the period	580,653	852,753	670,776	855,743
Total comprehensive income for	580,653		852,753		670,776		855,743
the period
Profit for the period attributable to:
Owners of the Company		580,653	853,866	670,776	855,743
Non-controlling interests		(10,377)	(1,112)	-	-
		570,276	852,754	670,776	855,743
Earnings/(loss) per share
14	(1)	15	(1)
Basic profit per share (kobo)
Diluted profit per share (kobo)
	14	(1)	15	(1)

The accounting policies on pages 8 to 9 and the notes on pages 10 to 24 form an integral part of the consolidated and separate financial statements.

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UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2022

Note		Group		Company
30 Sept 2022		31 Dec 2021		30 Sept 2022		31 Dec 2021

		N'000		N'000
Assets
Non-current assets
Property, plant and equipment	13.	105,080,621	103,979,889
Investment property	14.	-	-
Goodwill	16.	1,974,756	1,974,756
Other intangible assets	15.	147,351	158,605
Investment in subsidiaries	4.	-	-
Long term receivables	28.1	-	-
Deferred tax assets	11.1	132,556	132,556
		107,335,284		106,245,806
Current assets
Inventories	18.	788,076	619,523
Trade and other receivables	19.	3,437,432	2,636,602
Prepayments	20.	1,114,502	1,422,337
Cash and bank balances	21.	4,155,511	4,965,458
		9,495,521		9,643,920
Total assets		116,830,805		115,889,726

N'000		N'000
90,454,332	91,173,701
1,695,000	1,695,000
-	-
117,433	137,465
3,529,841	3,529,841
8,412,891	6,753,736
-	-
104,209,497		103,289,743
731,885	570,208
3,932,765	2,926,130
1,095,622	1,404,657
4,126,128	4,765,806
9,886,400		9,666,801
114,095,897		112,956,544

Equity and Liabilities
Equity
Share capital	22.	5,121,264	5,121,264
Share premium	22.	12,548,859	12,548,859
Retained earnings		46,173,460	44,577,786
Equity attributable to Owners of the
Company		63,843,583	62,247,909
Non-controlling interests		(67,911)		(27,684)
Total equity		63,775,672	62,220,225
Liabilities
Non-current liabilities
Borrowings	17.	15,544,309	16,448,964
Deferred income	24.	1,668,809	2,005,878
Deposit for shares	28.	2,410,000	2,410,000
Contract liabilities	25.	2,275,477	2,333,370
Deferred tax liability	11.	4,841,445		4,841,445
		26,740,040	28,039,657
Current liabilities
Contract liabilities	25.	152,820	152,820
Trade and other payables	26.	17,466,407	17,606,939
Borrowings	17.	7,229,047	7,252,926
Deferred income	24.	450,659	450,659
Current tax liabilities	11.	1,016,160	166,500
		26,315,093		25,629,844
Total liabilities		53,055,133		53,669,501
Total equity and liabilities		116,830,805		115,889,726

5,121,264	5,121,264
12,548,859	12,548,859
46,126,720		44,347,486
63,796,843	62,017,609
-		-
63,796,843	62,017,609
15,544,309	16,448,964
1,668,809	2,005,878
-	-
2,275,477	2,333,370
4,841,445		4,841,445
24,330,040	25,629,657
152,820	152,820
17,120,328	17,291,083
7,229,047	7,252,926
450,659	450,659
1,016,160	161,790
25,969,014		25,309,278
50,299,054		50,938,935
114,095,897	112,956,544

The Consolidated and Separate Financial Statements were approved by the Board of Directors on the 26th of October 2022 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 24 form an integral part of the consolidated and separate financial statements.

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