In her first six months as chairperson of Transcorp Hotels Plc, Dr. Awele Vivien Elumelu has overseen stronger earnings at Nigeria’s leading hospitality company, with profit after tax rising to N10.54 billion ($7.7 million) in the first half of 2026 from N8.68 billion ($6.4 million) a year earlier. The gain came even as revenue declined, with tighter cost controls, improved operating efficiency, and higher finance income helping the company offset weaker demand in parts of its international business, according to its recently released unaudited financial statements.

The results highlight the company’s ability to protect earnings in a more demanding business environment. Profit before tax increased 12 percent to N13.69 billion ($10.01 million) from N12.23 billion ($8.94 million), while earnings per share climbed to N1.03 from N0.85 in the corresponding period of 2025. This marks an encouraging start to Awele Elumelu’s tenure as chairperson and reflects the board’s focus on disciplined execution and long-term value creation.

Awele Elumelu leads Transcorp’s growth shift

Awele Elumelu was appointed chairperson of Transcorp Hotels in December 2025, bringing decades of experience in healthcare, insurance, corporate governance, and philanthropy to one of Nigeria’s largest hospitality companies. During the first six months of 2026, the Abuja-based hotel operator generated N44.43 billion ($32.5 million) in revenue, down from N46.93 billion ($34.3 million) a year earlier, reflecting softer demand within its international business.

Despite lower revenue, the company delivered stronger profitability by keeping costs under control and maintaining disciplined operations. Gross profit amounted to N33.98 billion ($24.9 million), while operating profit increased to N14.76 billion from N13.75 billion. The improvement was supported by a sharp reduction in operating expenses, which fell to N19.35 billion from N22.19 billion. Finance income also rose significantly to N1.99 billion ($1.45 million), helping offset the impact of higher finance costs during the period.

Resilient business model fuels commercial agility

Chief Executive Officer Uzoamaka Oshogwe said the first-half results reflected the company’s ability to deliver solid earnings despite a tougher operating environment. “Our Q2 2026 performance reflects the resilience of our business and the disciplined execution of our strategy in a dynamic operating environment. While market conditions remained challenging, we continued to deliver strong profitability by staying focused on operational excellence, commercial agility, and creating exceptional experiences for our guests,” she said.

The stronger earnings were matched by growth in the company’s balance sheet. Total assets increased to N197.48 billion ($144.5 million) as of June 30, 2026, from N159.91 billion ($117 million) at the end of December 2025. The increase was driven by higher trade and related-party receivables, which rose to N46.31 billion ($34 million). Cash and bank balances also edged higher to N17.44 billion ($12.8 million), while property, plant and equipment increased to N125.9 billion as the company continued investing in its hotel portfolio.

Shareholders’ equity also improved, rising to N95.23 billion ($70 million) from N93.06 billion ($68.1 million) at the end of 2025, despite the payment of N12.29 billion ($9 million) in dividends during the period. At the same time, total borrowings increased to N51.38 billion ($37.5 million) from N10.52 billion ($7.7 million), largely reflecting the drawdown of a N42.92 billion ($31.3 million) long-term facility to finance strategic investments across the business.

Elevating hospitality across West Africa

Transcorp Hotels remains one of Africa’s leading hospitality companies, anchored by Transcorp Hilton Abuja, Nigeria’s only five-star hotel, alongside Transcorp Hotels Port Harcourt Limited, Transcorp Hotels Ikoyi Limited and Aura by Transcorp Hotels Limited. The company continues to expand its presence in Nigeria’s premium hospitality market through investments in its hotels, event facilities and guest experience.

That expansion received another boost with the recent commissioning of Transcorp Centre, a purpose-built 5,000-seat conference and events venue designed to host large corporate gatherings, exhibitions and social events. The facility broadens the group’s business beyond luxury accommodation and adds another source of recurring revenue. Reflecting confidence in the company’s financial position, the board proposed an interim dividend of 10 kobo per share for the six months ended June 30, 2026, while continuing to invest in future growth.