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Transcorp Hotels reports N22.41bn Q1 revenue, 9% growth over 2025
via Punch Nigeria2 min read
Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, announced a strong start to the 2026 financial year with a significant increase in revenue and profitability. The unaudited financial results for the first quarter ended March 31, 2026, show a revenue of N22.41bn, marking a 9 percent growth compared to the N20.64bn recorded in the same period of 2025. This performance highlights the company's continued leadership in the African hospitality market. Management stated that the Q1 2026 results reflect a strategy focused on discipline, operational efficiency, and consistent value creation. Beyond revenue growth, the company saw a 15 percent increase in Profit Before Tax, and gross profit margins expanded to 77 percent. Oluwatobiloba Ojediran, Chief Finance Officer of Transcorp Hotels Plc, noted that the team's commitment to efficiency did not compromise guest experience. Ojediran detailed that the cost of sales margin was reduced from 25 percent in Q1 2025 to 23 percent in Q1 2026, demonstrating disciplined execution. Transcorp Hotels Plc, a leader in luxury hospitality, continues to leverage its parent company's strategic positioning to redefine hospitality standards across Africa.
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The Nigerian Safety Investigation Bureau NSIB has recovered the Cockpit Voice Recorder and Flight Data Recorder from a private aircraft, a Bombardier Challenger CL-601 with registration number N989BC, operated by VMO Aero Limited. The aircraft was involved in an incident on Wednesday when it landed on a roadway near Asaba, Delta State, during a flight from Lagos, and subsequently departed without regulatory approval. The NSIB activated its emergency response procedures and dispatched an investigative "Go Team" to the site. The recovered flight recorders will be analyzed to establish the circumstances and the aircraft鈥檚 performance. Investigators are also collecting operational, maintenance, and air traffic control records and coordinating with stakeholders. NSIB Director-General, Capt Alex Badeh Jr., stated that the swift recovery of the recorders is critical to determining the facts and expressed relief that there were no reported fatalities or serious injuries. The NSIB aims to determine the circumstances and contributing factors to issue safety recommendations and prevent recurrence, emphasizing that the investigation does not seek to apportion blame or determine liability. The bureau has appealed to the public for any relevant information, including photographs, videos, or CCTV footage.
An official from the Federal Ministry of Petroleum Resources has refuted claims that locally produced cooking gas LPG is being exported, stating that a ban on LPG exports remains in effect. This clarification follows concerns from cooking gas retailers, including the Chairman of the Liquefied Petroleum Gas Retailers Association, Ayobami Olarinoye, who reported persistent scarcity and high prices, attributing them partly to alleged exports by a local refinery. Louis Ibah, spokesman for the Minister of State for Petroleum Resources Gas, Dr. Ekperikpe Ekpo, confirmed to The PUNCH that the export restriction is enforced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA to stabilize prices and ensure product availability for Nigerians. Olarinoye described the current situation as "excruciatingly difficult" for retailers to access products and called for government incentives to attract more investors to the LPG market. A source at the NMDPRA indicated that the regulator is collaborating with the Nigerian National Petroleum Company Limited and other stakeholders to boost local availability, with a new Seplat gas facility expected to begin LPG supply by July. Meanwhile, Minister of State for Petroleum Resources Gas Ekperikpe Ekpo emphasized the need to translate Nigeria's vast gas reserves into accessible energy for households and industries, highlighting infrastructure gaps and weak distribution networks as major obstacles. Speaking at the Association o
Cristiano Ronaldo stated Portugal is prepared for the 2026 FIFA World Cup following their 2-1 win against Nigeria's Super Eagles in a warm-up match in Leiria. Ronaldo, Portugal's captain, posted on Instagram after the game, saying, "The preparation is done. Eyes on the World Cup." Pedro Neto scored first for Portugal, but Akor Adams equalized for Nigeria. Francisco Conceicao then secured the winning goal for Roberto Martinez鈥檚 team. This was Portugal's second encounter with Nigeria before a World Cup, having previously won 4-0 in 2022. Despite the loss, Nigeria's performance was competitive, with notable contributions from goalkeeper Maduka Okoye, defenders Semi Ajayi and Calvin Bassey, and midfielder Tochukwu Nnadi. Akor Adams also scored an equalizer. The friendly marked coach Eric Chelle鈥檚 first defeat in regulation time for Nigeria, ending a 25-match unbeaten streak. Portugal will compete in Group K against the Democratic Republic of the Congo, Colombia, and Uzbekistan.