TRANSCORP HOTELS PLC UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026
TRANSCORP HOTELS PLC.
UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2026
CORPORATE INFORMATION
Country of incorporation and Domicile Nigeria
Directors: Dr. (Mrs). Awele Vivien Elumelu, OFR Chairman (Appointed 1 January 2026) Mrs. Uzoamaka Oshogwe Managing Director/Chief Executive Officer Dr. (Mrs.) Owen Omogiafo, OON Non-Executive Director
Ms. Bolanle Onagoruwa Independent Non-Executive Director
Alhaji Garba Abubakar Independent Non-Executive Director
Ms. Adesimbo Ukiri Non-Executive Director
Mr. Muyiwa Akinyemi Independent Non-Executive Director (Appointed 1 April 2026)
Group Company Secretary: Atinuke Kolade
Registered Office: 1 Aguiyi Ironsi Street, Maitama Federal Capital Territory Abuja, Nigeria.
Holding Company: Transnational Corporation Plc.
Registration Number: RC 248514
Tax Identification Number: 04259425-0001
Registrars: Africa Prudential Plc 220B Ikorodu Road Palmgrove, Lagos.
Principal Banker: United Bank for Africa Plc UBA House
57 Marina, Lagos
Nigeria.
Zenith Bank Plc
Plot 84/87 Ajose Adeogun Street Victoria Island, 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 investorrelations@transcorphotelsplc.com
Investors Relations Portal: https://www.transcorphotels.com/investor-relations/
TRANSCORP HOTELS PLC.
UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 JUNE 2026
Note
Revenue Cost of sales
Gross profit
5.
6.
Group Jan- Jun 2026
N
44,428,832
(10,448,868)
33,979,964
Company
Jan- Jun 2025
N
46,932,519
(11,360,308)
35,572,211
Jan- Jun 2026
N
44,428,832
(10,448,868)
33,979,964
Jan- Jun 2025
N
46,930,946
(11,360,308)
35,570,638
Other operating income Impairment on financial assets Operating expenses
Operating profit
7.
8.
9.
Finance costs Finance income
Profit before tax
10.
10.
205,810
(66,077)
(19,354,899)
14,764,798
-57%
(3,062,506)
1,989,837
13,692,128
389,330
(20,167)
(22,193,818)
13,747,556
-62%
(1,844,114)
324,866
12,228,307
205,810
(71,088)
(19,342,796)
14,771,890
389,318
(20,167)
(22,173,907)
13,765,882
(3,062,506)
1,989,837
13,699,221
(1,844,114)
324,866
12,246,634
Income tax 11.
Profit for the period
(3,152,689)
10,539,439
(3,549,067)
8,679,241
(3,152,689)
10,546,532
(3,549,067)
8,697,567
Profit for the period attributable to:
10,543,387
(3,948)
10,539,439
8,685,447
(6,206)
8,679,241
10,546,532
-
10,546,532
8,697,567
-
8,697,567
Other comprehensive income/(loss)
Fair value (loss)/gain on equity instrument
Total other comprehensive income for the period
(418,685)
(418,685)
31,245
31,245
(418,685)
(418,685)
31,246
31,246
Total comprehensive income for the period
10,120,754
8,710,486
10,127,847
8,728,813
Attributable to:
10,124,702
(3,948)
10,120,754
8,716,692
(6,206)
8,710,486
10,127,847
-10,127,847
8,728,813
-8,728,813
Earnings per share
12.
12.
103
103
85
85
103
103
85
85
Owners of the Company Non-controlling interests
Owners of the Company Non-controlling interests*
Basic earnings per share (kobo) Diluted earnings per share (kobo)
The accompanying notes on pages 8 to 31 are an integral part of these financial statements
TRANSCORP HOTELS PLC. UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 30 JUNE 2026
Group
Company
Apr- Jun 2026 Apr-Jun 2025 Apr- Jun 2026 Apr-Jun 2025Revenue
Cost of sales
Gross profit
N22,015,839
(5,231,328)
16,784,511
N25,926,615
(6,194,150)
19,732,465
N22,015,839
(5,231,328)
16,784,511
N26,291,737
(6,194,150)
20,097,587
Other operating income
Operating expenses
Operating profit
105,598
(9,746,233)
7,143,876
259,407
(13,141,597)
6,850,275
105,598
(9,748,632)
7,141,476
259,407
(13,493,469)
6,863,525
Finance costs
Finance income
Profit before tax
(2,300,291)
1,770,090
6,613,675
(951,749)
172,869
6,071,395
(2,300,291)
1,770,090
6,611,275
(951,749)
172,869
6,084,645
Profit for the period
4,878,577
3,632,901
4,876,177
3,646,151
Income tax (1,735,098) (2,438,494) (1,735,098) (2,438,494)
Profit for the year attributable to: | ||||
Owners of the Company | 4,881,922 | 3,637,286 | 4,876,177 | 3,646,151 |
Non-controlling interests | (3,346) | (4,384) | - | - |
4,878,576 | 3,632,902 | 4,876,177 | 3,646,151 | |
Other comprehensive income/(loss) | ||||
Fair value (loss)/gain on equity instrument | (618,815) | 28,242 | (618,815) | 28,242 |
Total other comprehensive income for the period | (618,815) | 28,242 | (618,815) | 28,242 |
Total comprehensive income for the period | 4,259,762 | 3,661,144 | 4,257,362 | 3,674,393 |
The accompanying notes on pages 8 to 31 are an integral part of these financial statements
TRANSCORP HOTELS PLC.
UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF FINANCIAL POSITION AS AT 30 JUNE 2026Group | Company |
N | N | N | N | |||
Assets | ||||||
Non-current assets | ||||||
Property, plant and equipment | 13. | 125,896,369 | 124,857,235 | 111,298,345 | 110,277,904 | |
Investment property | 14. | - | - | 2,816,000 | 2,816,000 | |
Intangible assets | 15. | 286,368 | 238,450 | 265,090 | 217,172 | |
Investment in subsidiaries | - | - | 21,220 | 21,220 | ||
Other investment | 16. | 3,270,394 | 3,689,079 | 3,270,394 | 3,689,079 | |
Long term receivables | 18. | 1,518,750 | 1,631,250 | 11,650,979 | 11,726,400 | |
130,971,881 | 130,416,014 | 129,322,028 | 128,747,775 | |||
Current assets | ||||||
Inventories | 17. | 749,875 | 629,339 | 749,875 | 629,339 | |
46,306,201 | 10,996,634 | 46,286,249 | 10,989,428 | |||
Trade and other receivables | 18. | |||||
2,019,365 | 904,653 | 2,019,365 | 904,653 | |||
Prepayments | 19. | |||||
Cash and bank balances | 20. | 17,435,795 | 16,959,276 | 17,431,095 | 16,916,133 | |
66,511,236 | 29,489,902 | 66,486,584 | 29,439,553 | |||
Total assets | 197,483,117 | 159,905,916 | 195,808,612 | 158,187,328 | ||
Equity and Liabilities | ||||||
Equity | ||||||
Share capital | 21. | 5,121,264 | 5,121,264 | 5,121,264 | 5,121,264 | |
Share premium | 21. | 12,548,859 | 12,548,859 | 12,548,859 | 12,548,859 | |
Other reserves | (167,721) | 250,964 | (167,721) | 250,964 | ||
Retained earnings | 23. | 75,777,521 | 77,525,168 | 76,278,804 | 78,023,306 | |
Equity attributable to Owners of the Company | 93,279,923 | 95,446,255 | 93,781,206 | 95,944,393 | ||
Non-controlling interests | 24. | (220,760) | (216,812) | - | - | |
Total equity | 93,059,163 | 95,229,443 | 93,781,206 | 95,944,393 | ||
Liabilities | ||||||
Non-current liabilities | ||||||
Borrowings | 25. | 47,622,430 | 5,068,646 | 47,622,430 | 5,068,646 | |
Deferred income | 26. | 50,209 | 202,701 | 50,209 | 202,701 | |
Contract liabilities | 27. | 1,604,668 | 1,681,080 | 1,604,668 | 1,681,080 | |
Deposit for shares | 28. | 2,410,000 | 2,410,000 | - | - | |
Defined benefit liability | 29. | 496,731 | 359,212 | 496,731 | 359,212 | |
Deferred tax liability | 11. | 17,015,859 | 18,177,938 | 17,015,859 | 18,177,938 | |
69,199,897 | 27,899,577 | 66,789,897 | 25,489,577 | |||
Current liabilities | ||||||
Trade and other payables | 30. | 20,867,362 | 24,448,050 | 20,880,853 | 24,424,552 | |
Current tax liabilities | 11. | 8,265,524 | 5,273,156 | 8,265,485 | 5,273,116 | |
Contract liabilities | 27. | 1,786,633 | 1,077,889 | 1,786,633 | 1,077,889 | |
Borrowings | 25. | 3,762,212 | 5,449,642 | 3,762,212 | 5,449,642 | |
Deferred income | 26. | 444,000 | 444,000 | 444,000 | 444,000 | |
Defined benefit liability | 29. | 98,326 | 84,159 | 98,326 | 84,159 | |
35,224,057 | 36,776,896 | 35,237,509 | 36,753,358 | |||
Total liabilities | 104,423,954 | 64,676,473 | 102,027,406 | 62,242,935 | ||
Total equity and liabilities | 197,483,117 | 159,905,916 | 195,808,612 | 158,187,328 | ||
The Unaudited Consolidated and Separate Financial Statements on pages 3 to 31 were approved by the Board of Directors on 21 July 2026 and were signed on its behalf by:
Dr. Awele Vivien Elumelu,OFR Chairman Mrs. Oluwatobiloba Ojediran Chief Finance Officer Mrs. Uzoamaka Oshogwe Managing Director/CEO FRC/2013/MDCAN/000000004705 FRC/2020/PRO/ICAN/001/00000020314 FRC/2013/PRO/DIR/003/00000004689The accompanying notes on pages 8 to 31 are an integral part of these financial statements
TRANSCORP HOTELS PLC.
UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF CHANGES IN EQUITY AS AT 30 JUNE 2026
Group | Share capital | Share premium | Other reserves | Retained earnings | Total attributable to owners of the parent | Non-controlling interests | Total equity | |||
N | N | N | N | N | N | N | ||||
Balance at 1 January 2025 | 5,121,264 | 12,548,859 | (186,679) | 63,234,028 | 80,717,472 | (198,323) | 80,519,149 | |||
Profit/(loss) for the period | - | - | - | 21,870,611 | 21,870,611 | (18,489) | 21,852,122 | |||
Other comprehensive income | - | - | 437,643 | - | 437,643 | - | 437,643 | |||
Total comprehensive income for the period | - | - | 437,643 | 21,870,611 | 22,308,254 | (18,489) | 22,289,765 | |||
Dividend | - | - | - | (7,579,471) | (7,579,471) | - | (7,579,471) | |||
Total contributions by and distributions to Owners of Company | - | - | - | (7,579,471) | (7,579,471) | - | (7,579,471) | |||
Balance at 31 December 2025 | 5,121,264 | 12,548,859 | 250,964 | 77,525,168 | 95,446,255 | (216,812) | 95,229,443 | |||
Balance as at 1 January 2026 | 5,121,264 | 12,548,859 | 250,964 | 77,525,168 | 95,446,255 | (216,812) | 95,229,443 | |||
Profit/(loss) for the period | - | - | - | 10,543,387 | 10,543,387 (418,685) | (3,948) | 10,539,439 | |||
Other comprehensive income | - | - | (418,685) | - | - | (418,685) | ||||
Total comprehensive income for the period | - | - | (418,685) | 10,543,387 | 10,124,702 | (3,948) | 10,120,754 | |||
Dividends | - | - | - | (12,291,034) | (12,291,034) | - | (12,291,034) | |||
Total contributions by and distributions to Owners of Company | - | - | - | (12,291,034) | (12,291,034) | - | (12,291,034) | |||
Balance at 30 June 2026 | 5,121,264 | 12,548,859 | (167,721) | 75,777,521 | 93,279,923 | (220,760) | 93,059,163 | |||
Company | ||||||||||
Balance at 1 January 2025 | 5,121,264 | 12,548,859 | (186,679) | 62,765,636 | 80,249,080 | - | 80,249,080 | |||
Profit for the period | - | - | 22,837,141 | 22,837,141 | - | 22,837,141 | ||||
Other comprehensive income | - | - | 437,643 | - | 437,643 | - | 437,643 | |||
Total comprehensive income for the period | - | - | 437,643 | 22,837,141 | 23,274,784 | - | 23,274,784 | |||
Dividends | - | - | - | (7,579,471) | (7,579,471) | - | (7,579,471) | |||
Total contributions by and distributions to Owners of Company | - | - | - | (7,579,471) | (7,579,471) | - | (7,579,471) | |||
Balance at 31 December 2025 | 5,121,264 | 12,548,859 | 250,964 | 78,023,306 | 95,944,393 | - | 95,944,393 | |||
Balance at 1 January 2026 | 5,121,264 | 12,548,859 | 250,964 | 78,023,306 | 95,944,393 | - | 95,944,392 | |||
Profit for the period | - | - | 10,546,532 | 10,546,532 | - | 10,546,532 | ||||
Other comprehensive income | - | - | (418,685) | - | (418,685) | - | (418,685) | |||
Total comprehensive income for the period | - | - | (418,685) | 10,546,532 | 10,127,847 | - | 10,127,847 | |||
Dividends | - | - | - | (12,291,034) | (12,291,034) | - | (12,291,034) | |||
Total contributions by and distributions to Owners of Company | - | - | - | (12,291,034) | (12,291,034) | - | (12,291,034) | |||
Balance at 30 June 2026 | 5,121,264 | 12,548,859 | (167,721) | 76,278,804 | 93,781,206 | - | 93,781,205 | |||
The accompanying notes on pages 8 to 31 are an integral part of these financial statements
UNAUDITED CONSOLIDATED AND SEPARATE STATEMENTS OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2026
Group
Company
N
N
30 June 2026 30 June 2025 30 June 2026 30 June 2025 Note
N
N
Operating activities
Cash generated from operations
Income taxes paid
31. (20,890,415) 12,078,995 (20,870,778) 11,109,259
(1,392,012) | ||||||
Net cash from operating activities | (22,212,815) | 10,686,983 | (22,193,177) | 9,717,247 | ||
Investing activities | ||||||
Proceeds on disposal of subsidiary | 112,500 | 56,250 | 112,500 | 56,250 | ||
Interest received | 117,000 | 19,112 | 117,000 | 19,112 | ||
Proceeds from sale of property, plant and equipment | 10,816 | 12,974 | 10,816 | 11,635 | ||
Purchase of property, plant and equipment | 13. | (3,292,801) | (4,517,116) | (3,273,997) | (3,535,723) | |
Purchase of intangible asset | 15. | (84,952) | - | (84,952) | - | |
Net cash used in investing activities | (3,137,437) | (4,428,780) | (3,118,633) | (3,448,726) | ||
Financing activities | ||||||
11. (1,322,400) (1,322,399) (1,392,012)
Proceeds from borrowings | 25. | 42,918,270 | - | 42,918,270 | - |
Repayment of borrowings | 25. | (2,895,410) | (2,758,213) | (2,895,410) | (2,758,213) |
Interest paid | 25. | (461,660) | (892,172) | (461,660) | (892,172) |
Dividends paid | (12,291,034) | - | (12,291,034) | - | |
Net cash used in financing activities | 27,270,166 | (3,650,385) | 27,270,166 | (3,650,385) | |
Net (decrease)/increase in cash and cash equivalents | 1,919,914 | 2,607,819 | 1,958,357 | 2,618,136 | ||
Cash and cash equivalents at beginning of period | 15,551,621 | 7,015,168 | 15,508,478 | 6,961,695 | ||
Effect of foreign exchange rate changes | (35,741) | 41,310 | (35,741) | 41,310 | ||
Cash and cash equivalents at end of period | 20. | 17,435,794 | 9,664,297 | 17,431,094 | 9,621,141 |
The accompanying notes on pages 8 to 31 are an integral part of these financial statements
Corporate information
Transcorp Hotels Plc is a public limited company incorporated and domiciled in Nigeria.
Transcorp Hotels Plc (the company or the parent) was incorporated under the Companies and Allied Matters Act on 12 July 1994 as a private limited liability company and is domiciled in Nigeria. Following a successful Initial Public Offer (IPO), the Company was on 15 January 2015 listed on the Nigerian Exchange Limited (formerly Nigerian Stock Exchange) and its shares are publicly traded.
The ultimate parent of the Company is Transnational Corporation Plc with 76.16% (2025:76.16%) shareholdings. The registered office is located at 1 Aguiyi Ironsi Street, Maitama, Federal Capital Territory, Abuja, Nigeria.
The Group is principally engaged in hospitality activities; rendering of hotel services by providing luxury accomodation, fully equipped meeting rooms, and leisure facilities to business travelers and tourists from all over the world.
In 2025, the Group commissioned the Transcorp Centre, a state-of-the -art facility with a 5,000-seater capacity, further enhancing its ability to host large-scale conferences, corporate events, and social gatherings. These offerings cater to both business travelers
The unaudited consolidated and separate financial statements for the period ended 30 June 2026 were authorised for issue in accordance with a resolution of the Directors on 21 July 2026.
Material Accounting Policy Information The material accounting policies applied in the preparation of these unaudited consolidated and separate financial statements are set out below.
Basis of preparation
The unaudited consolidated and separate financial statements have been prepared on the going concern basis in accordance with, and in compliance with,the IFRS
Accounting Standards and International Financial Reporting Interpretations Committee("IFRIC") interpretations issued and effective at the time of preparing these consolidated and separate financial statements, the Companies and Allied Matters Act of Nigeria, 2020 and the Financial Reporting Council of Nigeria (Amendment) Act, 2023.
The unaudited consolidated and separate financial statements have been prepared on the historical cost convention, unless otherwise stated in the accounting policies which follow and incorporate the material accounting policies set out below. The consolidated and separate financial statements are presented in Naira, which is the Group's and Company's functional currency.
All values are rounded to the nearest thousand (N'000), except when otherwise indicated. These accounting policies are consistent with the previous period.
The unaudited consolidated financial statements do not include all the information and disclosures required in the annual financial
Going Concern
Management believes that a going concern assumption is appropriate for the Group due to sufficient capital adequacy ratio and projected liquidity. This is based on historical experience that short-term obligations will be re-financed as required in the normal course of business.
As at 30 June 2026, the unaudited consolidated statement of financial position reflected an excess of current assets over current liabilities. The working capital surplus was primarily caused by the related parties receivables within current assets and the significant amount of cash and bank balances.
A cash flow forecast for the next 12 months prepared by management has indicated that the consolidated entity will have sufficient cash assets to be able to meet its debts as and when they are due.
Liquidity ratio and continuous evaluation of current ratio of the Group is carried out on an ongoing basis to ensure that there are no going concern threats to the operations of the Group.
Segmental Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating-decision maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Managing Director/Chief Executive Officer (MD/CEO) of Transcorp Hotels Plc, that makes strategic decisions.
The basis of segmental reporting has been set out in Note 3.
Consolidation
The unaudited consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to each reporting date. Control is achieved when the Company has:
Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)
Exposure, or rights, to variable returns from its involvement with the investee
The ability to use its power over the investee to affect its returnsThe Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.
When the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the
voting rights in an investee are sufficient to give it power, including:
The size of the Company's holding of voting rights relative to the size and dispersion of holding of the other vote holders
Potential voting rights held by the Company, other vote holders or other parties
Rights arising from other contractual arrangements
Any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the
Segment information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision-maker has been identified as the Managing Director/Chief Executive Officer (MD/CEO) of Transcorp Hotels Plc. The MD/CEO reviews the
internal reporting to assess performance and allocate resources. The MD/CEO has determined the operating segments based on these reports. Assessment of performance is based on operating profits of the operating segments that are reviewed by the MD/CEO and other Directors. Other information provided to the Board is measured in a manner consistent with that of the financial statements.The Directors consider the business from an industry perspective and have identified one (1) operating segment which is the hospitality business as none of the subsidiaries consolidated qualify for segment analysis.
All businesses are situated in Nigeria. In addition, there are no inter-segmental sales as all sales are to external customers.
For the period ended 30 June 2026
Segment by entity Rooms | Company Transcorp Hotels Plc N 30,329,009 | Other Segments N - | Group Transcorp Hotels Plc N 30,329,009 | |
Food & Beverage | 11,777,566 | - | 11,777,566 | |
Event centre hall rental | 388,965 | 388,965 | ||
Shop rental | 929,589 | - | 929,589 | |
Service charge | 441,140 | - | 441,140 | |
Recreation Service | 223,829 | - | 223,829 | |
Secretarial Service | 39,583 | - | 39,583 | |
Accommodation and experiences | - | - | - | |
Other operating revenue | 299,151 | - | 299,151 | |
Total revenue from contracts with customers | 44,428,832 | - | 44,428,832 | |
For the period 30 June 2025
Company Transcorp Hotels Plc N 30,689,331 | Other Segments N - | Group | ||
Segments by entity | Transcorp Hotels Plc | |||
N | ||||
Rooms | 30,689,331 | |||
Food and beverages | 13,672,173 | - | 13,672,173 | |
Event Centre hall rental | 926,900 | - | 926,900 | |
Shop rental | 896,896 | - | 896,896 | |
Service charge | 260,900 | - | 260,900 | |
Recreation Service | 188,168 | - | 188,168 | |
Secretarial Service | 77,062 | - | 77,062 | |
Accommodation and experiences | - | 1,573 | 1,573 | |
Other operating revenue | 219,516 | - | 219,516 | |
Total revenue from contracts with customers | 46,930,946 | 1,573 | 46,932,519 | |
4. Interests in Subsidiaries including Consolidated Structure Entities
The following table lists the entities which are controlled by the Group, either directly or indirectly through other subsidiaries.
Name Principal activities
Country of incorporation
% equity interest
2026 2025
Transcorp Hotels Port Harcourt Limited | Hospitality | Nigeria | 100 | 100 |
Transcorp Hotels Ikoyi Limited | Hospitality | Nigeria | 58 | 58 |
Aura by Transcorp Hotels Limited | Hospitality | Nigeria | 60 | 60 |
Investment in subsidiaries
2026 2025
Name | N '000 | N '000 |
Transcorp Hotels Port Harcourt Limited | 20,000 | 20,000 |
Transcorp Hotels Ikoyi Limited | 1,160 | 1,160 |
Aura by Transcorp Hotels Limited | 60 | 60 |
21,220 21,220
The Holding Company
The immediate and ultimate holding company of Transcorp Hotels Plc is Transnational Corporation Plc which is based and listed in Nigeria and listed on Nigerian Exchange Limited.
Entity with significant influence over the Group
Ministry of Finance Incorporated owns 11.04% of the ordinary shares of Transcorp Hotels Plc (2025: 11.04%).
Non-controlling interest
Heirs Holdings Ltd owns 42% of the ordinary shares of Transcorp Hotels Ikoyi Limited (2025: 42%).
Transnational Corporation Plc. and Heirs Holdings Ltd own 20% each of the ordinary shares of Aura by Transcorp Hotels Ltd (2025: 20% each)
Group | Company | |||
30 Jun 2026 | 30 Jun 2025 | 30 Jun 2026 | 30 Jun 2025 | |
N | N | N | N | |
5. Revenue | ||||
Rooms* | 30,329,009 | 30,689,331 | 30,329,009 | 30,689,331 |
Food and beverages | 11,777,566 | 13,672,173 | 11,777,566 | 13,672,173 |
Event centre hall rental | 388,965 | 926,900 | 388,965 | 926,900 |
Service Charge | 441,140 | 260,900 | 441,140 | 260,900 |
Shop Rental | 929,589 | 896,896 | 929,589 | 896,896 |
Recreation Service | 223,829 | 188,168 | 223,829 | 188,168 |
Secretarial Service | 39,583 | 77,062 | 39,583 | 77,062 |
Other operating revenue | 299,151 | 221,089 | 299,151 | 219,516 |
Total revenue | 44,428,832 | 46,932,519 | 44,428,832 | 46,930,946 |
*The Rooms Revenue, for prior period ended 30 June 2025, has been adjusted with the sum of N641mn, being discount accrued from Hilton loyalty programme, in line with IFRS 15. This is a reclassification from advertising expense line under operating expenses, hence it has a nil effect on the profit or loss position for the period.
Group | Company | |||
30 Jun 2026 30 Jun 2025 | 30 Jun 2026 30 Jun 2025 | |||
N | N | N | N | |
6. Cost of sales | ||||
Rooms | 3,620,606 4,029,561 3,620,606 4,029,561 | |||
Food and beverages | 6,581,831 7,123,923 6,581,831 7,123,923 | |||
Other operating costs | 246,431 206,824 246,431 206,824 | |||
Total cost of sales 10,448,868 11,360,308 10,448,868 11,360,308 | ||||
Group | Company | |||
30 Jun 2026 | 30 Jun 2025 | 30 Jun 2026 | 30 Jun 2025 | |
N | N | N | N | |
7. Other operating income (net) | ||||
Net gain on disposal of property, plant and equipment | 10,816 | 11,635 | 10,816 | 11,635 |
Key money (Note 27.2) | 76,412 | 76,412 | 76,412 | 76,412 |
Deferred income (Note 26) | 152,492 | 222,197 | 152,492 | 222,197 |
Net unrealised foreign exchange (loss)/gain | (35,741) | 41,310 | (35,741) | 41,310 |
Net realised foreign exchange gain | - | - | ||
Other operating income | 1,831 | 37,776 | 1,831 | 37,764 |
Total net other operating income | 205,810 | 389,330 | 205,810 | 389,318 |
8. Impairment on financial assets | ||||||
Group | Company | |||||
30 Jun 2026 | 30 Jun 2025 | 30 Jun 2026 | 30 Jun 2025 | |||
N | N | N | N | |||
Trade receivables | 18,542 | 20,167 | 18,542 | 20,167 | ||
Receivables from related parties | 47,535 | - | 50,593 | - | ||
Receivables from related parties (long term receivables) | - | - | 1,953 | - | ||
66,077 | 20,167 | 71,088 | 20,167 | |||
Operating expenses
Group
Company
30 Jun 2026
30 Jun 2025
30 Jun 2026
30 Jun 2025
N
N
N
N
Advertising**
916,415
980,389
916,415
980,389
Amortisation (Note 15)
37,034
22,219
37,034
17,254
Auditors remuneration
62,448
41,529
62,448
39,280
Credit card commissions and charges
700,010
569,875
700,010
569,864
Consulting and professional fees
35,015
63,262
33,665
62,784
Depreciation (Note 13)
2,253,667
1,511,544
2,253,556
1,510,227
Directors' remuneration
312,501
189,801
312,501
189,400
Employee costs
2,932,634
3,126,202
2,932,634
3,125,510
Energy cost
2,377,936
2,666,505
2,377,936
2,666,505
Group services and benefits
924,823
1,002,851
924,823
1,002,851
Insurance
629,074
535,739
629,074
535,739
IT expenses
241,438
219,965
241,438
219,636
Licenses, fees and rates
30,937
47,364
30,937
47,364
Management fees *
4,888,497
5,229,738
4,888,497
5,229,738
Medical expenses
50,474
31,953
50,474
31,953
Other expenses
1,334,251
3,660,638
1,325,310
3,654,231
Printing and Stationery
14,158
23,229
14,158
23,229
Repairs and maintenance
1,343,364
1,849,604
1,343,364
1,849,604
Security
47,566
105,053
45,865
101,991
Travel, logistics and accommodation
222,657
316,358
222,657
316,358
Total operating expenses
19,354,899
22,193,818
19,342,796
22,173,907
*Management fees are made up of base management fees payable to Hilton International at 1.5% of revenue, incentive fees based on an accelerated rate schedule applied on gross operating profit, and technical service fee payable to Transnational Corporation Plc at 5% of revenue.
The fees to Hilton are specified in the executed management agreement between Transcorp Hotels Plc and Hilton International for the provision of Hotel Management and other related services to the Company. Similarly, there exists a Technical Service Agreement between Transcorp Hotels Plc and Transnational Corporation Plc.
**The Advertising expenses, for prior period ended 30 June 2025, has been adjusted with the sum of N641mn, being discount accrued from Hilton loyalty programme, and reclassified to Room Revenue, hence it has a nil effect on the profit or loss position for the period.
Finance costs/ income
Group
Company
30 Jun 2026 30 Jun 2025
30 Jun 2026 30 Jun 2025
N
N
N
N
Finance costs
Interest on debts and borrowings
2,712,809
989,090
2,712,809
989,090
Interest on Intercompany loan payables
319,998
909,890
319,998
909,890
Other finance cost
29,699
46,282
29,699
46,282
3,062,506
1,945,262
3,062,506
1,945,262
Less: Capitalised borrowing cost
-
(101,148)
-
(101,148)
Total finance costs
3,062,506
1,844,114
3,062,506
1,844,114
Group
Company
30 Jun 2026 30 Jun 2025
30 Jun 2026 30 Jun 2025
N
N
N
N
Finance income
Interest on bank deposits Interest on intercompany loan receivables | 117,000 1,872,837 | 19,112 305,754 | 117,000 1,872,837 | 19,112 305,754 |
Total finance income | 1,989,837 | 324,866 | 1,989,837 | 324,866 |
11. Income Tax
The major components of income tax expense for the period ended 30 June 2026 and 2025 are:
Group
Company
Current Income Tax: Current income tax Capital gain tax
Tertiary education tax charge
30 Jun 2026 30 Jun 2025 30 Jun 2026 30 Jun 2025
N N N N
3,689,974 1,222,703 3,689,974 1,222,703
- 1,128 - 1,128
624,794 365,774 624,794 365,774
4,314,768 1,589,605 4,314,768 1,589,605
Deferred tax: | (1,162,079) | 1,959,462 | (1,162,079) | 1,959,462 |
Originating and reversing temporary differences | ||||
Tax expense in the statement of profit or loss | 3,152,689 | 3,549,067 | 3,152,689 | 3,549,067 |
Current tax payable
Gr | oup | Com | pany | |
30 June 2026 | 31 Dec 2025 | 30 June 2026 | 31 Dec 2025 | |
N | N | N | N | |
As of 1 January | 5,273,156 | 3,067,783 | 5,273,116 | 3,067,743 |
Income tax expense during the period | 4,314,768 | 5,175,941 | 4,314,768 | 5,175,941 |
Payment during the period | (1,322,400) | (2,970,568) | (1,322,399) | (2,970,568) |
8,265,524 | 5,273,156 | 8,265,485 | 5,273,116 |
The charge for taxation during the period has been computed in accordance with the provisions of the Nigeria Tax Act 2025.
11.1 Deferred tax
Deferred tax relates to the following:
Group | Company | ||
30 Jun 2026 | 31 Dec 2025 | 30 Jun 2026 | 31 Dec 2025 |
N | N | N | N |
Deferred tax liability | 17,015,859 | 18,177,938 | 17,015,859 | 18,177,938 |
Total Deferred Tax Liability | 17,015,859 | 18,177,938 | 17,015,859 | 18,177,938 |
Deferred tax relates to the following:
Group Statement of financial position Statement of profit or loss
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
N | N | N | N | |
Property, plant and equipment | 17,206,964 | 18,455,879 | (1,248,914) | 6,836,869 |
Expected credit losses on debt financial assets | (113,784) | (125,410) | 11,626 | 623,730 |
Exchange difference | (11,795) | (87,004) | 75,209 | (1,671,028) |
Deferred tax expense- profit or loss statement Add: | 17,081,386 | 18,243,465 | (1,162,079) | 5,789,571 |
Net actuarial gain in OCI (65,527) (65,527) - -
Total deferred tax expense Net deferred tax liabilities | (1,162,079) 5,789,571 |
17,015,859 18,177,938 |
Deferred tax relates to the following:
Company
Statement of financial position Statement of profit or loss
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
N | N | N | N | |
Property, plant and equipment | 17,181,764 18,405,479 (1,223,714) 6,833,369 | |||
Investment Property | 25,200 50,400 (25,200) 3,500 | |||
Expected credit losses on debt financial assets | (113,784) (125,410) 11,626 623,730 | |||
Exchange difference | (11,795) (87,004) 75,209 (1,671,028) | |||
Deferred tax expense- profit or loss statement (1,162,079) 5,789,571 | ||||
Net actuarial gain in OCI | (65,527) (65,527) - 26,419 | |||
Total deferred tax expense Net deferred tax liabilities | (1,162,079) 5,815,990 | |||
17,015,859 18,177,938 | ||||
Group | Company | ||
30 Jun 2026 31 Dec 2025 | 30 Jun 2026 31 Dec 2025 | ||
N | N | N | N |
Reconciliation of deferred tax liabilities, net
As of 1 January | 18,177,938 | 12,361,948 | 18,177,938 | 12,361,948 |
Tax expense for the period | (1,162,079) | 5,815,990 | (1,162,079) | 5,815,990 |
17,015,859 18,177,938 17,015,859 18,177,938
12. Earnings per share (EPS)
Basic EPS is calculated by dividing the profit/loss for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.
Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.
The following table reflects the income and share data used in the basic and diluted EPS calculations:
Group | Company | |||
30 Jun 2026 30 Jun 2025 | 30 Jun 2026 30 Jun 2025 | |||
N | N | N | N | |
Profit attributable to ordinary equity holders of the parent for basic earnings 10,543,387 8,685,447 10,546,532 8,697,567 | ||||
Thousands | Thousands | Thousands | Thousands | |
Weighted number of shares at the end of the period | 10,242,528 | 10,242,528 | 10,242,528 | 10,242,528 |
Basic Earnings per share (Kobo) | 103 | 85 | 103 | 85 |
Diluted Earnings per share (Kobo) | 103 | 85 | 103 | 85 |
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorisation of these financial statements.
TRANSCORP HOTELS PLC.
NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 30 JUNE 2026
13. Property, plant and equipment
Group
Freehold Land Building
Plant &
Machinery
Computer & Office
Equipment Motor Vehicle
Capital work in
progress Total
N | N | N | N | N | N | N |
Cost
1-January-2025 | 39,545,157 | 49,956,403 | 5,217,860 | 20,197,856 | 382,374 | 21,028,848 | 136,328,498 |
Additions | - | 72,264 | 1,147,781 | 2,317,412 | 1,496,506 | 5,403,332 | 10,437,295 |
Interest cost capitalised in the period | - | - | - | - | - | 101,148 | 101,148 |
Reclassification | - | 7,733,709 | 4,887,637 | 1,844,441 | - | (14,465,787) | - |
Write Off* | - | - | - | - | - | (85,655) | (85,655) |
Disposal | - | - | (7,570) | (141,559) | (61,448) | - | (210,577) |
31-December-2025 | 39,545,157 | 57,762,376 | 11,245,708 | 24,218,150 | 1,817,432 | 11,981,886 | 146,570,709 |
Additions | - | 9,472 | 21,410 | 343,901 | 1,007,019 | 1,910,999 | 3,292,801 |
Reclassification | - | 87,598 | 825,072 | 2,088,905 | - | (3,001,575) | - |
30-June-2026 | 39,545,157 | 57,859,446 | 12,092,190 | 26,650,956 | 2,824,451 | 10,891,310 | 149,863,510 |
Accumulated depreciation
1 January 2025 | - | 8,581,666 | 2,477,751 | 7,155,904 | 324,726 | - | 18,540,047 |
Depreciation for the period | - | 1,344,936 | 337,036 | 1,595,872 | 93,698 | 3,371,542 | |
Disposals | - | - | (7,570) | (140,452) | (50,093) | - | (198,115) |
31-December-2025 | - | 9,926,602 | 2,807,217 | 8,611,324 | 368,331 | - | 21,713,474 |
Depreciation for the period | - | 738,020 | 280,937 | 978,284 | 256,426 | - | 2,253,667 |
30-June-2026 | - | 10,664,622 | 3,088,154 | 9,589,608 | 624,757 | - | 23,967,141 |
Net book value | |||||||
At 30 June 2026 | 39,545,157 | 47,194,824 | 9,004,036 | 17,061,347 | 2,199,694 | 10,891,310 | 125,896,369 |
At 31 December 2025 | 39,545,157 | 47,835,774 | 8,438,491 | 15,606,826 | 1,449,101 | 11,981,886 | 124,857,235 |
In line with IAS 40 (Investment Property), the investment property occupied by Transcorp Hotels Port Harcourt Limited (subsidiary of the Group) has been reclassified to property, plant and equipment upon consolidation.
16
TRANSCORP HOTELS PLC.
NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 30 JUNE 2026
13. Property, plant and equipment continued | |||||||
Company | |||||||
Freehold Land | Building | Plant & Machinery | Computer & Office Equipment | Motor Vehicle | Capital work in progress | Total | |
N | N | N | N | N | N | N | |
1-January-2025 | 30,872,625 | 49,956,403 | 5,217,860 | 20,191,304 | 382,374 | 16,160,170 | 122,780,736 |
Additions | - | 72,264 | 1,147,781 | 2,317,412 | 1,496,506 | 4,365,633 | 9,399,596 |
Interest cost capitalised in the period | - | - | - | - | - | 101,148 | 101,148 |
Reclassification | - | 7,733,709 | 4,887,637 | 1,844,441 | - | (14,465,787) | - |
Write off | - | - | - | - | - | (85,655) | (85,655) |
Disposal | - | - | (7,570) | (141,559) | (61,448) | - | (210,577) |
31-December-2025 | 30,872,625 | 57,762,376 | 11,245,708 | 24,211,598 | 1,817,432 | 6,075,509 | 131,985,248 |
Additions | - | 9,472 | 21,412 | 343,856 | 1,007,017 | 1,892,240 | 3,273,997 |
Reclassification | 87,598 | 825,072 | 2,088,905 | (3,001,575) | - | ||
30-June-2026 | 30,872,625 | 57,859,446 | 12,092,190 | 26,644,359 | 2,824,451 | 4,966,174 | 135,259,245 |
Accumulated depreciation
1 January 2025 | - | 8,581,666 | 2,477,751 | 7,152,093 | 324,726 | - | 18,536,236 |
Depreciation for the period | - | 1,344,936 | 337,036 | 1,593,553 | 93,698 | - | 3,369,223 |
Disposals | - | - | (7,570) | (140,452) | (50,093) | - | (198,115) |
31-December-2025 | - | 9,926,602 | 2,807,217 | 8,605,194 | 368,331 | - | 21,707,344 |
Depreciation for the period | 738,020 | 280,937 | 978,173 | 256,426 | - | 2,253,556 | |
Disposals | - | - | - | ||||
30-June-2026 | - | 10,664,621 | 3,088,154 | 9,583,366 | 624,756 | - | 23,960,900 |
Net book value | |||||||
At 30 June 2026 | 30,872,625 | 47,194,825 | 9,004,036 | 17,060,993 | 2,199,695 | 4,966,174 | 111,298,345 |
At 30 December 2025 30,872,625 47,835,774 8,438,491 15,606,404 1,449,101 6,075,509 110,277,904
17
TRANSCORP HOTELS PLC.
NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 30 JUNE 2026
Property, plant and equipment encumbered as security
As at 30 June 2026, there is negative pledge over the Group's property, plant and equipment and floating assets, given in relation to the Group's borrowings.
Impairment and reversal of impairment
No impairment loss nor reversal was recognised in the current period (2025: Nil).
Capital commitment
As at 30 June 2026, the Group had no commitments during the period.
Capital work in progress
Capital work in progress comprises mainly building under construction that are not yet in location or condition for use as at the reporting date.
18
14. Investment property
Group
Company
-
2,816,000
-
-
973,000
Group CompanyComputer Software
15. Intangible assets
1,843,000
Net gain from fair value remeasurement
-
-
Opening balance at 1 January
N
N
N
N
- - 2,816,000 2,816,000
30 Jun 2026 31 Dec 2026 30 Jun 2026 31 Dec 2025
N | N | |
Cost | ||
At 1 January 2025 | 459,085 | 409,227 |
Additions | 128,110 | 128,110 |
At 31 December 2025 | 587,195 | 537,337 |
Additions | 84,952 | 84,952 |
At 30 June 2026 | 672,147 | 622,289 |
Amortisation
At 1 January 2025 | 301,320 | 282,669 |
Amortisation | 47,425 | 37,496 |
At 31 December 2025 | 348,745 | 320,165 |
Amortisation | 37,034 | 37,034 |
At 30 June 2026 | 385,779 | 357,199 |
Net book value | ||
At 30 June 2026 | 286,368 | 265,090 |
At 31 December 2025 | 238,450 | 217,172 |
Computer software consists of acquisition costs of software used in the day-to-day operations of the Group.
16. Other investment | ||||
Group 30 Jun 2026 31 Dec 2025 | Company 30 Jun 2026 31 Dec 2025 | |||
N N | N | N | ||
Equity instrument (Unquoted)* | 300,075 | 300,075 | 300,075 | 300,075 |
Investment in shares(Quoted)** | 3,389,004 | 2,005,000 | 3,389,004 | 2,005,000 |
Other investment | - | 1,000,000 | - | 1,000,000 |
3,689,079 | 3,305,075 | 3,689,079 | 3,305,075 | |
Fair value gain on investment(measured through OCI) | (418,685) | 384,004 | (418,685) | 384,004 |
3,270,394 | 3,689,079 | 3,270,394 | 3,689,079 | |
*The equity instrument represents a purchase | of 7.5% of the | 2,000,000 ordinary | share capital | (equivalent to |
N300,075,000) of Jeolan International Ltd. The shares has been fully allotted.
**Shares investment (77,359,050 units held) in United Bank for Africa Plc was purchased at an arm's length in the open market.
17. Inventories
Group Company
30 Jun 2026 | 31 Dec 2025 | 30 Jun 2026 | 31 Dec 2025 | ||
N | N | N | N | ||
Food and beverage | 263,633 | 248,131 | 263,633 | 248,131 | |
Fuel | 303,857 | 177,017 | 303,857 | 177,017 | |
Guest supplies 182,385 204,191 182,385 204,191 | |||||
749,875 | 629,339 | 749,875 | 629,339 | ||
18. Trade and other receivables
Financial Instruments: | 3,664,781 | 3,495,984 | 3,664,775 | 3,495,978 |
Trade receivables | ||||
Receivables from subsidiaries* | - | - | 10,252,561 | 10,213,529 |
Receivables from other related parties | 38,997,744 | 4,020,117 | 39,508,415 | 4,543,446 |
Provision for impairment on trade receivables (Note 18.1, 18.2 & 18.3) | (142,286) | (76,208) | (789,004) | (717,914) |
Group Company | |||
30 Jun 2026 | 31 Dec 2025 | 30 Jun 2026 | 31 Dec 2025 |
N | N | N | N |
42,520,239 7,439,893 52,636,747 17,535,039
Non-Financial Instruments: | 658,904 | 921,868 | 658,904 | 921,868 |
Deposits and advances | ||||
Withholding tax receivables | 896,519 | 558,610 | 896,519 | 558,610 |
Receivables from Eco Travels and Tours Limited** | 1,743,750 | 1,856,250 | 1,743,750 | 1,856,250 |
Other receivables | 2,005,539 | 1,851,263 | 2,001,308 | 1,844,061 |
Total Trade and Other Receivables | 47,824,951 | 12,627,884 | 57,937,228 | 22,715,828 |
Current | 46,306,201 | 10,996,634 | 46,286,249 | 10,989,428 |
Non-current | 1,518,750 | 1,631,250 | 11,650,979 | 11,726,400 |
Total Trade and Other Receivables | 47,824,951 | 12,627,884 | 57,937,228 | 22,715,828 |
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
Deposits and advances include amounts paid in advance to suppliers for goods to be delivered in the near future. It also includes employee advances for operating expenses which will be retired after the related purchases.
Other receivables generally arise from transactions outside the provision of hospitality and related activities in the day-to-day operations of the Group. These include advances to contractors, advances to staff, etc. Interest may be charged at commercial rates where the terms of repayment exceed six months. Collateral is not normally obtained. All other receivables are due and payable within one year from the end of the reporting year.
*Receivables from subsidiaries are long term in nature and it relate to accumulation of capital investment and operating expense made on behalf of Transcorp Hotels Ikoyi Limited and Transcorp Hotels Port Harcourt Limited.
**Receivables from Eco Travels and Tours Limited relate to the sales consideration balance due from Eco travels and tours, following the completion of the disposal of Transcorp Hotels Calabar Limited.
Allowance for expected credit losses
Set out below is the movement in the allowance for expected credit losses of trade and other receivables:
Group Company
As at 1 January
Provsion for the period
30 Jun 2026
31 Dec 2025
30 Jun 2026
31 Dec 2025
N
N
N
N
71,311
51,691
71,311
51,691
18,542
19,620
18,542
19,620
89,853
71,311
89,853
71,311
Allowance for expected credit losses -subsidiaries
Set out below is the movement in the allowance for expected credit losses of receivables from related parties (long term):
Group
Company
30 Jun 2026 31 Dec 2025
N
N
As at 1 January
Provision for expected credit losses
- -
- -
- -
Allowance for expected credit losses - other related parties
Set out below is the movement in the allowance for expected credit losses of receivables from related parties:
30 Jun 2026 31 Dec 2025
N
N
118,379 85,833
1,953 32,546
120,332 118,379
Group
Company
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
As at 1 January
Provision for expected credit losses
N
4,898
47,535
52,433
N
41,107
(36,209)
4,898
N
528,226
50,593
578,819
N
553,589
(25,363)
528,226
19. Prepayments
Group
Company
N
N
N
N
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
Maintenance contracts 569,065 507,871 569,065 507,871
Insurance and permits 1,150,394 176,654 1,150,394 176,654
Prepaid loan processing fees (BOI loans) 117,662 147,361 117,662 147,361
Other prepaid expenses 182,244 72,767 182,244 72,767
2,019,365 904,653 2,019,365 904,653
20. Cash and bank balances
Group
Company
N
N
N
N
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
Cash on hand | 35,457 | 40,702 | 35,457 | 40,702 |
Cash at banks | 7,264,670 | 9,260,065 | 7,259,970 | 9,216,922 |
Short term deposit | 10,135,668 | 7,658,509 | 10,135,668 | 7,658,509 |
17,435,795 16,959,276 17,431,095 16,916,133
Cash at banks earns interest at floating rates based on daily bank deposit rates.
For the purpose of the statement of cash flows, cash and cash equivalents comprise of the following as at 30th June:
Group
Company
N | N |
7,300,127 10,135,668 | 9,300,767 7,658,509 |
17,435,795 - | 16,959,276 (1,407,655) |
17,435,795 | 15,551,621 |
N | N |
7,295,427 10,135,668 | 9,257,624 7,658,509 |
17,431,095 - | 16,916,133 (1,407,655) |
17,431,095 | 15,508,478 |
Cash on hand and at bank Short term deposit
Bank overdrafts (Note 25)
Cash and cash equivalents
30 Jun 2026 31 Dec 2025
30 Jun 2026 31 Dec 2025
Company
21. Share Capital
Group
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
N
N
N
N
Authorised shares
10,242,528,411 (2024:10,242,528,411) ordinary shares of 50k each
5,121,264 5,121,264 5,121,264 5,121,264
Ordinary shares issued and fully paid
10,242,528,411 ordinary shares of 50k each
5,121,264 5,121,264 5,121,264 5,121,264
Share premium
At 1 January
At 30 June
12,548,859 12,548,859 12,548,859 12,548,859
12,548,859 12,548,859 12,548,859 12,548,859
(a) Compliance with Free Float Requirements and Shareholding pattern as at 30th June 2026
Shareholding Structure/Free Float Status | |||||
2026 | 2026 | 2025 | 2025 | ||
Description | Units | % Holding | Units | % Holding | |
Issued Share Capital | 10,242,528,411 | 100% | 10,242,528,411 | 100% | |
Substantial Shareholdings (5% and above) | |||||
Transnational Corporation Plc | 7,800,070,016 | 76.16% | 7,800,070,016 | 76.16% | |
Ministry of Finance Incorporated | 1,131,165,000 | 11.04% | 1,131,165,000 | 11.04% | |
Total Substantial Shareholdings | 8,931,235,016 87.20% 8,931,235,016 87.20% |
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests | |
Mr. Emmanuel Nnorom (Indirect - Representing Vine | ||||
Foods Ltd)* | 1,000,000 | 0.01% | 1,000,000 | 0.01% |
Dr. (Mrs.) Owen Omogiafo (Direct) | 350,000 | 0.00% | 350,000 | 0.00% |
Mr. Peter Elumelu (Direct)** | - | 0.00% | 93,097 | 0.00% |
Mrs Uzoamaka Oshogwe (Direct) | 192,000 | 0.00% | 15,000 | 0.00% |
Bolanle Onagoruwa (Direct) | 162,031 | 0.00% | 162,031 | 0.00% |
Total Directors' Shareholdings | 1,704,031 | 0.01% | 1,620,128 | 0.01% |
Other Influential Shareholdings | - | |||
Nil - 0.00% - 0.00%
Total Other Influential Shareholdings | - | 0.00% | - | 0.00% |
Free Float in Units and Percentage | 1,309,589,364 | 12.79% | 1,309,673,267 | 12.80% |
Free Float in Value in absolute value | 292,431,304,981 | 223,823,161,330 |
Declaration:
Transcorp Hotels Plc with a free float value of N292,431,301,981 (Share price:N223.30) as at 30 June 2026, is compliant with The Nigerian Exchange Limited's (NGX) free float requirements for companies listed on the Main Board.
*Mr. Emmanuel Nnorom retired as a Non-Executive Director on December 31, 2025
**Mr. Peter Elumelu retired as a Non-Executive Director on December 12, 2025
According to the register of members as at 30 June 2026, the shareholding in the Company was as follows:
Range No. of Holders Holders % Units Unit %
1-999 | 7489 | 79.99% | 961,496 | 0.01% |
1,000 - 9,999 | 1390 | 14.85% | 3,251,329 | 0.03% |
10,000-99,999 | 389 | 4.15% | 9,116,556 | 0.09% |
100,000-999,999 | 76 | 0.81% | 14,967,643 | 0.14% |
1,000,000-9,999,999 | 10 | 0.11% | 26,439,811 | 0.26% |
10,000,000-99,999,999 | 2 | 0.02% | 20,550,513 | 0.20% |
100,000,000-999,999,999 | 5 | 0.05% | 1,236,006,047 | 12.07% |
Above 1,000,000,000 | 2 | 0.02% | 8,931,235,016 | 87.20% |
Total | 9,363 | 100% | 10,242,528,411 | 100% |
22. Dividend distribution
Group Company
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
Cash dividends on ordinary shares approved and paid: 12,291,034 7,579,471 12,291,034 7,579,471
12,291,034 7,579,471 12,291,034 7,579,471
I. Amount for the period ended 30 June 2026 includes 2025 Final Dividend-N1.20kobo per share
iI. Amount for the period ended 31 December 2025 includes 2024 Final Dividend for 2024-64kobo per share and 2025 interim Dividend-10k per share
Retained earnings
Group Company
30 Jun 2026
31 Dec 2025
30 Jun 2026
31 Dec 2025
N
N
N
N
Balance brought forward
77,525,168
63,234,028
78,023,306
62,765,636
Profit for the period attributed to owners
10,543,387
21,870,611
10,546,532
22,837,141
Dividend
(12,291,034)
(7,579,471)
(12,291,034)
(7,579,471)
75,777,521
77,525,168
76,278,804
78,023,306
Non-controlling interest
Group
N
N
30 Jun 2026 31 Dec 2025
Balance brought forward | (216,812) (198,323) |
Non-controlling interest in Transcorp Hotels Ikoyi-42% | (3,904) (8,701) |
Non-controlling interest in Aura by Transcorp Hotels-40% | (44) (9,788) |
(220,760) (216,812)
TRANSCORP HOTELS PLC.
NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 30 JUNE 2026
25. Borrowings
Group | Company | ||||||
Interest rate | Maturity | 30 Jun 2026 | 31 Dec 2025 | 30 Jun 2026 | 31 Dec 2025 | ||
% | N | N | N | N | |||
N2 billion bank overdraft | 24.5 | - | 1,407,655 | - | 1,407,655 | ||
N2 billion loan | 16.75 | - | 1,038,365 | - | 1,038,365 | ||
N12.75 billion loan | 10.0 | 31-May-29 | 6,259,760 | 7,274,810 | 6,259,760 | 7,274,810 | |
N10 billion loan | 10.0 | - | 797,458 | - | 797,458 | ||
N42.92 billion loan | 22.0 | 17-Mar-31 | 45,124,882 | - | 45,124,882 | - | |
Total interest-bearing loans and borrowings | 51,384,642 | 10,518,288 | 51,384,642 | 10,518,288 |
Current | 3,762,212 | 5,449,642 | 3,762,212 | 5,449,642 |
Non-current | 47,622,430 | 5,068,646 | 47,622,430 | 5,068,646 |
51,384,642 | 10,518,288 | 51,384,642 | 10,518,288 | |
N12.75 billion loan | ||||
N12.75 billion term loan with a tenor of 8 years and 24 months moratorium on principal and at interest rate of 10%. The loan is secured by an arrangement by Transnational Corporation Plc (the Parent Company). | ||||
N42.92 billion loan
N42.92 billion term loan with a tenor of 5 years and 6 months moratorium on principal and at interest rate of 22%. The loan is secured by a negative pledge.
25
TRANSCORP HOTELS PLC. NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 30 JUNE 2026
Borrowings continued
Group
Company
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025Loan liability
N
N
N
N
As at 1 January
9,110,633
14,504,611
9,110,633
14,504,611
Additions
42,918,270
-
42,918,270
-
Effective interest
2,702,835
1,611,689
2,702,835
1,611,689
Principal repayments
(2,895,410)
(5,555,070)
(2,895,410)
(5,555,070)
Interest repayments
(451,686)
(1,450,597)
(451,686)
(1,450,597)
51,384,642
9,110,633
51,384,642
9,110,633
Overdraft
-
1,407,655
-
1,407,655
51,384,642
10,518,288
51,384,642
10,518,288
The analysis of interest repayment for the purpose of Cash Flow statement is as follows;
Group 30 Jun 2026 30 Jun 2025
Company 30 Jun 2026 30 Jun 2025
N
N
N
N
Interest repayment on third party loans (Note 25)
451,686
629,399
451,686
807,568
Interest repayment on overdraft
9,974
48,153
9,974
84,605
461,660 677,552 461,660 892,173
Deferred income
Group
Company
30 Jun 2026 31 Dec 2025N N
At 1 January 646,701 1,094,778
30 Jun 2026 31 Dec 2025N
N
646,701 1,094,778
Released to the statement of profit or loss (152,492) (448,077) (152,492) (448,077)
494,209 646,701 494,209 646,701
Current 444,000 444,000 444,000 444,000
Non-current 50,209 202,701 50,209 202,701
494,209 646,701 494,209 646,701
The Company obtained a loan from the Bank of Industry (BOI) to procure equipment to upgrade the hotel rooms, kitchen, public area and equip a new multi-purpose banqueting conference centre. The interest rate of 10% on the loan was below the market loan rate between 13% to 15.5% at the time the loan was obtained. The fair value and the deferred income on the loan was recognized initially on the loan drawn-down date.The deferred income was subsequently amortized on a straight-line basis over the tenor of the loan. There were no unfulfilled conditions relating to the loan as at the reporting date. The opening deferred income was N647mn and N152mn was credited to other operating income in the statement of profit or loss for the period ended 30 June 2026.
TRANSCORP HOTELS PLC.
NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 30 JUNE 2026
27. Contract liabilities Group Company | |||||
30 Jun 2026 | 31 Dec 2025 | 30 Jun 2026 | 31 Dec 2025 | ||
N | N | N | N | ||
Short-term advances for hospitality services (Note 27.1) | 1,633,813 | 925,069 | 1,633,813 | 925,069 | |
Key money from Hilton (Note 27.2) | 1,757,488 | 1,833,900 | 1,757,488 | 1,833,900 | |
3,391,301 | 2,758,969 | 3,391,301 | 2,758,969 | ||
Current | 1,786,633 | 1,077,889 | 1,786,633 | 1,077,889 | |
Non current | 1,604,668 | 1,681,080 | 1,604,668 | 1,681,080 | |
3,391,301 | 2,758,969 | 3,391,301 | 2,758,969 | ||
Short-term advances for hospitality services
This relates to consideration paid by customers before the Hotel transfers goods or services. Contract liabilities are recognised as revenue when the Hotel performs its obligations under the contract. The entire advances would be earned as revenue in 2026.
Group Company
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
Reconciliation of Short-term advances
N
N
N
N
At 1 January
925,069
204,889
925,069
204,889
Deferred during the period
1,633,813
925,069
1,633,813
925,069
Recognised as revenue during the period
(925,069)
(204,889)
(925,069)
(204,889)
1,633,813
925,069
1,633,813
925,069
Current 1,633,813 925,069 1,633,813 925,069
Key money from Hilton In 2017, the managers of Transcorp Hilton Hotel Abuja, Hilton Worldwide Manage Limited contributed $ 10 million towards the refurbishment of the hotel. The contribution is referred to as Key money. It does not attract any interest and is not repayable by the Company unless the contract is terminated before the end of the 20-year contract year. The Key money from Hilton International LLC will be notionally amortised over the contract year on a straight-line basis to other income. The outstanding balance of N1.76bn relates to the unamortised portion of the key money as at 30 June 2026.
Group Company | |||||
30 Jun 2026 | 31 Dec 2025 | 30 Jun 2026 | 31 Dec 2025 | ||
Reconciliation of Key money from Hilton | N | N | N | N | |
At 1 January | 1,833,900 | 1,986,725 | 1,833,900 | 1,986,725 | |
Recognised as other operating income during the period | (76,412) | (152,825) | (76,412) | (152,825) | |
1,757,488 | 1,833,900 | 1,757,488 | 1,833,900 | ||
28. Deposit for shares
Group Company
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
N
N
N
N
2,410,000 2,410,000 - -
Deposit for shares relates to Heirs Holdings Ltd's contribution to the development of Transcorp Hotels Ikoyi Limited (THIL). Based on the Memorandum of Understanding between Transcorp Hotels Plc and Heirs Holdings Ltd, THIL will issue shares to Heirs Holdings Ltd on completion of the construction and start of operation of the hotel.
TRANSCORP HOTELS PLC. NOTES TO THE UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS-CONT'D FOR THE PERIOD ENDED 30 JUNE 2026
29. Defined Benefit Plan - Other employee benefit
Transcorp Hotels Plc (the parent company) provides a long-service award benefit to employees who is in active employment for a determined lengths of service. The benefit is defined for different length of service in 8 bands of 5 years from 5 to 40 years with benefits escalating with the length of service. The plan is funded from the company's operations for each year that there are qualifying staff members.
The benefit typically exposes the Company to actuarial risks such as: foreign exchange risk, interest rate risk, longevity risk and attrition risk. The risk relating to benefits to be paid to the qualifying staff members is borne by the company and factored into the computation of the defined benefit obligation.
Amounts recognised in profit or loss in respect of these defined benefit plans are as follows:
Group and Company
30 Jun 2026 30 Jun 2025N N | |
Current Service cost | 98,326 29,324 |
Components of defined benefit costs recognised in profit or loss 98,326 29,324
Movements in the other reserves in the period were as follows:
Group and Company
N N | |
Opening defined benefit obligation | 186,679 186,679 - - |
Remeasurement of the net defined benefit liability after tax |
Group and Company
obligations in respect of its defined benefit
The amount included in the statement of financial position arising from the
retirement benefit plans is as follows:
N N | |
Present value of defined benefit obligations | 595,057 443,371 - - |
Fair value of plan assets Funded status Restrictions on asset recognised | |
595,057 443,371 - - |
30 Jun 2026 31 Dec 2025
Net liability arising from defined benefit obligation | 595,057 | 443,371 |
Current | 98,326 | 84,159 |
Non-current | 496,731 | 359,212 |
595,057 | 443,371 |
Movements in the present value of defined benefit obligations in the period were as follows:
Group and Company
N | N | |
Opening defined benefit obligation | 443,371 | 466,751 |
Current Service cost | 98,326 | 19,764 |
Interest cost | - | 79,991 |
Actuarial losses | - | (80,058) |
Benefits paid | - | (43,077) |
30. Trade and other payables
Group
Company
N
N
N
N
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
Trade payables | 8,172,106 | 5,862,342 | 8,171,643 | 5,861,880 |
Related party (Note 32) | - | 5,724,345 | - | 5,707,542 |
Other payables (Note 30.1) | 12,695,256 | 12,861,363 | 12,709,210 | 12,855,130 |
20,867,362 24,448,050 20,880,853 24,424,552
Terms and conditions of the above financial liabilities
30.1 Other payables
Group
Company
N
N
N
N
30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
VAT payable | 733,217 | 1,200,331 | 733,456 | 1,200,570 |
Accrued liabilities | 11,093,974 | 10,548,336 | 11,108,011 | 10,542,183 |
Unclaimed dividend | 453,569 | 453,569 | 453,566 | 453,569 |
Security deposits from guests | 161,578 | 161,578 | 161,578 | 161,578 |
WHT Payable | 252,918 | 497,549 | 252,599 | 497,230 |
12,695,256 12,861,363 12,709,210 12,855,130
31. Cash generated from operations Group Company | ||||||
Note | 30 Jun 2026 | 30 Jun 2025 | 30 Jun 2026 | 30 Jun 2025 | ||
Profit before tax | 13,692,128 | 12,228,307 | 13,699,222 | 12,246,634 | ||
Adjustments to reconcile profit before tax to net cash | ||||||
flows: | ||||||
Depreciation of property, plant and equipment | 13. | 2,253,667 | 1,591,871 | 2,253,556 | 1,590,554 | |
Amortisation of intangible assets | 15. | 37,034 | 18,082 | 37,034 | 17,254 | |
Impairment allowance on financial assets | 8. | 66,077 | 20,167 | 71,088 | 20,167 | |
Unrealised (gain) on foreign exchange | 7. | 35,741 | (41,310) | 35,741 | (41,310) | |
Gain on disposal of property, plant and equipment | 7. | (10,816) | (11,635) | (10,816) | (11,635) | |
Key money | 27.2 | (76,412) | (76,412) | (76,412) | (76,412) | |
Day 1 Gain Income | 27.2 | (152,492) | (222,197) | (152,492) | (222,197) | |
Finance income | 10.2 | (1,989,837) | (324,866) | (1,989,837) | (324,866) | |
Finance cost | 10.1 | 3,062,506 | 1,844,114 | 3,062,506 | 1,844,114 | |
(33,645,006) | (5,890,229) | (33,637,271) | (5,892,402) | |||
(1,114,712) | (1,478,846) | (1,114,712) | (1,478,846) | |||
(120,536) | 37,849 | (120,536) | 37,849 | |||
708,744 | 200,174 | 708,744 | 200,174 | |||
112,500 | 337,500 | 75,422 | (669,453) | |||
29. | 151,686 | 29,324 | 151,686 | 29,324 | ||
(3,900,687) | 3,817,102 | (3,863,701) | 3,840,310 | |||
Working capital adjustments: (Increase) in trade and other receivables (Increase) in prepayments (Increase)/decrease in inventories Increase in contract liabilities
Decrease/(increase) in long term receivables Increase in defined benefit liability (Decrease)/increase in trade and other payables
(20,890,415) 12,078,995 (20,870,778) 11,109,259
32. Related party disclosures
Relationships Entities
Holding company Transnational Corporation Plc
Subsidiaries Refer to note 4
Fellow Subsidiaries: Transcorp Power Plc
Transafam Power Limited
Related party balances
Sales to related parties
Interest payable/ (receivable)
Amounts due from related parties
Amounts due to related parties
N
N
N
N
Group - 2026
Transnational Corporation Plc | 102,462 | (1,134,404) | 22,095,159 | - |
Transafam Power Limited | 7,083 | (337,078) | 3,297,723 | - |
Transcorp Power Plc | 111,177 | (401,357) | 13,604,862 | - |
220,722 (1,872,839) 38,997,744 -
Provision for impairment on related parties (52,433)
Net balance 38,945,311
Group - 2025
Transnational Corporation Plc | 71,711 | - | 859,472 | 149,731 | |
Transafam Power Limited | 4,272 | (79,449) | 3,160,645 | - | |
Transcorp Power Plc | 66,479 | 1,005,679 | - | 5,574,614 | |
142,462 | 926,230 | 4,020,117 | 5,724,345 | ||
Provision for impairment on related parties | (4,898) | ||||
Net balance | 4,015,219 | ||||
Company - 2026 | |||||
Sales to related parties | Interest payable/ (receivable) | Amounts owed by related parties | Amounts owed to related parties | ||
N | N | N | N | ||
220,722 (1,872,839) 39,508,415 -
Transnational Corporation Plc | 102,462 | (1,134,404) | 22,095,159 | - |
Transafam Power Limited | 7,083 | (337,078) | 3,297,723 | - |
Transcorp Power Limited | 111,177 | (401,357) | 13,604,862 | - |
Aura by Transcorp Hotels Limited | - | 510,671 | - |
Provision for impairment on related parties (578,819)
Net balance 38,929,596
Company - 2025
Transnational Corporation Plc | 71,711 | - | 859,472 | 132,928 |
Transafam Power Limited | 4,272 | (79,449) | 3,160,645 | - |
Transcorp Power Limited | 66,479 | 1,005,679 | - | 5,574,614 |
Aura by Transcorp Hotels Limited | 10,642 | - | 523,329 | - |
153,104 926,230 4,543,446 5,707,542
Provision for impairment on related parties (528,226)
Net balance 4,015,220
At 1 January | 10,213,529 9,143,284 |
Additions | |
Transcorp Hotels Port Harcourt Limited* | 6,683 11,509 |
Transcorp Hotels Ikoyi Limited* | 32,349 1,058,736 |
Gross carrying amount (Note 18) | |
Impairment |
30 June 2026 31 Dec 2025 30 June 2026 31 Dec 2025
10,252,561 | 10,213,529 | |
(120,332) | (118,379) | |
Net carrying amount | 10,132,229 | 10,095,150 |
*Long term receivables from subsidiaries relate to accumulation of capital investment and operating expense made on behalf of Transcorp Hotels Ikoyi Limited and Transcorp Hotels Port Harcourt Limited. The classification as long term is based on the expectation that the entities will only be able to repay when they become operational, which will not be earlier than 3-5 years time.
2025 2024 | 2025 2024 | ||
I4 '000 | I4 '000 | I4 '000 | II '000 |
Key management includes directors (executive and non-executive). The compensation paid or payable to key management for services is shown below:
165,655 165,655 | |
Executive Compensation | |
Defined contributions | 2,842 2,842 |
Fees and allowances for non-executives 114,119 114,119
Total compensation paid to key management personnel | 312,501 | 207,078 | 312,501 | 184,826 |
Amount paid to the highest paid director (excluding pension contributions) | 90,143 | 90,143 | 90,143 | 90,143 |
Chairman's emoluments Fees | 17,500 | 17,500 | 17,500 | 17,500 |
The Company's Code of Conduct contains the Securities Trading Policy. It prohibits employees and Directors from insider trading, dealings and stock tipping during closed periods. The Capital Market, Board and Management are regularly notified of closed periods and no insider trading was recorded during the period under review.
There are no significant subsequent events which could have had a material effect on the state of affairs of the Group and Company as at 30 June 2026 that have not been adequately provided for or disclosed in these unaudited financial statements.