1
Presentation to Investors & Analysts
For the period ended March 31st 2020
Presentation to Investors & Analysts For the period ended March - - PowerPoint PPT Presentation
Presentation to Investors & Analysts For the period ended March 31 st 2020 1 Disclaimer From time to time, Transnational Corporation of Nigeria Plc (Transcorp) and its subsidiaries (the Group) make written and/or oral forward-
1
For the period ended March 31st 2020
2
Disclaimer
looking statements in presentations (including this presentation) and other communication. In addition, representatives of the Group may make forward-looking statements orally to analysts, investors, the media and others. All such statements are intended to be forward looking
and beyond and strategies to achieve them, and the Group’s anticipated financial performance. Forward looking statements are typically identified by words such as “will”, “should”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “may”, “project” and “could”.
which are beyond the Group’s control and the effects of which are difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause such differences include, exchange rate, market exchange, and interest rate, operational, reputational, insurance, strategic, regulatory, legal, environmental, and other risks. All such factors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, when making decisions with respect to the Group and we caution readers not to place undue reliance on the Group’s forward- looking statements.
presented for the purpose of assisting the Group’s investors and analysts in understanding the Group’s financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for
time to time by or on its behalf, except as required under applicable securities legislation.
all reasonable care to ensure the accuracy of the information herein, neither Transcorp nor any of its subsidiaries/affiliates makes representation or warranty, express or implied, as to the accuracy and correctness of the information. Thus, users are hereby advised to exercise caution in attempting to place reliance on these information and carry out further research or seek the opinion of professional advisers before reaching conclusions regarding their investment decisions.
www.transcorpnigeria.com
3
www.transcorpnigeria.com
Presentation Outline
Overview Operating Environment Group Financial Performance Segment Review Outlook CSR & Awards
4
5
www.transcorpnigeria.com
About Transcorp
A diversified conglomerate…
Listed Company with approximately 300,000 Shareholders with commanding presence in the Power, Energy & Hospitality sectors. With an Aggressive Growth Agenda With a Purpose of Improving Lives, Transforming Nigeria Deeply rooted values are the 3Es of Execution, Enterprise and
Excellence
6
Our Investment Philosophy
Guided by a sound investment philosophy
Long-term Shareholder Returns Socio-economic Impact
Operational Efficiency Return on Investment Corporate Governance Growth Capacity
7
www.transcorpnigeria.com
The Group at a Glance
Transcorp is committed to creating value and making socio-economic impact
With eyes set on generating 25% of the total power requirement in Nigeria, Transcorp Power Limited remains a leader in the Nigerian power sector. Through ownership of choice assets and provision of exceptional service, Transcorp Hotels Plc is redefining hospitality standards in the continent while remaining truly African. We are on a mission to ramp up domestic upstream capacity.
…in strategic sectors of the economy
increase rapidly
leading business hotel in Africa - 670 rooms, 5 hotel
8
Our Journey
www.transcorpnigeria.com
Our achievement milestones speak volume
PHASE ONE 2004 - 2011 PHASE THREE 2019 - 2025 PHASE TWO 2012 - 2018
Incorporation
Transcorp.
Acquisition
Transcorp Hilton Abuja.
Stock Exchange.
Acquisition
Transcorp Hotels Calabar.
Heirs Holdings becomes core investor. POWER
power business through acquisition of additional power plants.
Pool (WAPP).
investments in renewable energy and off-grid solutions. HOSPITALITY:
the
$100million upgrade of Transcorp Hilton Abuja
the National Council on Privatisation
into new businesses and locations. OIL AND GAS:
OPL 281.
Transcorp Ughelli Power emerges preferred bidder for Ughelli Power Plc (UPP).
Execution
management agreement with Hilton for Transcorp Hilton Ikoyi.
Execution
Production Sharing Contract on OPL 281.
Execution
Management Agreement for Hilton Port Harcourt.
IPO.
NSE Awards Transcorp the Most Compliant Firm in Nigeria.
N20bn bond.
Transcorp Power Ltd.
Commencement
full Upgrade Project for Transcorp Hilton Abuja.
Gas Turbine by Transcorp Power.
Fruit juice concentrate plant.
profits in two Group companies.
acquisition for Transcorp Hilton Ikoyi.
performance target for power generation.
9
Management Team
…a team of experienced professionals
www.transcorpnigeria.com Chinweugo Nwafor Group Head, Internal Audit Christopher Ezeafulukwe MD/CEO Adebayo Salako Chief Technical Officer Okaima Ohizua ED/ COO
TRANSCORP POWER LIMITED
Mutiu Bakare Group Chief Finance Officer Owen Omogiafo President/GCEO Chike Anikwe Acting Group Company Secretary Oluwasayo Akinwale Group Head, Marketing & Corporate Communications
GROUP LEADERSHIP
Kevin Brett GM, Transcorp Hilton Abuja Chuma Mgbojikwe GM, Transcorp Hotels Calabar Dupe Olusola MD/CEO Helen Iwuchukwu ED/COO
TRANSCORP HOTELS PLC
10
11
www.transcorpnigeria.com
Source: IMF World Economic Outlook – April 2020, WHO Situation Report -113
Legend:
Upward GDP Growth Downward GDP Growth
Global Economic Impact of COVID-19
World economy to slowdown in 2020
USA
5.9%
Brazil 5.3% Canada 6.2% India 1.2% Nigeria 3.4% South Africa 5.8% UK 6.5% China 1.9% Russia 5.5% Europe 7.5% Central Asia & Middle East 5.8%
World GDP growth is projected to slowdown by 3% in 2020.
5 million people infected with more than 300,000 deaths worldwide as at May 24th , 2020.
livingunder “Lockdown”.
209 destinations worldwide have adopted COVID-19 related travel restrictions.
partial closure of borders to tourists.
while global output is projected to shrink by 3% in 2020.
has estimated that the Tourism and Travel industry could lose up to $252 billion in passenger revenues from Airline travels.
jobs globally.
to below $30pb in Q1 2020. Prices for US WTI crude falling below $0pb into the negative territory on April 20th2020.
Global Impact
12
www.transcorpnigeria.com
COVID-19 Pandemic and the Nigerian Economy
Domestic Impact
The number of confirmed case rapidly increase beyond the 5,000 cases threshold as the Nigeria Centre for Disease Control (NCDC) ramp up its testing capability. The Nigerian Stock Exchange has lost over ₦2.5 trillion within 7 weeks, due to the increased uncertainty in the market. Demand–pull inflation rises as panic buying dominates. Disruption in global supply chains, distribution channel as well as fall in consumer and business spending. Exchange rate depreciation as the Central Bank of Nigeria (CBN) yielded to market sentiment thereby adjusting its official exchange rate from ₦306/$1 to ₦361/$1. Pressure on government revenue amidst decline in global price for crude oil. Downward review of the national budget. Nigeria’s external reserve declined by 6% year-to-date from $38.60 billion in Q4 2019 to $35 billion as at the end
Pressure on cash flow, reduction in profit with capital depletion for businesses.
Economic Stimulus Measures
Fiscal Monetary
the interest rate
intervention loans from 9% to 5%.
restructure terms of facilities in affected sectors.
system for inter-bank and parallel market rates to ease forex pressure.
through NIRSAL Microfinance Bank for affected households and MSMEs.
principal repayments for CBN intervention facilities.
price from USD 57 to USD 30.
Crisis Intervention Fund channeled to the upgrade of healthcare facilities at the national and state level.
3-month repayment moratorium to be given to all Federal Government funded loans issued by the Bank
Industry, Bank
Agriculture and the Nigeria Export- Import Bank.
electricity tariffs by the electricity distribution companies (Discos).
Source: Ministry of Finance, PWC, KPMG, AVA Capital Research
13
www.transcorpnigeria.com
Group’s Response to the COVID-19 Pandemic
Our responses focus on safety, business continuity and operation efficiency. Hospitality
preventive measures within
hotels’ environment.
stakeholders on the preventive measures put in place.
essential areas that cater for resident guests.
the energy consumption.
most elevators to reduce maintenance and energy costs.
save cost.
additional sources
revenue generation such as food delivery service, laundry service etc. Power Power sector is exempted from the lockdown.
Contingency Plans which requires some staff to stay at the plant and
within the plant.
Contingency Plans.
for staff on the Plant.
and outside the plant. Corporate
necessary technological infrastructure to facilitate working from home.
14
www.transcorpnigeria.com Source: CBN, NBS, Trading Economics, mbpd = million barrels per day, CHD Research
Key Macro Indicators
Performance highlights for the economy
20 40 60 80
20 30 40 50 Foreign Reserve (billion $) Brent Crude Price ($ pb) 10 20 30 40 50 60 70 45 50 55 60 65 Manufacturing PMI Non-Manufacturing PMI HEADLINE INFLATION TICKED UPWARDS DESPITE STEADY MONETARY POLICY RATE NON-OIL SECTOR BOLSTER GROWTH IN GDP WHILST OIL OUTPUT DAMPENS EXTERNAL RESERVES DECLINE ON THE BACK OF THE SUSTAINED DIP IN OIL PRICES PURCHASING MANAGERS’ INDEX(PMI) DECLINES AS ECONOMIC ACTIVITIES DECLINE 1.5 1.6 1.7 1.8 1.9 2 2.1 0% 1% 1% 2% 2% 3% 3% Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20F Oil Production (mbpd) Quarterly GDP Growth Rate 13% 13% 14% 14% 14% 14% 10.0% 10.5% 11.0% 11.5% 12.0% 12.5% Inflation Rate Monetary Policy Rate
15
16
www.transcorpnigeria.com
Income Statement
Q1 2020 Q1 2019 (N’ Million) (N’ Million)
Revenue 15,392 18,306 Gross Profit 7,346 8,142 Operating Profit 4,134 5,153 Profit Before Taxation 137 2,553 Profit After Taxation 81 2,092
Statement of Financial Position
Q1 2020 FY 2019 (N’ Million) (N’ Million)
Total Assets 311,382 313,133 Total Liabilities 203,600 204,394 Shareholders’ Fund 107,782 108,738
Financial Highlights
17
www.transcorpnigeria.com
recorded slight dip from ₦4.19bn in Q1 2019 to ₦4.18bn in Q1 2020. This was primarily due to the impact of COVID-19 pandemic towards the end of Q1 2020.
COMMENT
Revenue Breakdown by Subsidiaries
Q1 2020 (N’ Million) Contribution Q1 2019 (N’ Million) Contribution Transcorp Power 11,217 73% 14,120 77% Transcorp Hotels 4,175 27% 4,186 23%
TOTAL
15,392 100% 18,306 100%
Group Revenue Breakdown
Contribution of subsidiaries to Revenue…
18
19
Source: WEF – World Economic Forum: The Global Competitive Report; Ernst & Young; *RenCap www.transcorpnigeria.com
Power
Segment Review
13% 8% 79% ELECTRICITY GENERATION MIX (MW)
Bulk of electricity generated comes from thermal sources (Gas-fired power plants).
5.7 million
Households
Over
29,685
Industries Over
772,441
Commercial Ventures With operational capacity in the industry standing below
4,000MW, less than 8,400MW projected for 2018 MYTO.
About 45% have access to electricity supply. A population of more than 190 million people.
Rapid increase in the number of electricity consumers has resulted in increased demand for electricity, thus outpacing generation, transmission, and distribution capacity. Consumers of Electricity Hydro 1,936MW Solar 1,080MW Gas/Thermal 11,560MW
20
www.transcorpnigeria.com Source: NERC Quarterly Report 2019
Key Challenges in the Power Sector
Liquidity Crunch
Operators across the value chain continue to battle increased pressure
cashflow and low collection from final consumers.
Inadequate Supply
Pipeline vandalism and infrastructural deficit continue to account for slow growth in gas supply to Gencos.
Low Load Off-take
Due to contraints
power transmission, it has been difficult for load to be taken off.
Tariff Shortfall
Tariff collection scheme remains poor thereby leading to increasing receivables for Gencos.
Power
21
www.transcorpnigeria.com Source: NERC Quarterly Report 2019
Notable Improvements in the Power Sector
Power
Repayment Assurance Plan Increased Generation Capacity Positive Attitude of Government Performance Improvement Plan(PIP)
The Nigerian Bulk Electricity Trading Plc (NBET) made payments from the outstanding receivables to Gencos and gas suppliers in accordance with the Payment Assurance Plan. Average available generation capacity rose by 10.55% to 6,709MW as at Q3 ‘19. This was largely attributed to the increase in the number of available generation units after the completion of maintenance and repair of some plant units. Amid the COVID-19 pandemic, the Federal Government is taking steps towards addressing the challenges of the power sector. One
Group headed by the Vice President. The PIP is to address the inefficiencies in the Discos. The process is to address the technical and operational challenges impacting the
22
www.transcorpnigeria.com
Our Strategy towards Power Sector Issues WAY FORWARD
supply towards the end of Q1 2020. This is attributable to the repair and commissioning of an NGC gas pipeline that supply gas to our Plant, which was vandalized in Q4 2019.
gas supply to our plant, as the two sources of gas supply to
Agreement (GSAA) with our gas suppliers. This has ended the best-endeavour arrangement which we had prior to the activation. Our gas suppliers now have a contractual
This will continue to result in increased generation.
equally exploring additional affordable gas supply
from our OPL 281 assets for dedicated supply to our power assets.
GAS SUPPLY
East gas plant performance was hampered by inadequate gas supply. A rig movement that occurred on January 25th, 2020, resulted in the shut-in of one of the gas wells that supply TPL. This affected gas supply to TPL lasting for a greater part of Q1 2020.
SEPLAT condensate issues hit the gas system with significantly low gas volumes to be sought for by the generation companies, and this spanned from March 26th till March 28th 2020.
gas supply along the Escravos – Lagos Pipeline System (ELPS).
part of COVID-19 impact is expected to shift attention to more gas production for local consumption. We are already taking part in our gas suppliers’ strategic planning in this direction.
Power
23
www.transcorpnigeria.com
Our Strategy towards Power Sector Issues WAY FORWARD
going power infrastructure rehabilitation projects across the country, and plan accordingly.
by the eligible customer regime, under which we are allowed to sell power directly to certain end users who meet the criteria set out in the governing
stranded capacities.
sustainably address the challenges
the power sector including fixing the infrastructure challenges. TRANSMISSION
instructions from the National Control Centre, Osogbo, which effectively constrained the
available capacity due to transmission/ distribution constraints.
transmission infrastructure challenges also limited TPL’s ability to optimize its available capacity through generation and evacuation unto the national grid.
Power
24
www.transcorpnigeria.com
COMMERCIAL MATTERS OUTSTANDING RECEIVABLES DUE FROM NBET
Plan (PAP), we recently witnessed improved payment of outstanding debts owed Gencos by the Nigerian Bulk Electricity Trading Plc(NBET).
Payment Assurance Plan (PAP).
payment, through engagement with the FG and relevant agencies.
Our Strategy towards Power Sector Issues
Power
25
www.transcorpnigeria.com
Income Statement
Q1 2020 Q1 2019 (₦ Million) (₦ Million)
Revenue 11,217 14,120 Gross Profit 4,341 5,040 Operating Profit 3,795 4,570 Profit Before Taxation 1,478 2,867
Statement of Financial Position
Q1 2020 FY 2019 (₦ Million) (₦ Million)
Total Assets 163,130 161,821 Total Liabilities 129,081 129,250 Total Equity 34,049 32,571
year from ₦14.1billion in Q1 2019 to ₦11.2billion in Q1 2020 due to the challenges associated with gas supply and transmission infrastructure in the power sector.
year-on-year from ₦748million recorded Q1 2019 to ₦691million in Q1 2020. This improvement in cost efficiency was driven by the cost
Power grew shareholders fund by 5% year-to-date to ₦34billion and total assets by 1% year-to-date to ₦163billion as at Q1 2020 despite the challenges caused by the COVID-19 pandemic.
COMMENT
Financial Highlights
Power
26
www.transcorpnigeria.com
Key performance metrics 587 563 560 466 462 304 333 349 283 256 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20
Available vs Generated Capacity (MW)
Available Capacity (MW) Generated Capacity (MW) 0.0 0.5 1.0 1.5 0% 20% 40% 60% 80% Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20
Capacity Utilization vs Gas Consumed
Capacity utilization Gas Consumed (Rebased)
Declining capacity utilization due to gas Supply challenges.
Power
27
28
Europe
US$2.0bn 9.1%
Source: WTTC, NBS
Hospitality
Key Industry Indicators…
Latin America
US$299bn 8.8%
North America
US$2.1tn 8.8% Total GDP Contribution Global GDP growth Travel & Tourism GDP growth
Africa
US$168bn 7.1%
Middle East
US$245bn 8.6%
North Asia
US$2.1tn 9.8%
South Asia
US$234bn 6.6%
Oceania
US$197bn 11.7% 1.6% 2.3% 2.2% 1.2% 2.4% 6.4% 4.6% 5.3%
₦638 billion (0.89%)
Contribution of Hospitality Sector to Real GDP in 2019.
2.85%
Real annual growth recorded by the Hospitality Sector to 2019, surpassing the 2018 figure by 1.09%.
29
Source: *World Travels & Tourism Council
www.transcorpnigeria.com
Impact of COVID-19 on the Hospitality Segment
Estimated
Projected loss in global GDP Up to
at risk
in Global unemployment rate directly linked to Travel & Tourism job losses
The COVID-19 pandemic has drastically reduced the number of guests that patronized Hotels, Resorts, parks, and leisure homes in the country.
Restriction of mobility and virtual business
Hospitality
30
www.transcorpnigeria.com
Strategic Initiatives to alleviate COVID Impact
The hotels have launched food and beverage services as well as takeaway
delivery laundry services to serve guest during the lockdown. The development of innovative events such as drive-in cinema’s and concerts that adhere to social distancing guidelines while keeping
hotel top
mind and generating revenue. Putting in place and communicating top- notch safety guidelines to build confidence amongst our guests.
Although the Nigerian economy is gradually reopening in phases to give room for improvement in economic activities, the hospitality service ventures amongst
remain closed. The pressure for revenue generation is paramount and we have embarked
Hospitality
31
www.transcorpnigeria.com
Key Performance metrics
66% 70% 65% 54% 69% 38% 71% 70% 64% 51% 74% 35% 0% 20% 40% 60% 80% Oct '19 Nov '19 Dec '19 Jan '20 Feb '20 Mar '20
Occupancy Rate
Industry THP 82,790 82,960 77,120 76,275 83,404 83,604 64,947 62,548 59,904 60,244 67,873 64,629 Oct '19 Nov '19 Dec '19 Jan '20 Feb '20 Mar '20
Average Daily Rate (₦)
THP Industry 58,338 58,026 49,561 38,703 61,563 29,553 42,733 43,492 39,088 32,338 46,519 24,695 Oct '19 Nov '19 Dec '19 Jan '20 Feb '20 Mar '20
Revenue Per Available Room (₦)
THP Industry
Hospitality
32
www.transcorpnigeria.com
Financial Highlights
Income Statement
Q1 2020 Q1 2019 (₦ Million) (₦ Million)
Revenue 4,175 4,187 Gross Profit 3,005 3,102 Operating Profit 661 1,110 (Loss)/Profit Before Taxation (687) 436
Statement of Financial Position
Q1 2020 FY 2019 (₦ Million) (₦ Million)
Total Assets 114,809 114,746 Total Liabilities 57,952 57,203 Total Equity 56,856 57,543
₦4.18billion in Q1 2020.
recorded a loss to the tune
₦687million in Q1 2020 down from ₦436million profit recorded in Q1 2019. The reason for the loss is the Interest expenses that is now being expensed as results of completion of the upgrade as against Q1 2019 where the upgrade were still ongoing and capitalisation of interest were still on. The impact of the COVID-19 will be seen in Q2 2020 on both the revenues and PBT.
COMMENT
Hospitality
33
34
www.transcorpnigeria.com
Oil and Gas
Major Energy indicators
Source: OPEC, NBS, International Energy Agency, PWC Nigeria 1Million Barrels Per Day, *Million Barrel
Average brent crude oil price for the month of April 2020.
Sectoral value in terms of real GDP
Industry contribution to Nigeria, Q4 2019 GDP m
Proven crude oil reserve in Nigeria
Marginal undeveloped fields are available for bid after the election
XXX Average production for the year Q4 2019.
Estimated total lost income from gas flaring. Cubic feet of natural gas.
35
The occasional agitations by indigenes in the Niger Delta has remained a challenge for the oil and gas industry. Global
price fluctuations has depleted Nigeria’s external reserve as well as dampen investors interest in the upstream subsector. The continued uncertainty surrounding the Petroleum Industry Bill (PIB) has slowed the exploration and production of oil in Nigeria. Inadequate infrastructure in the form
transportation and distribution network for natural gas remains a challenge to the development
the domestic oil & gas value chain.
Delay in PIB Infrastructural Deficit Price fluctuations and PMS price regulation Insurgency/pipeline vandalism
www.transcorpnigeria.com
Challenges hindering the sector in Nigeria…
Oil and Gas
36
Estimated Oil Reserve and Gas are 189.73mn Million Stock Tank Barrels (MMSTB)and 377.48 Billion Standard Cubic Feet (BSCF) respectively.
Partnerships
Identification
competent and capable technical/financial partners to jointly develop asset Commence funding considerations and financing options for OPL 281 Work Programme obligations
2018 - 2020
Drilling Expansion
Site Survey and Location Preparation Community Engagement and conclude FTOs with Host Communities Drilling of Obote-2X Well. Increase production
the hydrocarbons (oil & gas) depending
Expand gas productions Conversion of OPL to OML
2020 - 2021 2021 - 2022
Production
Acquire 3D Seismic Data Drilling of second well Complete all Work Programme obligations
2021 - 2022
www.transcorpnigeria.com
Strategic Plan…
Oil and Gas
37
38
Hospitality Power Business
ADR (₦) 80,094 78,931 Occupancy(%) 53 11 Rev Par (₦) 43,273 9,033 Average (MW) Available Capacity 462 538 Average (MW) Generated Capacity 256 407 Q1 2020 Actual Q2 2020 Target
www.transcorpnigeria.com
Q2 2020 Outlook
Guidance for future performance…
39
Strategic fit Gas Availability Sufficient Evacuation Capacity Cost-efficient Capacity Recovery Eligible Customer Opportunity
www.transcorpnigeria.com
Afam Acquisition
Progress made so far…
40
Secure Formal Approval from NCP
Issue of 15% Bank Guarantee Negotiation of Transaction Agreements Execute Transaction Agreements Payment of 25% Acquisition Cost Payment of Balance 75% Acquisition Cost Takeover
Q4 2019 Q4 2019 Q4 2019 Q1 2020 Q1 2020 Q2 2020 Q3 2020 We will explore the possibility of early takeover.
Secure Funding
Indicative Timeline
www.transcorpnigeria.com
Afam Acquisition
Outlook…
41
42
www.transcorpnigeria.com
CSR Activities
CSR Initiatives undertaken so far…
COVID-19 Relief Support: Transcorp Power donated some relief materials (Food items, Hand sanitizers, Liquid soaps & cash donations) to its host communities- Ekrerhavwe Community, Ekakpamre Community, Eruemukohwarien Community as well as Ughelli South and North Local Governments of Delta State to cushion the effect of coronavirus pandemic. A total of 1,308 families benefitted from this intervention
43
www.transcorpnigeria.com
CSR Activities
CSR Initiatives undertaken so far…
Walk/Run Against Cancer: Transcorp Hilton Abuja celebrated World Cancer day in partnership with Project PinkBlue with their annual walk/run and free cancer screenings. Newspaper, single-use plastics and other recyclables: Transcorp Hilton Abuja sustained its partnership with Chaja Datti to recycle newspapers and other recyclables at the Hotel. So far, over 26,321kilogram (kg) of waste has been recycled School Children Empowerment:
inter-house sports of Presbyterian Primary school Big Qua, Calabar.
built new blocks
classrooms a for the children
Shape Community School, Abuja. Women Empowerment: Transcorp Hilton Abuja sustained its Business Empowerment Program which empowers women with skills in sewing and training
that ensure they are financially and economically included. In 2019, the 5th batch
ladies in this programme graduated, bringing the total number of beneficiaries to 15 since inception.
44
www.transcorpnigeria.com
Awards and Milestones
Conferences, and Exhibitions (MICE) Hotel
Restaurant)
Excellence) award
Special) for 2019
Productivity and Innovation Award
Most Outstanding Business Brand of the Year 2019
Prix'D Excellence Award to Transcorp Hilton for Best Hotel (Design, Content) 2019
45
www.transcorpnigeria.com
Awards and Milestones
Transcorp Hotels Plc was discharged from further post-privatisation monitoring by the National Council on Privatisation
Transcorp Hotels maintained its Corporate Governance Rating System (CGRS) status with the Nigerian Stock Exchange in 2019
Social intervention program – Business Empowerment Program for Women (BEPW)
46
47
Contact:
Mutiu Bakare mutiu.bakare@transcorpnigeria.com Florence Nasamu florence.nasamu@transcorpnigeria.com Oluwatobiloba Ojediran
48