Transcorp Hotels, the listed hospitality division of Transnational Corporation Plc (Transcorp Group), announced on Tuesday that its revenue grew to N41.5bn in 2023, showing exceptional performance and setting new profit records.
In a press release on Tuesday, the hospitality company revealed that its new revenue record signifies a 36% growth compared to N30.4bn in 2022.
It also mentioned that its operating income rose by 50%, reaching N13.1bn in December 2023, compared to N8.8bn in December 2022.
The statement added that profit for the year increased by 133%, from N2.6bn in December 2022 to N6.1bn in December 2023, while total assets rose by five per cent from N120.5bn in December 2022 to N126.1bn in December 2023.
In response to the results, Dupe Olusola, the Managing Director/CEO, expressed that the company's performance was achieved through continued dedication to excellence, unmatched guest satisfaction, and a resilient spirit that defines its commitment to delivering exceptional service and stakeholder value.
Olusola further mentioned that with the planned opening of a 5,000-capacity event centre designed for local and international entertainment, conference, and exhibition events in the second half of the year, the company will continue to exceed expectations and set new benchmarks in the African hospitality industry.
She said, "By strategically investing in innovations that align with our growth objectives, we continue to deliver these impressive numbers, beating our previous year’s records. Our significant investment in our iconic Transcorp Hilton Abuja has been rewarded by significant increases in occupancy rates and guest satisfaction.
"We are continuing this investment, with our 5,000-capacity event centre purpose-built to host local and international entertainment, conference, and exhibition events. This new
world-class facility located within the premises of Transcorp Hilton Abuja is scheduled to open in the second half of 2024.
"I am immensely proud of the team’s dedication, resilience, and unwavering commitment to excellence in providing an unparalleled hospitality experience. We remain focused on our mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry."
Earlier this year, the hospitality firm joined the elite club of companies worth N1tn in market capitalisation on the Nigerian Exchange Limited.
PUNCH findings revealed that Transcorp Hotels Plc offered investors a bigger return on investment in terms of capital gain compared with other stocks listed on the Nigerian Exchange Limited in 2023.
Transcorp Hotels, which started the year trading at N6.25 per unit, ended the year priced at N70.18 per share. This marked about 1,027 per cent appreciation in capital gain in the year.
The company joins the likes of Access Holdings, United Bank for Africa, Zenith Bank, Guaranty Trust Holdings Company Plc, Seplat Energy Plc, Airtel Africa, MTN Nigeria, BUA Cement, Dangote Cement, and BUA Foods Plc in the N1tn capitalisation club.
