Transcorp Hotels Plc, the esteemed hospitality arm of Transnational Corporation Plc (Transcorp Group), has unveiled its audited full-year results for 2023, showcasing an exceptional performance and reaching unprecedented milestones in revenue and profit.
According to the data disclosed to the Nigerian Exchange (NGX), Transcorp Hotels reported an astounding revenue of N41.5 billion for the fiscal year ending December 31, 2023, marking a substantial 36% surge compared to the previous year’s N30.4 billion. Additionally, the company’s operating income witnessed a remarkable growth of 50%, soaring to N13.1 billion by December 2023 from N8.8 billion in December 2022.
The standout figures also include a staggering 133% surge in profit for the year, which skyrocketed from N2.6 billion in December 2022 to N6.1 billion by December 2023. Furthermore, the company’s total assets exhibited a commendable uptick of 5%, rising from N120.5 billion in December 2022 to N126.1 billion in December 2023.
Dupe Olusola, the Managing Director and CEO of Transcorp Hotels Plc, attributed the outstanding performance to the company’s unwavering commitment to excellence, dedication to guest satisfaction, and strategic investments in innovative initiatives aligned with its growth objectives.
Olusola highlighted the significant returns from investments made in the iconic Transcorp Hilton Abuja, which witnessed notable increases in occupancy rates and guest satisfaction.
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The company’s forward-looking approach is evidenced by its ongoing investment in a 5,000-capacity event center, poised to host a wide array of local and international entertainment, conference, and exhibition events. Set within the premises of Transcorp Hilton Abuja, this world-class facility is scheduled to open in the latter half of 2024, further enhancing the company’s position as a leader in the African hospitality industry.
Transcorp Hotels Plc continues to shape the hospitality landscape in Africa, driven by its mission to lead and contribute to Nigeria’s growth while positively impacting lives.
With a focus on exceeding expectations and setting new benchmarks, the company remains steadfast in its pursuit of excellence, poised for continued success in the dynamic hospitality sector.
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