Transcorp Hotels market cap soars past N1tn

Cynthia Ezekwe

Transcorp Hotels Plc, the hospitality arm of Transnational Corporation Plc, has reached a significant milestone by crossing the N1 trillion market capitalisation level on the Nigerian Exchange Limited (NGX). This makes Transcorp Hotels the first hospitality company listed on the NGX to reach this level, a testament to the company’s success and growth in the Nigerian market.

With its market capitalisation crossing the N1 trillion mark, Transcorp Hotels Plc has joined the ranks of other companies on the NGX with a market cap of more than N1 trillion. This prestigious group, also known as the SWOOTs, includes major companies such as 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. 

Transcorp Hotels’ performance in the Nigerian Exchange has been truly extraordinary, with the company’s stock soaring 1022.9 per cent in 2023, earning it it the top performing stock on the NGX for the year, and marks an impressive turnaround for the company. 

Looking back at 2023, Transcorp Hotels finished the year in a strong position, with its market capitalisation reaching N718.8 billion at the end of the year. This represents an increase of N654.8 billion from the start of the year. The growth was sustained into 2024, with the company’s market cap growing by 42.5 per cent year-to-date. 

In a statement, Dupe Olusola, the company’s managing director and chief executive officer, commended the results as a testament to the company’s resilience in the face of economic challenges. Olusola attributed the success to the company’s ability to adapt quickly to changing customer preferences, noting that the company remains committed to providing excellent service.