Transcorp Hotels zooms to N41.5bn record revenue in 2023

Business a.m.

Transcorp Hotels Plc, a public listed hospitality subsidiary of the Transnational Corporation of Nigeria Plc (Transcorp Group), has reported its audited financial results for the year ending 2023, revealing a record-breaking revenue of N41.5 billion, an impressive 36 per cent increase from the N30.4 billion recorded in the previous year.

The results were filed with the Nigerian Exchange (NGX), demonstrating the company’s ability to its growth objectives towards reshaping the hospitality landscape in Africa.

A breakdown of the company’s financial results showed a 50 per cent increase in operating income, from N8.8 billion in December 2022 to N13.1 billion in December 2023. 

Transcorp Hotels  financial results also showed an impressive 133 per cent growth in profit for the year, from N2.6 billion in December 2022 to N6.1 billion in December 2023. Additionally, the company’s total assets increased by five per cent from N120.5 billion in December 2022 to N126.1 billion in December 2023. 

 Commenting on the financial results, Dupe Olusola, the managing director and chief executive officer of Transcorp Hotels Plc, noted that the company’s exceptional performance was the result of its unwavering dedication to excellence, commitment to delivering exceptional guest satisfaction, and resilient spirit. She expressed her gratitude to the company’s employees for their hard work and dedication, and to the company’s shareholders for their continued support.

Olusola  stated that the company’s strategic investments in innovation have been crucial to its ability to deliver these impressive results, surpassing its own records year after year.

 Olusola also noted that Transcorp Hotels’ investment in the Transcorp Hilton Abuja, one of the most iconic hotels in Nigeria, has yielded impressive results. Occupancy rates and guest satisfaction levels at the hotel have increased significantly since the company’s investment, demonstrating the positive impact of the investment.

According to the managing director, Transcorp Hotels Plc is continuing to invest in new facilities, including a 5,000-capacity event centre that is being built on the premises of the Transcorp Hilton Abuja. This world-class facility, she stated, is purpose-built to host a wide range of events, including entertainment, conferences and exhibitions, and will cater to the needs of both local and international guests. The event centre is scheduled to open in the second half of 2024, adding to the company’s impressive portfolio of properties.

“I am immensely proud of the team’s dedication, resilience, and unwavering commitment to excellence, in providing an unparalleled hospitality experience.  We remain focused in our mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry,” she added.