Transcorp Hotels records strong performance as 2023 revenue grows by 36%

TRANSCORP Hotels Plc, the listed hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), has released its audited 2023 full-year results, showing outstanding performance and setting new revenue and profit records.

In its full-year audited results filed with the Nigerian Exchange (NGX), Transcorp Hotels reported a record-breaking revenue of N41.5 billion in 2023, compared to N30.4 billion in 2022, marking a substantial 36 percent growth year-on-year.

Its operating income also grew by 50 percent, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022.

The company’s total revenue for the year ended December 31, 2023 was N41.5 billion, compared to N30.4 billion in December 31, 2022, signifying a 36 percent increase.

Operating income grew by 50 percent from N8.8 billion in December 2022, to N13.1 billion in December 2023.

Further breakdown shows that profit for the year grew by 133 percent from N2.6 billion in December 2022, to N6.1 billion in December 2023.

Total assets increased by five percent from N120.5 billion in December 2022 to N126.1 billion in December 2023

Dupe Olusola, Managing Director/CEO, Transcorp Hotels, while commenting on the results, stated that the company’s exceptional performance was achieved through continued dedication to excellence, unparalleled guest satisfaction and a resilient spirit that defines its commitment to delivering exceptional service and stakeholder value.

Olusola 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 considerable 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 in our mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry,” she said.

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