Transcorp Hotels, a subsidiary of Transnational Corporation Plc, says it will continue to exceed its 2023 revenue performance of N41.5 billion in the coming years following its planned expansion to Lagos and Port Harcourt.
This is just as Profit for the year grew by 133 per cent from N2.6 billion in 2022 to N6.1 billion in 2023.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining hospitality across the continent with strong financial performance and aggressive growth agenda.
Speaking during the 2023 financial year investors call, Managing Director/CEO Transcorp Hotels, Dupe Olusola, said keeping the business profitable through quality services and offerings remains priority adding that the Lagos and Port Harcourt expansions will boost the company’s profitability.
According to her, the company’s occupancy ratio rose from 78 per cent in 2022 to 81 per cent in 2023, revenue surged from N30.4 billion to N41.5 billion while profit before tax grew from N4.6 billion in 2022, to N9.5 billion in 2023.
She disclosed that the company is planning to build a 315-key 5-star hotel with features of relaxation and lifestyle center, located in the heart of Ikoyi, Lagos.
Meanwhile, the hospitality giant rode on the back of increased patronage and operating efficiency to double its profit in 2023.
Key extracts of the audited report and accounts of Transcorp Hotels for the year ended December 31, 2023 showed that the company recorded its highest sales and profit during the period.
Turnover rose by 36 per cent to N41.5 billion in 2023 compared with N30.4 billion in 2022. Operating income also grew by 50 per cent from N8.8 billion to N13.1 billion.
Total assets expanded to N126.1 billion in 2023 as against N120.5 billion in 2022.
Managing Director, Transcorp Hotels Plc, Dupe Olusola said that the company’s 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.
“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 have 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,” Olusola said.
She pointed out that Transcorp Hotels Plc has consistently been reshaping the hospitality landscape in Africa in line with its mission to lead and contribute to Nigeria’s growth while positively impacting lives.
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