Transcorp targets higher revenue, unveils event centre

Transcorp Hotels Plc’s 5,000-capacity Event Center will help ramp up the revenue base of the hospitality firm from its present N41.8 billion when it starts operations in August 2024.

It will also assist in bringing back businesses lost to neighbouring countries like Ghana, Egypt, and Morocco due to the absence of a world-class events center in addition to creating employment opportunities for Nigerians and creating more value for all critical shareholders.

Dupe Olusola Managing Director/CEO of Transcorp Hotels Plc disclosed this on Monday at the 10th Annual General Meeting of the company in Abuja.

“In terms of the value, it actually will bring us more. Right now we are doing revenue of N41.8 billion; it’s going to increase revenue, profitability and what we can return to our shareholders,” Olusola said. 

According to her, a lot of people are holding events outside Nigeria on the excuse that the country doesn’t have better facilities.

The Managing Director/CEO of Transcorp Hotels Plc further stated, “We are focused on ensuring that we grow our footprints in this space of hospitality sector in Nigeria. 

“In 2024, we are consolidating. The 5,000-capacity Event Center is going to be opened. This is significant. As Nigerians, we are losing business to neighbouring countries Ghana, Egypt, and Morocco. We want all events and businesses similar to that size to come to Abuja, and this will ensure that we employ more people and deliver more value to all our critical shareholders.” 

The event centre will be launched and opened in August this year. We have already started taking on events; we are looking forward to taking in 5,000 people within this space.

“It’s a five star event Center. The banqueting facility is fantastic, top notched world class facility in terms of security, sound, air conditioning, everything that you expect when you go abroad, we are bringing it to you here in Nigeria”. 

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, while operating income also grew by 50 percent, to close at N13.2 billion December 2023, compared to N8.8 billion in December 2022.

Transcorp Hotels’ total revenue for the year ended December 31, 2023, was N41.5 billion, compared to N30.4 billion on December 31, 2022, indicating a 36 percent increase.

The Operating Income grew by 50 percent from N8.8 billion in December 2022, to N13.1 billion in December 2023, while profit for the year grew by 133 percent from N2.6 billion in December 2022, to N6.1 billion in December 2023.

The company’s Total Assets increased by 5 percent from N120.5 billion in December 2022, to N126.1 billion in December 2023, and 20 kobo per share was declared as dividend.