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HomeCompany NewsTranscorp Hotels achieves 36% year-on-year revenue growth of N41.5 bln in 2023

Transcorp Hotels achieves 36% year-on-year revenue growth of N41.5 bln in 2023

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Transcorp Hotels Plc, the esteemed hospitality arm of Transnational Corporation Plc (Transcorp Group), has unveiled its audited full-year 2023 results, showcasing stellar performance and surging to new heights in revenue and profitability.

According to the company’s audited results filed with the Nigerian Exchange (NGX), Transcorp Hotels reported an unprecedented revenue of N41.5 billion in 2023, marking a remarkable 36% increase compared to N30.4 billion in 2022.

Operating income also surged by an impressive 50% to reach N13.1 billion by December 2023, compared to N8.8 billion in December 2022.

Key Highlights of the Results:
Total revenue soared to N41.5 billion for the year ended December 31, 2023, reflecting a robust 36% growth compared to N30.4 billion in December 31, 2022.Operating income witnessed an impressive 50% increase, rising from N8.8 billion in December 2022 to N13.1 billion in December 2023.

Profit for the year surged by a remarkable 133%, reaching N6.1 billion by December 2023, compared to N2.6 billion in December 2022.

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Total assets exhibited a solid growth of 5%, ascending from N120.5 billion in December 2022 to N126.1 billion by December 2023.

The Managing Director/CEO, Dupe Olusola attributed the company’s exceptional performance to its unwavering commitment to excellence, unmatched guest satisfaction, and a resilient approach to delivering exceptional service and value to stakeholders.

Olusola highlighted strategic investments in innovation as a driving force behind the impressive results, emphasising the significant strides made at the iconic Transcorp Hilton Abuja, resulting in notable increases in occupancy rates and guest satisfaction.

The CEO also unveiled plans for a new 5,000-capacity event centre, slated to open in the second half of 2024 within the premises of Transcorp Hilton Abuja.

This world-class facility is purpose-built to host a wide array of local and international entertainment, conference, and exhibition events.

In conclusion, Olusola reiterated the company’s unwavering commitment to surpassing expectations and setting new benchmarks in the African hospitality industry.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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