Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, has announced a remarkable 36% year-on-year growth in revenue, reaching N41.5 billion in 2023 compared to N30.4 billion in 2022.
According to the audited 2023 full-year results filed with the Nigerian Exchange (NGX), the company experienced significant growth across key financial indicators. Operating income surged by 50% to N13.1 billion in December 2023, up from N8.8 billion in December 2022. Similarly, profit for the year saw a substantial increase of 133%, reaching N6.1 billion compared to N2.6 billion in the previous year.
Total Assets also witnessed a notable rise, increasing by 5% from N120.5 billion in December 2022 to N126.1 billion in December 2023.
Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, attributed the outstanding performance to the company’s unwavering dedication to excellence, unmatched guest satisfaction, and resilient spirit towards delivering exceptional service and stakeholder value.
Olusola commented, “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.”
