Transcorp Hotels set records with 36% year-on-year revenue growth

Transcorp Hotels Plc, the listed hospitality subsidiary of Transnational Corporation Plc, has revealed outstanding performance, as well as set new revenue and profit records in its audited 2023 full-year results.

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

This showed a 36% growth year-on-year, while operating income also grew by 50%, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022.

In revealing the highlights of the results, a statement explained that 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% increase.

The statement added that operating Income grew by 50% from N8.8 billion in December 2022, to N13.1 billion in December 2023.

Also, the profit for the year grew by 133% from N2.6 billion in December 2022, to N6.1 billion in December 2023.

In the same vein, the total Assets increased by 5% from N120.5 billion in December 2022, to N126.1 billion in December 2023.

The Managing Director/CEO, Dupe Olusola, 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 added, “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.”