By Abiola Olawale
Hospitality giant, Transcorp Hotels has posted a notable 36% increase in revenue, amounting to N41.5 billion in the year 2023.
The Company’s audited 2023 full-year results released on the Nigerian Exchange showed outstanding performance and set new revenue and profit records.
Transcorp Hotels reported 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.
Similarly, the company’s operating income grew by 50 percent, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022.
The Company’s profit for the year grew by 133 percent from N2.6 billion in December 2022, to N6.1 billion in December 2023.
Speaking on the Company’s performance, the managing director/CEO, Dupe Olusola attributed the Company’s exceptional performance to the consistent dedication to excellence, unparalleled guest satisfaction, and a resilient spirit that defines its commitment to delivering exceptional service and stakeholder value.
She stated: “We are continuing this investment, with our 5,000-capacity event center 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 on our mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry.”
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
Transcorp Hotels is consistently reshaping the hospitality landscape in Africa, aligning with its mission to lead and contribute to Nigeria’s growth while positively impacting lives.
