Transcorp Hotels, a leading hospitality entity in Nigeria, is gearing up for a major expansion with the impending launch of a state-of-the-art event center boasting a capacity of 5,000 individuals. The announcement came alongside the unveiling of Transcorp Hotel’s impressive 2023 financial results, recently submitted to the Nigerian Exchange Limited.
In a remarkable display of financial prowess, Transcorp Hotels witnessed a significant surge in revenue, marking a remarkable 36% increase year-on-year. The audited results for 2023 showcased a revenue spike of 36.51%, amounting to N41.5 billion, compared to N30.4 billion in 2022. Operating income also saw a notable uptick, soaring by 50% to N13.1 billion.
Profits for the fiscal year experienced an extraordinary leap, more than doubling from N2.6 billion in 2022 to N6.1 billion in 2023, while total assets grew by 5% to N126.1 billion.
Modupe Olusola, the Managing Director and Chief Executive Officer of Transcorp Hotels plc, attributed the remarkable performance to the company’s unwavering commitment to excellence, unparalleled guest satisfaction, and dedication to delivering top-notch service and stakeholder value.
Olusola emphasized the company’s strategic investments in innovative ventures aligned with their growth targets as a key driver of their success. Notably, the substantial investment in the iconic Transcorp Hilton Abuja has yielded impressive results, with notable increases in occupancy rates and guest satisfaction.
Looking ahead, Transcorp Hotels is set to introduce a purpose-built 5,000-capacity event center, strategically located within the Transcorp Hilton Abuja premises. This cutting-edge facility is poised to accommodate a wide array of local and international entertainment, conference, and exhibition events, with operations scheduled to commence in the latter half of 2024.
In reaffirmation of their commitment to exceeding expectations and setting new standards in the African hospitality sector, Olusola underscored the company’s relentless pursuit of its mission.
Furthermore, the company disclosed a proposed final dividend of 20 kobo per share, pending approval by shareholders at the upcoming annual general meeting.
As of Thursday’s trading session, Transcorp Hotels’ shares were valued at N97.9, with a market capitalization of N12 trillion.