Transcorp Hotels Plc, the listed hospitality subsidiary of Transnational Corporation Plc, on Tuesday reported an impressive 36 percent growth in its revenue after declaring a record-breaking earning of N41.5 billion in the 2023 financial year.
The details contained in the company’s 2023 audited full-year results, showing an outstanding performance that set new revenue and profit records.
In its full-year audited results filed with the Nigerian Exchange (NGX), Transcorp Hotels reported a revenue yield of N41.5 billion in 2023, which is about N11.1billion, or more than 36 percent growth year-on-year over the N30.4 billion realized in 2022.
A statement from the company said income also grew by 50 percent, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022.
The highlights of the financial results showed that the company’s total revenue for the year ended December 31, 2023, stood at about N41.5 billion, compared to N30.4 billion in December 31, 2022, while operating Income grew by 50 percent, from N8.8 billion in December 2022, to N13.1 billion in December 2023.
Also, profit for the year grew by 133 percent, from N2.6 billion in December 2022, to N6.1 billion in December 2023, while total assets increased by 5 percent, from N120.5 billion in December 2022, to N126.1 billion in December 2023
Reacting to the result, Managing Director/CEO, Dupe Olusola, described the company’s performance as exceptional, as it 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.”
“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 events 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,” he said.
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.