Transcorp Hotels’ annual profit more than doubles to N6.1bn

TRANSCORP Hotels Plc, a listed hospitality subsidiary of Transnational Corporation Plc (Transcorp Group) has announced a 133 percent increase in its profit to N6.1 billion last year from N2.6 billion in 2022.

According to the company’s latest audited report obtained by Businessday on Tuesday, the total revenue for the year was N41.5 billion, compared to N30.4 billion in 2022, representing a 36 percent growth year-on-year.

Also, operating income grew by 50 percent, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022

Similarly, the company’s assets increased by 5 percent from N120.5 billion in December 2022, to N126.1 billion in December 2023.

Commenting on the report, Dupe Olusola, Managing Director of the company. said that the 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.

“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 investments 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 worldclass 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,” she said.