Transcorp Hotels Grows Revenue By 36% To N41.5bn In 2023

Transcorp Hotels Plc, has posted a strong performance of 36 per cent Year-on-Year revenue growth for the year 2023.
The Company’s audited 2023 full-year results released on the Nigerian Exchange showed outstanding performance and setting new revenue and profit records.

Transcorp Hotels reported a record-breaking revenue of N41.5 billion in 2023, compared to N30.4 billion in 2022, marking a substantial 36 per cent growth year-on-year, while operating income also grew by 50 per cent, 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 per cent from N2.6 billion in December 2022, to N6.1 billion in December 2023.

Total Assets increased by five per cent from N120.5 billion in December 2022, to N126.1 billion in December 2023
Speaking on the Company performance, 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.

According to her, 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.

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“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.