Transcorp Hotels Posts N6.1bn Net Profit In 2023

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has posted net profit of N6.1 billion in its full year ended December 31, 2023.

The Company in its unaudited financial statement for 2023 released to the investing public on the Nigerian Exchange Limited reflected the company’s commitment to delivering exceptional value to its stakeholders and sustaining its growth momentum.

Profit after tax grew by 132.9 per cent to N6.1 billion ($6.8 million) from N2.6 billion ($2.9 million) in 2022.

The Company revenue rise by 35.8 per cent to N42.7 billion ($47.5 million) in 2023 from N31.4 billion ($35.0 million) in 2022.

Cost of sales stood at N12.089 billion from N9.052 billion, while gross profit grew 36.7 per cent to N30.6 billion ($34.0 million) in 2023 from N22.4 billion ($24.9 million) during the same period in 2022.

Speaking recentlyon the Company performance, managing director and chief executive officer (CEO) of Transcorp Hotels, Dupe Olusola said the consistent financial upswing reinforces the Company dedication to excellence and resilience in the face of economic challenges.

Olusola said, “we have remained nimble, adapting quickly to meet the dynamic preferences of our guests.”

According to the CEO, the company continued to experience strong performance in its international business travel segment, as it took advantage of renewed investor confidence in the Nigerian economy as a new government resumed office.

She said Transcorp Hotels continues to set the pace with excellence in the delivery of both business and leisure offerings.

Meanwhile, for the period under review, the Company total assets stood at N125.687 billion higher than N120.487 billion recorded in the year ended 2022.