Transcorp Hotels, the listed hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), on Tuesday said its revenue performance increased to N41.5 billion in 2023, showing exceptional performance and setting new profit records.

The hospitality company, in a press release on Tuesday announcing its full year audited results filed with the Nigerian Stock Exchange, said the new revenue record marks 36 percent year-on-year growth compared to N30.4 billion in 2022.

It also stated that its operating income grew by 50 percent to close at N13.1 billion in December 2023, compared to N8.8 billion recorded in December 2022.

The statement added that 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 five percent from N120.5 billion in December 2023. 2022, to N126.1 billion in December. 2023.

Commenting on the results, the Managing Director/CEO, Dupe Olusola, stated that the company's performance was achieved through continued dedication to excellence, unparalleled guest satisfaction and a resilient spirit that defines its commitment to providing exceptional service and value for interested parties.

Olushola further stated that with the planned opening of a 5,000 capacity events center purpose-built to host local and international entertainment events, conferences and exhibitions in the second half of the year, the company will continue to exceed expectations and set new standards in African hotel industry.

She said: “By strategically investing in innovations that align with our growth objectives, we continue to deliver these impressive numbers, beating the 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 continue this investment, with our 5,000-capacity events center, purpose-built to host local and international entertainment events, conferences and exhibitions. This new
The world-class facility located on the Transcorp Hilton Abuja premises 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 on our mission to continue to exceed expectations and set new benchmarks in the African hospitality industry.”

Earlier this year, the hospitality company joined the elite club of companies worth N1tn in market capitalization on the Nigerian Exchange Limited.

PUNCH findings revealed that Transcorp Hotels Plc offered investors a higher return on investment in terms of capital gain compared to other stocks listed on the Nigerian Exchange Limited in 2023.

Transcorp Hotels, which started the year trading at N6.25 per unit, ended the year trading at N70.18 per share. This marked an appreciation of around 1,027 percent in capital gains for the year.

The company joins the likes of Access Holdings, United Bank for Africa, Zenith Bank, Guaranty Trust Holdings Company Plc, Seplat Energy Plc, Airtel Africa, MTN Nigeria, BUA Cement, Dangote Cement and BUA Foods Plc in the N1tn capitalization club.