Transcorp Hotels, the listed hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), on Tuesday, said its revenue performance increased to N41.5bn in 2023, showing outstanding 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 Exchange, said the new revenue record marks a 36 per cent growth year-on-year when compared to N30.4bn in 2022.

It also stated that its operating income grew by 50 per cent, to close at N13.1bn as of December 2023, compared to N8.8bn recorded in December 2022.

The statement added that profit for the year grew by 133 per cent from N2.6bn in December 2022, to N6.1bn in December 2023 while total assets increased by five per cent from N120.5bn in December 2022, to N126.1bn 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 delivering exceptional service and stakeholder value.

Olushola further stated that with the planned opening of a 5,000-capacity event centre purpose-built to host local and international entertainment, conference, and exhibition events in the second half of the year, the company will continue exceeding expectations and setting new benchmarks in the African hospitality industry.

She said, “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 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.

“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.”

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

PUNCH findings revealed that Transcorp Hotels Plc offered investors a bigger return on investment in terms of capital gain compared with 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 priced at N70.18 per share. This marked about 1,027 per cent appreciation in capital gain in 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 capitalisation club.