Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, has published its 2023 full-year audited report, revealing significant business growth and remarkable numbers in revenue and profit.
In 2023, the Transcorp Hotels report shows, the hotel achieved a record-breaking revenue of N41.5 billion in 2023, or 36% up from N30.4 billion in 2022.
Operating income also rose 50% to N13.1 billion as of December 2023, up from N8.8 billion last year.
The company’s profit for the year soared by 133% to N6.1 billion from N2.6 billion the year before.
Also, total assets grew 5% reaching N126.1 billion in December 2023 when contrasted to the December 2022 figure of N120.5 billion.
Dupe Olusola, the hotel’s CEO said the exceptional performance was from the company’s unyielding insistence on excellence, commitment to guest satisfaction, and robust operational strategies.
“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,” she asserted.
“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.”
Transcorp currently has the top-of-the-range hotel in Abuja – Transcorp Hilton Hotel Abuja, and a similar one in Calabar; and is looking to expand to Lagos and Port Harcourt.
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