The Managing Director/Chief Executive Officer of Transcorp Hotels, Dupe Olusola, has revealed that the hospitality business is planning to launch its 5,000-capacity event centre in the second half of the year.

Olusola said this in a statement accompanying the release of Transcorp Hotel 2023 results, which was filed with the Nigerian Exchange Limited recently.

In 2023, Transcorp Hotels Plc, which is the only hospitality business on the exchange worth over N1tn, delivered a strong performance as its revenue grew by 36 per cent year-on-year.

Its full-year audited results showed that revenue improved by 36.51 per cent to N41.5bn in 2023, compared to N30.4bn in the prior year2022, while operating income also grew by 50 per cent to N13.1bn.

Profit for the year grew by 133 per cent from N2.6bn in 2022 to N6.1bn in 2023 and the total assets increased by five per cent to N126.1bn.

Olusola noted that the company’s impressive 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.

“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.”

According to Olusola, the firm remains focused on its mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry.

Meanwhile, the firm announced a final dividend of 20 kobo per share subject to shareholders’ approval at its next annual general meeting.

At the close of trading on Thursday, the firm’s shares stood at N 97.9 and its market cap was N12tn.

Leave a Reply