The audited full-year results released by the company have set new records, demonstrating its commitment to excellence and stakeholder value.
According to the report filed with the Nigerian Exchange (NGX), Transcorp Hotels achieved a record-breaking revenue of N41.5 billion in 2023, marking a significant 36% increase compared to the previous year's revenue of N30.4 billion. Additionally, the operating income surged by 50%, reaching N13.1 billion by December 2023, up from N8.8 billion in December 2022.
Key highlights from the financial results include a 36% growth in total revenue, a 50% increase in operating income, and a remarkable 133% rise in profit for the year. Furthermore, the company's total assets saw a 5% uptick from N120.5 billion in December 2022 to N126.1 billion in December 2023.
Dupe Olusola, the Managing Director/CEO of Transcorp Hotels, attributed the exceptional performance to the company's unwavering dedication to excellence, guest satisfaction, and a resilient spirit that drives its commitment to delivering exceptional service. She emphasized that strategic investments in innovations aligned with growth objectives have propelled the company to surpass previous records.
The success story was further highlighted by the significant increase in occupancy rates and guest satisfaction at the iconic Transcorp Hilton Abuja, reflecting the positive impact of investments in enhancing guest experiences. The company's future plans include the launch of a state-of-the-art 5,000-capacity event center within the Transcorp Hilton Abuja premises, scheduled to open in the second half of 2024.
Dupe Olusola expressed pride in the team's dedication, resilience, and commitment to excellence in providing unparalleled hospitality experiences. She reiterated the company's focus on exceeding expectations and setting new benchmarks in the African hospitality industry, underscoring its mission to continue driving growth and innovation in the sector.
Transcorp Hotels' stellar performance in 2023 underscores its position as a key player in the hospitality industry, showcasing its ability to deliver outstanding results and create value for stakeholders. The company's commitment to excellence and continuous investment in enhancing guest experiences bode well for its future growth and success in the dynamic hospitality landscape.
