Transcorp Hotels PLC, the renowned hospitality subsidiary of Transcorp Group, has recently unveiled its remarkable financial performance for the first half of 2023.
The leading hospitality brand, known for its commitment to excellence and unparalleled guest experiences, demonstrated a substantial increase in revenue, soaring to N18.98 billion from N14.99 billion in the same period the previous year, showcasing an impressive growth rate of over 27%.
Moreover, the company’s profit before tax witnessed a significant upturn, reaching N3.53 billion compared to N2.37 billion in H1 2022, marking a substantial growth of 49%.
Dupe Olusola, the Managing Director/CEO of Transcorp Hotels, expressed her elation at the exceptional growth achieved by the company in the first half of 2023.
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She stated, “At Transcorp Hotels, our primary focus has always been to create exceptional experiences for our guests, and these remarkable financial results reflect the hard work and dedication of our entire team. We remain committed to innovation and service excellence, continually raising the bar to redefine the hospitality landscape in Africa.”
Transcorp Hotels has remained steadfast in delivering value consistently to all stakeholders, and these achievements further bolster the company’s position as a market leader and a symbol of excellence in the Nigerian hospitality industry.
The company has actively expanded its business, introducing “Aura by Transcorp Hotels 2.0,” a refreshed online platform for booking homes, hotels, and experiences.
Through this platform, Transcorp Hotels now manages over 5,000 rooms, solidifying its presence in the hospitality market.
The company is also set to develop a world-class 5,000-capacity Convention Centre at the premises of Transcorp Hilton Abuja, positioning the hotel to host both local and international conferences.
In addition, in Lagos, Nigeria’s commercial capital, Transcorp Hotels Plc is working on developing a new 315-room 5-star hotel facility that will deliver upscale hospitality to clients in the region.
The market has responded positively to Transcorp Hotels’ recent performance, with the share price experiencing an outstanding 518.18% growth over the past year, closing at N37.40 as of the close of trading on Thursday, 27 July 2023.
Dupe Olusola expressed her excitement about the future, stating, “Exciting things are ahead. We are optimistic about the future – for our industry and the economy. We believe that people will look more inwards for relaxation and leisure, and we are well-suited for this.”
