Transcorp hotels post N41bn revenue in 2023

Transcorp Hotels Plc. has released its audited 2023 full-year results, showing an improved performance and with total revenue of N41.5 billion in 2023. The figure is over N11 billion compared to N30.4 billion in 2022, marking a substantial 36% growth year-on-year, while operating income also grew by 50%, to close at N13.1 billion as of […]

Transcorp Hotels Plc. has released its audited 2023 full-year results, showing an improved performance and with total revenue of N41.5 billion in 2023.

The figure is over N11 billion compared to N30.4 billion in 2022, marking a substantial 36% growth year-on-year, while operating income also grew by 50%, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022.

A statement by the company says: “Total revenue for the year ended December 31, 2023, was N41.5 billion, compared to N30.4 billion in December 31, 2022, signifying a 36% increase. Also, operating Income grew by 50% from N8.8 billion in December 2022, to N13.1 billion in December 2023 while profit for the year grew by 133% from N2.6 billion in December 2022, to N6.1 billion in December 2023.

“Also, total assets increased by 5% from N120.5 billion in December 2022, to N126.1 billion in December 2023.”

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Dupe Olusola, Managing Director/CEO, commenting on the results noted that, “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.”