Transcorp Hotels grows net profit by 133%

The Transcorp Hotels has been able to double its profits in 2023 due to their operating efficiency and increased patronage.

According to the audited report and accounts of Transcorp Hotels for last year, the hospitality company recorded its highest sales and profit during the period.

Turnover rose by 36 per cent to N41.5 billion in 2023 compared with N30.4 billion in 2022. Operating income also grew by 50 per cent from N8.8 billion to N13.1 billion. The profit for the year grew by 133 per cent from N2.6 billion in 2022 to N6.1 billion in 2023.

The Managing Director, Transcorp Hotels Plc, Dupe Olusola stated that the company’s performance was achieved through their dedication to excellence and commitment to satisfying guests.

She said: “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 have 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. I am immensely proud of the team’s dedication, resilience, and unwavering commitment to excellence, in providing an unparalleled hospitality experience. We remain focused in our mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry."

BEB