Transcorp Hotels has disclosed that it had an average occupancy rate of 81 per cent in 2023.
In addition to the occupancy rate, Transcorp Hotels saw its profits soar by 105 per cent, increasing from N4.6bn in 2022 to N9.5bn in 2023.
In a statement, the firm noted that the significant profit growth reflected its successful strategies in enhancing guest experiences and optimising operational efficiencies across its properties.
Transnational Corporation (Transcorp Group) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.
The group’s total assets saw a 20 per cent increase, rising from N422.7bn in 2022 to N529.9bn.
The performance was attributed to the results from its subsidiaries, including Transcorp Hotels, Transcorp Power, Transafam Power, and Transcorp Energy.
It added that the power subsidiaries delivered a notable 63 per cent increase in profit, jumping from N17.7bn to N28.9bn in 2023.
“Transcorp Group confirmed excellent year-on-year growth: the Group’s total assets grew by 20 per cent increase, up from N422.7bn in 2022 to N529.9bn in 2023, PBT grew from N30.3bn in 2022 to N58.8bn in 2023, and PAT for the Group increased from N16.8bn to N32.5bn. This performance was due to the strong results across its subsidiaries: Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.
“The group’s hospitality business achieved record average occupancy of 81 per cent, with profit increasing by 105 per cent from N4.6bn in the previous year to N9.5bn in 2023; while revenue grew by 36 per cent from N30.4bn in 2022 to N41.5bn,” it stated.
The President of Transcorp Group, Owen Omogiafo, highlighted the group’s plans for future growth, including opening a new 5,000-capacity event centre at the Transcorp Hilton Abuja and efforts to boost power generation capacity.
He added that shareholders also approved a dividend of 10 kobo per share, marking the 10th consecutive year of dividend payments.
Commenting on the company’s growth the Transcorp Hotels’ Chairman, Tony Elumelu, stated, “Transcorp Group has not only recorded unprecedented growth, but the Group has also demonstrated its potential to deliver much more value to stakeholders and our country. ”
SOURCE: PUNCHNG
