2023: Transcorp Gross Revenue Generation Hits N41.5bn

Transcorp Hotels Plc on Monday declared that its gross revenue generation for the year 2023 amounted to N41.5 billion.

Independent reports that the figure, which was made known at the company’s 10th Annual General Meeting Monday in Abuja,

outpaced the previous year’s revenue of N31.4 billion representing a 36 per cent growth over the preceding year.

Fielding questions from journalists at the event, the Managing Director and Chief Executive Officer of Transcorp Hotels, Mrs Dupe Olusola also disclosed that the sum of $200 million has been earmarked for the construction of its 315 room hotel in Ikoyi Lagos.

Mrs Olusola revealed that the Hotel management has concluded plans to launch its 5000-capacity event centre in August. Describing the event centre as world class, the MD/CEO said, it would save the country the much needed foreign exchange.

“In 2024, we are actually now consolidating our steps; the event centre is going to be open. It’s a 5,000 capacity event centre and this is really significant. We as Nigerians are currently losing business to neighbouring countries, Ghana, Egypt and Morocco. We want all businesses, all events similar to that size to actually come to Abuja. And so, it actually ensures we are able to employ more people and ensure we deliver value to all our stakeholders. So our event centre will be launched in August specifically.

“We will open a 315 room hotel in Ikoyi in Lagos. We are looking at a start date of 2027. We’ve made significant progress. What we’ve done is that we have acquired more land. So now, we have 14,000 square metres of land in Ikoyi, and it’s going to be a world class facility.

“Right now, we are doing revenue of N41.8 billion. It’s going to increase revenue; it’s going to increase profitability of what we can return to our shareholders. A lot of Nigerians are excited that we actually now have this in Nigeria. We are looking forward to hosting the NESG in October.

A look at the financial statement for 2023 showed a noteworthy milestone in revenue generation. The gross revenue for the year amounted to N41.5 billion outpacing the previous year’s revenue of N31.4 billion representing a 36 per cent growth over the preceding year.

The gross profit for Transcorp Hotels Plc. in the financial year 2023 reached N29.8 billion, signifying a notable 37 per cent upturn from the N21.7 billion generated in the previous 2022.

The Group attained a remarkable profit before tax performance of N9.5 billion in 2023, 105% higher than the N4.6 billion in 2022.

This achievement is particularly commendable given the challenging economic conditions that impacted the company throughout 2023.

Speaking on the financials, the Managing Director said implementation of proactive cost efficiency strategies and an unwavering focus on revenue generation played a pivotal role in delivering positive outcomes.

“Transcorp Hotels Plc. remains dedicated to maintaining a resilient financial position, fostering strategic growth initiatives and fortifying our commitment to delivering long-term value to our stakeholders,” she stressed.