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Transcorp Hotels Plc Delivers Strong Performance In 2023

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…with 36% Year-on-Year Revenue Growth

 

Transcorp Hotels Plc (“Transcorp Hotels” or the “Company”), the listed hospitality subsidiary of Transnational Corporation Plc (“Transcorp Group”) has released its audited 2023 full-year results, showing outstanding performance and setting new revenue and profit records.

In its full year audited results filed with the Nigerian Exchange (NGX), Transcorp Hotels reported a record-breaking revenue of N41.5 billion in 2023, 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.

HIGHLIGHTS OF THE RESULT:

  • The Company’s 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.
  • Operating Income grew by 50% from N8.8 billion in December 2022, to N13.1 billion in December 2023.
  • Profit for the year grew by 133% from N2.6 billion in December 2022, to N6.1 billion in December 2023.
  • Total Assets increased by 5% from N120.5 billion in December 2022, to N126.1 billion in December 2023.

Dupe Olusola, Managing Director/CEO commenting on the results stated that the Company’s exceptional performance was achieved through continued dedication to excellence, unparalleled guest satisfaction and a resilient spirit that defines its commitment to delivering exceptional service and stakeholder value.

“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.

  • About Transcorp Hotels Plc:

Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), 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.

Transcorp Hotels Plc. is consistently reshaping the hospitality landscape in Africa, aligning with its mission to lead and contribute to Nigeria’s growth while positively impacting lives.

BIG STORY

NDLEA Seizes Lipsticks Stuffed With Drugs At Lagos Airport [VIDEO]

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Officials of the National Drug Law Enforcement Agency have uncovered another batch of female lipsticks containing illegal drugs at the Murtala Muhammed International Airport in Lagos.

Femi Babafemi, the agency’s Director of Media and Advocacy, revealed this in a post shared on his X (formerly Twitter) page on Sunday.

He also urged Nigerians, particularly women, to be extremely vigilant when purchasing or accepting beauty products, especially from unfamiliar sellers or dubious online platforms.

The statement read, Ladies beware! It does appear like female lipstick is becoming attractive as an instrument for concealment and trafficking now with yet another consignment of factory fitted female lipsticks stuffed with illicit substances intercepted at MMIA barely a week after @ndlea_nigeria officers uncovered a similar cargo at a courier company in Lagos.

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BIG STORY

JUST IN: Former President Buhari Dies In London Clinic

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Former Nigerian leader, Muhammadu Buhari, passed away on Sunday.

His longtime media aide, Garba Shehu, confirmed the news in a brief statement issued on Sunday afternoon, stating that the former president died at a clinic in London.

Shehu’s message, distributed to the media, read:
“INNA LILLAHI WA INNA ILAIHIRRAJIUUN. The family of the former president has announced the passing on of the former president, Muhammadu Buhari, GCFR, this afternoon in a clinic in London. May Allah accept him in Aljannatul Firdaus, Amin.”

The statement concluded with the date: July 13, 2025.

Although the cause of death was not disclosed, Buhari, who held office from 2015 to 2023, had frequently sought medical care in the United Kingdom during and after his time as president.

Buhari, a retired Major General in the Nigerian Army, first led Nigeria as a military head of state from 1983 to 1985. Decades later, he was elected president through a democratic process. He made history as the first opposition candidate to unseat a sitting president in Nigeria.

Funeral plans have not yet been made public.

 

More to come…

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No Effective Governance Without Full Local Government Autonomy — Femi Gbajabiamila

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The Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has stated that governance at the local government level cannot be effective without complete autonomy.

He made the remark while addressing journalists after voting in the Lagos State local government elections in Surulere on Saturday.

When asked about the progress of implementing the LG autonomy ruling by the Supreme Court one year after it was delivered, Gbajabiamila described the process as ongoing and said it would be completed with time.

Gbajabiamila said, “The ruling was welcome by everybody. It’s the execution of that ruling and the implementation of that ruling that we are still trying to dot the Is and cross the Ts.

“I believe in a matter of time, we will realise full autonomy. There cannot be effective governance without full autonomy. That’s what we are working toward.”

In July 2024, the Supreme Court granted autonomy to all 774 local government areas across the country following a case filed by the federal government through the Minister of Justice and Attorney General of the Federation. However, the ruling is yet to be fully implemented.

Following the judgement, the Senate urged state and local governments to immediately adhere to the court’s directive, especially regarding local government accounts and direct fund disbursements.

The Senate also moved to amend relevant sections of the Constitution to ensure full local government autonomy nationwide.

The announcement was made by Deputy Senate President Senator Jibrin Barau, after lawmakers emerged from a closed-door session where they discussed alleged efforts by some state governments to bypass the Supreme Court’s ruling on July 11.

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