AGS NEWS – Transcorp Hotels, led by Managing Director Dupe Olusola, is gearing up to unveil its 5,000-capacity event center in the latter half of this year.

This announcement came alongside the release of the company’s 2023 results, filed with the Nigerian Exchange Limited.

In 2023, Transcorp Hotels showcased robust growth, with revenue climbing by 36 percent year-on-year.

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The full-year audited results revealed a revenue surge to N41.5 billion, marking a substantial increase from N30.4 billion in 2022. Operating income also saw a significant uptick, rising by 50 percent to N13.1 billion.

Profits for the year soared by 133 percent, leaping from N2.6 billion in 2022 to N6.1 billion in 2023, while total assets saw a five percent uptick to N126.1 billion.

Olusola attributed the company’s stellar performance to its unwavering commitment to excellence, guest satisfaction, and a resilient ethos.

She emphasized Transcorp Hotel’s dedication to providing exceptional service and value to stakeholders.

The firm’s strategic investments in innovation, aligned with growth objectives, have yielded impressive results, evidenced by increased occupancy rates and guest satisfaction at the iconic Transcorp Hilton Abuja.

The upcoming 5,000-capacity event center, set to open within the premises of Transcorp Hilton Abuja in the second half of 2024, reflects the company’s continued investment in world-class facilities.

Olusola reaffirmed the company’s mission to exceed expectations and set new standards in the African hospitality sector.

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Transcorp Hotels announced a final dividend of 20 kobo per share, pending shareholders’ approval at the upcoming annual general meeting.

As of Thursday’s trading session, the company’s shares closed at N97.9, with a market capitalization of N12 trillion.