TRANSCORP HOTELS, A HOSPITALITY SUBSIDIARY OF TRANSCORP GROUP, PLANS TO EXPAND AND BECOME THE TOP HOSPITALITY BRAND IN AFRICA THROUGH INNOVATION AND TECHNOLOGY.
Transcorp Hotels, led by Managing Director/Chief Executive Officer Mrs. Dupe Olusola, plans to deepen its investment in 2023 to become the top hospitality brand in Africa through the use of technology and innovation. The company already has over 5,000 hotel rooms and accommodation listings in 30 Nigerian states. Additionally, the hotel chain will soon open a 3,500 to 5,000-capacity event center in Abuja in the first quarter of 2024. Transcorp Hotels is also expanding to Lagos and will open a five-star hotel with accommodation and event spaces.
Olusola credited the company’s success to the board and management’s dedication, the team’s innovation, and the company’s diversification into new business segments. She emphasized the importance of offering guests’ exceptional experiences and investing in staff, technology, and innovation. The hospitality subsidiary of Transcorp Group reported a 47% growth in revenue to N31.4 billion in 2022 from N21.4 billion the previous year, with a profit before tax of N4.5 billion. Furthermore, the company reported a 172% increase in profit before tax year-on-year from N1.7 billion in 2021 to N4.5 billion in 2022.
Olusola stressed the significance of maintaining brand standards, constantly improving from the company’s previous successes, and investing in staff. She also noted that the company is consistently innovating to stay ahead of the competition, with its sights set on remaining the top hospitality brand in Africa. The company’s success has led to a dividend payout to shareholders, increasing from N716 million at N0.70 in 2021 to N1.33 billion at N0.13 per share in 2022.