Transcorp Hotel Plc Makes History with N1 Trillion Market Cap
REMARKABLE GROWTH OF TRANSCORP HOTEL PLC MAKES IT NIGERIA’S FIRST HOSPITALITY SWOOT WITH N1 TRILLION MARKET CAP.
In a groundbreaking achievement, Transcorp Hotels Plc secured its spot in the elite “SWOOTs” group. It has become Nigeria’s first hospitality giant to surpass the N1 trillion market capitalization mark.
Exceptional Year-End Results and Continued Growth in 2024
On January 10, 2023, Transcorp Hotels’ shares soared by 7.24%, closing at N100 on the NGX. This remarkable uptick catapulted the market capitalization to an impressive N1.024 trillion. It is solidifying its position as the best-performing stock in 2023.
Closing 2023 with a staggering 1022.9% gain, Transcorp Hotels concluded the year with a market cap of N718.8 billion, marking a phenomenal increase of N654.8 billion. In early 2024, the group continued its growth streak, boasting a 42.5% year-to-date increase and adding N305.43 billion to its market cap.
Transcorp Hotels Joins Elite SWOOTs League
Now during the week ending January 12, 2023, Transcorp Hotels Plc joined the SWOOTs league, standing tall alongside financial giants like FBN Holdings and United Bank for Africa. This achievement increased the count of NGX companies with a market cap exceeding N1 trillion to eleven.
Robust Q3 Performance and Ownership Structure
During Q3 2023, Transcorp Hotels reported robust results, with a 32% year-on-year increase, reaching a revenue of N29.85 billion. The net income for 9M 2023 saw substantial growth, standing at N4.07 billion—a remarkable 79% increase from the same period in 2022. As a subsidiary Transcorp Hotels is holding a 76.15% stake, while the Federal Government of Nigeria maintains an 11.04% stake.
About Transcorp Hotels Plc
Transcorp Hotels Plc operates as the hospitality arm of Transnational Corporation Plc (Transcorp Group), a prominent Nigerian conglomerate. Positioned as one of the conglomerate’s key entities, Transcorp Hotels Plc focuses on developing strategic hospitality assets across Africa, with a primary emphasis on establishing a strong presence in populous West African cities. Under the leadership of Dupe Olusola, Transcorp Hotels oversees iconic properties. These include Transcorp Hilton Abuja, Transcorp Hotels Calabar, and the online platform Aura by Transcorp.
