Transcorp Hotels PLC Reports 49% Profit Growth in H1 2023
SUMMARY – TRANSCORP HOTELS PLC ACHIEVES EXCEPTIONAL FINANCIAL GROWTH IN H1 2023, WITH A 49% INCREASE IN PROFIT. MARKET RESPONSE REMAINS POSITIVE WITH A SOARING SHARE PRICE AND AMBITIOUS EXPANSION PLANS.
Transcorp Hotels PLC, a subsidiary of Transcorp Group, has announced its remarkable financial performance for H1 2023. The company achieved remarkable growth, with revenue surging to N18.98 billion from N14.99 billion in the previous year—a significant increase of over 27%. Furthermore, Transcorp Hotels witnessed an impressive upturn in profit before tax, reaching N3.53 billion compared to N2.37 billion in H1 2022, marking a substantial growth of 49%.
Transcorp Hotels Aims to Expand as Leading Hospitality Brand in Africa
Transcrop Hotels’ CEO’s Delight at the Remarkable Growth
Transcorp Hotels’ Managing Director/CEO, Dupe Olusola, expressed delight at the subsidiary Transcorp Hotels PLC’s outstanding performance in H1 2023. Olusola attributed the impressive financial results to the hard work and dedication of the entire team in creating exceptional experiences for guests. She emphasized the company’s commitment to innovation and service excellence, which has set a new standard in the African hospitality industry.
Transcorp Hotels is steadfast in delivering consistent value to all stakeholders, solidifying its position as a market leader and a symbol of excellence in the Nigerian hospitality industry. The company has expanded its business by introducing Aura by Transcorp Hotels 2.0, a refreshed online platform for booking homes, hotels, and experiences. This platform now manages over 5,000 rooms. Additionally, Transcorp Hotels is developing a world-class 5,000-capacity Convention Centre at the premises of Transcorp Hilton Abuja, enhancing its capability to host both local and international conferences. In Lagos, the company is working on the development of a new 315-room 5-star hotel facility to provide upscale hospitality to clients in the region.
The market has responded positively to Transcorp Hotels’ recent performance, with the share price soaring by 464.63% over the past year, closing at N34.40 as of Thursday, 27 July 2023.
Exciting Prospects Ahead
Olusola expressed enthusiasm for the future, stating that there are exciting things ahead. She shared her optimism for both the industry and the economy, believing that people will increasingly seek relaxation and leisure within their own country. She added that Transcorp Hotels is well-positioned to meet this demand.
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