Connect with us

News and Report

Transcorp Hotels Plc Delivers Strong Performance in 2023

Published

on

 

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 hos

pitality industry.

Continue Reading
Advertisement

News and Report

Shettima, Dangote, others join Otedola for groundbreaking ceremony of First Bank headquarters

Published

on

By

Vice President Kashim Shettima, on Wednesday, led other eminent Nigerians to the venue of the groundbreaking ceremony of First Bank’s new 40-storey headquarters at Eko Atlantic City in Lagos.

The Vice President was received by Femi Otedola, businessman and chair of the First Holding Company.

Mr Shettima attended the ceremony alongside Lagos State Governor, Babajide Sanwo-Olu; Ogun State Governor, Dapo Abiodun; Ondo State Governor, Lucky Aiyedatiwa; former Senate President, Bukola Saraki; the founder of Dangote Industries, Aliko Dangote; co-founders of the Chagoury Group, Gilbert and Roland Chagoury; Deji Adeleke; among other dignitaries.

The project, set to become Nigeria’s tallest building, marks a significant milestone for the financial institution.

The bank said that the groundbreaking ceremony signifies the beginning of a transformative journey that reinforces FirstBank’s commitment to excellence, innovation, and customer satisfaction.

It added that the new headquarters is designed with sustainability in mind, featuring a green-certified building that reduces operational costs and positions FirstBank as a leader in sustainable banking practices.

Olusegun Alebiosu, CEO, FirstBank Group, said, “We are proud to mark this significant milestone in our journey towards excellence. Our new Head Office is envisioned as a world-class structure that represents our dedication to innovation, customer satisfaction, and sustainability. We believe that this development will play a crucial role in fostering economic growth and development across Africa, creating long-term value for all our stakeholders.”

The vice president, who represented President Bola Tinubu at the event, expressed the commitment of the Tinubu administration towards industrialisation, innovation, sustainable development, and growth.

Continue Reading

News and Report

Alleged pension fraud: Detained Abia woman gives birth, govt takes custody of baby

Published

on

By

One of the civil servants, who was arrested in 2024 for allegedly stealing pension funds belonging to Abia State, Miriam Azubuike, has delivered a baby boy.

The accused person, who has been in prison custody, delivered her baby in a government-owned hospital.

SOCIETY REPORTERS gathered that the Abia State government reportedly took care of the medical bills of her delivery and some other post-delivery needs.

Mrs Azubuike and some other defendants were arraigned before a Federal High Court in Umuahia for various charges but were granted bail in 2025 with different bail conditions.

However, the defendants, including Mrs Azubuike, were unable to meet the bail conditions.

Meanwhile, some friends to the female defendant, who spoke under anonymity, appealed to the Abia State government to release her on bail to take care of the new baby while her trial continues.

Continue Reading

News and Report

JUST IN: Natasha submits another sexual harassment petition against Akpabio

Published

on

By

Senator Natasha Akpoti-Uduaghan, representing the Kogi Central senatorial district, on Thursday, submitted a new petition to the Senate, accusing Senate President Godswill Akpabio of sexual harassment.

This petition, unlike her previous one, was signed and authored by one of her constituents, Suberu Yakubu.

Natasha filed the petition in accordance with Order 40 of the Senate Standing Rules.

Akpabio, who was presiding over the plenary, rebuffed attempts by about three senators to block Natasha from submitting the petition.

The Senate President, however, asked Natasha if the subject of the petition was not already before a court, to which she replied, “No, sir.” She was then asked to submit the report to the Senate.

Continue Reading

Trending