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Transcorp Hotels Plc Achieves Remarkable Financial Milestones at 10th Annual General Meeting

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Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, has announced the company’s exceptional performance at its 10th Annual General Meeting held on Monday. With resounding applause from shareholders, Transcorp Hotels Plc has once again demonstrated its strong financial prowess and commitment to delivering value.

In her statement, Dupe Olusola highlighted the following key achievements:

– A remarkable 36% growth in revenue to N41.5 billion.
– A notable 37% increase in gross profit to N29.8 billion.
– Profit before tax surged by an impressive 105% to N9.5 billion, more than doubling from N4.6 billion in 2022.
– Profit after tax soared to N6.1 billion, reflecting a remarkable 133% increase from the previous year.

The first-quarter results for 2024 further underscored Transcorp Hotels Plc’s robust performance, with revenue growing by 72.2% from N8.03 billion to N13.83 billion. Profit before tax stood at N6.09 billion, while profit after tax reached N5.02 billion. Additionally, the company’s share price currently stands at N96.50k, showcasing investor confidence and market strength.

Dupe Olusola also provided insights into the company’s exciting projects underway, reinforcing its position as the leading indigenous hospitality brand in Africa. The forthcoming 5000-capacity event center in Abuja, slated to be operational by year-end, will set the stage for hosting prestigious local and international events. Furthermore, the development of a 315-room 5-star hotel in Ikoyi promises to be an exciting addition to Transcorp Hotels Plc’s portfolio.

Expressing sincere appreciation to the Transcorp Hotels team, Dupe Olusola credited their dedication and hard work for the company’s success. She reaffirmed Transcorp Hotels Plc’s unwavering commitment to delivering value to shareholders and stakeholders alike.

Transcorp Hotels Plc is a leading hospitality brand in Nigeria, renowned for its commitment to delivering exceptional guest experiences and creating value for stakeholders. With a diverse portfolio of hotels and resorts, Transcorp Hotels Plc continues to set industry benchmarks and drive innovation in the hospitality sector.

 

Anthony Emeka Nwosu

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