Transcorp Hotels Plc, led by Managing Director/Chief Executive Officer Dupe Olusola, has revealed its ambitious plans for expansion across Nigeria and into other African countries.
The announcement follows the company’s recent divestment of its stake in Transcorp Hotels Calabar Limited.
Olusola emphasized the company’s focus on expansion, aiming to establish a more substantial presence in the hospitality industry in Abuja, throughout Nigeria, and eventually across Africa.
“Among the key projects in the pipeline is converting an existing warehouse at Transcorp Hilton Abuja into a 3,000 – 5,000 capacity Event/Lifestyle Centre, catering to existing clientele and the general public.
“Additionally, we plan to complete a 315-key 5-star hotel in the heart of Ikoyi, Lagos, by 2027.
“This project will feature various amenities, including a garden space, spa/gym, co-working space, café, restaurant, retail outlets, and a UBA experience centre, to provide a comprehensive guest experience,” Olusola said.
Discussing the financial performance, Chief Financial Officer Oluwatobiloba Ojerinde highlighted a gross profit growth of approximately 72% in 2023.
She said: “Despite a 24% increase in operating expenses attributed to improved operational activities, the company maintained operational efficiency, evident in the income-to-cost ratio reduction from 91% to 85%.”
Ojerinde attributed the revenue growth to the resurgence in the economy, increased business activities, and the political season.
She added: “Our focus on diversification and operational efficiency enabled it to navigate inflation and currency devaluation challenges.
“Transcorp Hotels Plc remains committed to leveraging its digital platform, Aura, to revolutionize bookings, engage with guests, and drive revenue.
“With a strategic approach to expansion and a dedication to enhancing guest experience, we are poised for sustained growth and success in the years ahead.”
Meanwhile, Transcorp Power PLC, the power generation subsidiary of Transnational Corporation of Nigeria (Transcorp), recently achieved a remarkable 10% increase in market value on its debut on the Nigerian Stock Exchange (NGX).
The company’s shares closed at a cumulative value of N1.98 trillion, up from N1.8 trillion at the beginning of trade.
Transcorp Power listed 7.5 billion shares at N250 per unit on the NGX’s main board, the segment reserved for companies meeting high disclosure and corporate governance standards.
