Transcorp Hotels Plc, a subsidiary of Transnational Corporation Plc, is poised to build on its impressive 2023 revenue performance of N41.5 billion by expanding its operations to Lagos and Port Harcourt.
With strategic plans for growth in these key locations, the company aims to surpass its previous revenue milestones in the coming years.
According to thenationonlineng.net, Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining hospitality across the continent with strong financial performance and aggressive growth agenda.
Speaking during the 2023 financial year investors call, Managing Director/CEO Transcorp Hotels, Dupe Olusola, said keeping the business profitable through quality services and offerings remains priority adding that the Lagos and Port Harcourt expansions will boost the company’s profitability.
According to her, the company’s occupancy ratio rose from 78 per cent in 2022 to 81 per cent in 2023, revenue surged from N30.4 billion to N41.5 billion while profit before tax grew from N4.6 billion in 2022, to N9.5 billion in 2023.
She disclosed that the company is planning to build a 315-key 5-star hotel with features of relaxation and lifestyle center, located in the heart of Ikoyi, Lagos.
