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Hospitality Giant Transcorp Hotels Reports Remarkable 36% Revenue Growth in 2023



Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, has unveiled its audited full-year results for 2023, showcasing remarkable growth and setting new benchmarks in revenue and profit.

According to the audited results filed with the Nigerian Exchange (NGX), Transcorp Hotels achieved a record-breaking revenue of N41.5 billion in 2023, marking a significant increase of 36% compared to N30.4 billion in 2022.

Operating income also surged by 50% to N13.1 billion in December 2023, up from N8.8 billion in December 2022.

The company’s profit for the year experienced remarkable growth, soaring by 133% from N2.6 billion in December 2022 to N6.1 billion in December 2023.


Furthermore, total assets witnessed a 5% increase, reaching N126.1 billion in December 2023, compared to N120.5 billion in December 2022.

The Managing Director and CEO of Transcorp Hotels, Dupe Olusola attributed the outstanding performance to the company’s relentless pursuit of excellence, unwavering commitment to guest satisfaction, and resilient operational strategies.

Olusola emphasized that strategic investments in innovative initiatives aligned with growth objectives have contributed significantly to surpassing previous records.

“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.”


Olusola further expressed pride in the team’s dedication, resilience, and commitment to delivering unparalleled hospitality experiences, reiterating the company’s mission to exceed expectations and establish new benchmarks in the African hospitality industry.

Chioma Kalu

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