Transcorp Hotels records 81% occupancy - Report reveals

Transcorp Hotels has revealed that it had an average occupancy rate of 81 per cent last year.

The hotel's profits also increased by a whopping 105 per cent - from N4.6bn in 2022 to N9.5bn in 2023.

Transcorp Hotels in a statement, disclosed that the profit growth was as a result of their great strategies in improving on guest experiences and making operational efficiencies better across its properties.

Transnational Corporation (Transcorp Group) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

The group’s total assets saw a 20 per cent increase, rising from N422.7bn in 2022 to N529.9bn.

It stated: “Transcorp Group confirmed excellent year-on-year growth: the Group’s total assets grew by 20 per cent increase, up from N422.7bn in 2022 to N529.9bn in 2023, PBT grew from N30.3bn in 2022 to N58.8bn in 2023, and PAT for the Group increased from N16.8bn to N32.5bn.

"This performance was due to the strong results across its subsidiaries: Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.

“The group’s hospitality business achieved record average occupancy of 81 per cent, with profit increasing by 105 per cent from N4.6bn in the previous year to N9.5bn in 2023; while revenue grew by 36 per cent from N30.4bn in 2022 to N41.5bn."

Reacting to the company’s growth the Transcorp Hotels’ Chairman, Tony Elumelu, stated: “Transcorp Group has not only recorded unprecedented growth, but the Group has also demonstrated its potential to deliver much more value to stakeholders and our country.”