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Transcorp Hotels full year profit rises 132.9% to N6.1b

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has posted full year profit of N6.1 billion for the year ended December 31, 2023.

The company’s unaudited financial statement for 2023 released on the Nigerian Exchange Limited reaffirmed its commitment to delivering exceptional value to stakeholders and sustaining its growth momentum.

Its profit after tax grew by 132.9 per cent to N6.1 billion ($6.8 million) from N2.6 billion ($2.9 million) achieved in the previous year.

Transcorp Hotels Plc’s  revenue surged by 35.8 per cent to N42.7 billion ($47.5 million) in 2023 from N31.4 billion ($35.0 million) in 2022.

Also, cost of sales stood at N12.089 billion from N9.052 billion, while gross profit grew 36.7 per cent to N30.6 billion ($34.0 million) in 2023 from N22.4 billion ($24.9 million) during the same period in 2022.

Its total assets stood at N125.687 billion higher than N120.487 billion recorded in the year ended 2022.

Speaking recently on the company’s performance, Managing Director and Chief Executive Officer (CEO) of Transcorp Hotels, Dupe Olusola said the consistent financial upswing reinforces the Company dedication to excellence and resilience in the face of economic challenges.

She said, “we have remained nimble, adapting quickly to meet the dynamic preferences of our guests.”

According to the her, the company continued to experience strong performance in its international business travel segment, as it took advantage of renewed investor confidence in the Nigerian economy as a new government resumed office.

She said Transcorp Hotels continues to set the pace with excellence in the delivery of both business and leisure offerings.

According to the company’s financial statement, the Group has sufficient capital adequacy ratio and projected liquidity that will make the business to continue to thrive.

“This is based on historical experience that short-term obligations will be refinanced as required in the normal course of business. Liquidity ratio and continuous evaluation of current ratio of the Group is carried out on an ongoing basis to ensure that there are no going concern threats to the operations of the Group,” the company said.

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