BusinessDay
Iheanyi Nwachukwu
April 22, 2024
Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group) has sold its 100percent interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company.
With this development, Transcorp Hotels strategic focus is on Abuja and the significant continuing investment in the iconic Transcorp Hilton Hotel and in development opportunities in Lagos.
Read also: Transcorp Hotels’ annual profit more than doubles to N6.1bn
Eco Travels and Tours has a diversified portfolio including hotel management, wellness and fitness facilities, family-centric spaces, and interior and exterior design and decoration.
In its full year audited results filed with the Nigerian Exchange (NGX), Transcorp Hotels reported a record-breaking revenue of N41.5 billion in 2023, compared to N30.4 billion in 2022, marking a substantial 36 percent growth year-on-year (YoY), while operating income also grew by 50 percent, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022.
The Company’s total revenue for the year ended December 31, 2023 was N41.5 billion, compared to N30.4 billion in December 31, 2022, signifying a 36 percent increase. Operating income grew by 50 percent from N8.8 billion in December 2022, to N13.1 billion in December 2023. Profit for the year grew by 133 percent, from N2.6 billion in December 2022 to N6.1 billion in December 2023.
Transcorp Hotels total assets increased by 5 percent from N120.5 billion in December 2022 to N126.1 billion in December 2023.
Read also: Hotels hike rates amid high operation cost
With the ongoing execution of its business strategies and optimisation of new business opportunities, the company said it will continue to deliver even greater value to all its stakeholders.
Business Day, established in 2001, is a daily business newspaper based in Lagos. It is the only Nigerian newspaper with a bureau in Accra, Ghana. It has both daily and Sunday titles. It circulates in Nigeria and Ghana
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