Transcorp Hotels to Focus on Hospitality Expansion, says CEO

The Managing Director/CEO, Transcorp Hotel Plc, Dupe Olusola, said that the company’s 2024 and beyond projections is to expand its frontier not only in Abuja, Lagos but across the country and transit into major cities in Africa.

Speaking at the virtual 2023 investors call conference, she revealed that the company within its Transcorp Hilton in Abuja would convert the existing warehouse to a 3,000- 5,000 capacity event/lifestyle center.

She disclosed that the event centre is expected to be launched in the third quarter of (Q3) 2024.

“We are very confident that this event center will attract other businesses that go outside of Nigeria to us in our premises at Transcorp Hilton in Abuja,” Olusola said.

She hinted that the company focused on delivering by 2027 a 315-key 5-star Hotel with features of relaxation and lifestyle centre, located in the heart of Ikoyi, Lagos, stressing that the “management is excited about this project.”

Transcorp Hotel, the hospitality subsidiary of Transnational Corporation Plc, in 2023 reported N9.48 billion profit before tax, a growth of 105 per cent from N4.63 billion reported in 2022, while profit after tax closed the year under review at N6.09 billion, an increase of 133 per cent from N2.62 billion reported in 2022.

On the divestment of its 100per cent interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, Olusola said the exit was a strategic, leaving room for the management of   Transcorp Hotels to focus on its expansion plans.

To sustain its performance, she said, “we will focus on key growth drivers that will ensure we continuously win in this ever-changing industry and economy. The enhanced use of our digital platform Aura, which is revolutionising how we drive bookings, engage with guests, and generate revenue. This technology underscores our commitment to growth and adaptability in the digital age.”

During her presentation, the Chief Finance Officer, Transcorp Hotels, Oluwatobiloba, Ojediran said, the company in the 2023 financial year positioned itself to take advantage of the resurgence of the economy, increased business activities, and the political season.

“This drove revenue across our major business lines of rooms, food beverage and Conferences and events,” she said.