Starting the year 2023 with a unit price of N6.25, the hospitality company concluded the year with a share price of N70.18, reflecting an impressive 1,027% appreciation in capital gain for the year.
On Monday, the group’s market capitalization reached N1.024 trillion, with its stock priced at N100 per unit.
In its third-quarter report, Transcorp Hotels demonstrated robust growth, recording a 31.76% increase in revenue to N29.9 billion from the previous year’s N22.7 billion. Profit also saw significant growth, rising by 62% to N5.5 billion from N3.4 billion.
Dupe Olusola, the Managing Director/Chief Executive Officer of Transcorp Hotels Plc, commented on the results, stating, “This consistent financial upswing reinforces our dedication to excellence and resilience in the face of economic challenges. We have remained nimble, adapting quickly to meet the dynamic preferences of our guests.”
With this achievement, Transcorp Hotels Plc joins the exclusive N1 trillion capitalization club, alongside notable companies such as Access Holdings, United Bank for Africa, Zenith Bank, Guaranty Trust Holdings Company Plc, Seplat Energy Plc, Airtel Africa, MTN Nigeria, BUA Cement, Dangote Cement, and BUA Foods Plc.
