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Transcorp Hotels Plc, a key player in the hospitality industry, has achieved a significant milestone by entering the exclusive league of companies valued at over N1 trillion in market capitalization on the Nigerian Exchange Limited (NGX).
Earlier this month, Transcorp Hotels Plc stood out among stocks listed on the Nigerian Exchange Limited in 2023, offering investors a substantial return on investment in terms of capital gain.
The year commenced with Transcorp Hotels trading at N6.25 per share, and by the end of the year, its share price had surged to N70.18 per unit, reflecting an impressive 1,027 percent appreciation in capital gain.
As of Monday, the market capitalization of Transcorp Hotels had soared to N1.024 trillion, with its stock priced at N100 per share. In its third-quarter report, the hospitality brand reported robust growth, achieving a remarkable 31.76 percent increase in revenue, reaching N29.9 billion compared to the previous year’s N22.7 billion. This performance surpassed pre-COVID levels. Profits also saw a substantial surge, growing by 62 percent to N5.5 billion from N3.4 billion.
Dupe Olusola, the Managing Director/Chief Executive Officer of Transcorp Hotels Plc, commented on the impressive 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.”
Notably, Transcorp Hotels Plc is under the umbrella of its ultimate parent company, Transnational Corporation Plc, which is also a listed entity. Joining the ranks of prestigious companies like Access Holdings, United Bank for Africa, Zenith Bank, Guaranty Trust Holdings Company Plc, Seplat Energy Plc, Airtel Africa, MTN Nigeria, BUA Cement, Dangote Cement, Kuda MFB, and BUA Foods Plc, Transcorp Hotels is now part of the elite N1 trillion capitalization club.
The exceptional performance of Transcorp Hotels Plc underscores its resilience and ability to navigate economic challenges, aligning swiftly with evolving customer preferences. As it continues to set new benchmarks in the hospitality sector, the company’s entry into the N1 trillion capitalization club marks a significant achievement in Nigeria’s business landscape. Investors and stakeholders are likely to closely monitor the continued growth and strategic initiatives of Transcorp Hotels Plc as it solidifies its position among the nation’s leading companies.
Source: PunchNg