Transcorp Hotels crosses N1tn capitalisation
Hospitality business, Transcorp Hotels Plc, has joined the elite club of companies worth N1tn in market capitalisation on the Nigerian Exchange Limited.
The PUNCH findings earlier this month had revealed that Transcorp Hotels Plc offered investors a bigger return on investment in terms of capital gain, compared with other stocks listed on the Nigerian Exchange Limited in 2023.
Transcorp Hotels which started the year trading at N6.25 per unit ended the year priced at N70.18 per share. This marked about 1,027 per cent appreciation in capital gain in the year.
On Monday, the market capitalisation of the group had risen to N1.024tn with its stock priced at N100 per unit.
In its third-quarter report, the hospitality brand sustained strong growth, as it recorded 31.76 per cent growth in revenue to N29.9bn from N22.7bn the previous year, significantly higher than pre-covid performance. Profit also grew by 62 per cent to N5.5bn from N3.4bn.
Commenting on the results, Managing Director/Chief Executive Officer of Transcorp Hotels Plc, Dupe Olusola, said, “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.
The ultimate parent of the Company is Transnational Corporation Plc, another listed company.
The company joins the likes of Access Holdings, United Bank for Africa, Zenith Bank, Guaranty Trust Holdings Company Plc, Seplat Energy Plc, Airtel Africa, MTN Nigeria, BUA Cement, Dangote Cement, BUA Foods Plc in the N1tn capitalisation club.
