Dupe Olusola, the Managing Director/Chief Executive Officer of Transcorp Hotels, has revealed the company’s ambitious plans for expansion across Nigeria and into the African continent during an investor call held on Friday.
The announcement follows a recent corporate filing on the Nigerian Exchange Limited, indicating Transcorp Hotels’ divestment of its 100% stake in Transcorp Hotels Calabar Limited to Eco Travels and Tours, a local hospitality firm.
Olusola outlined the company’s strategic focus on expanding its operational footprint within Nigeria and venturing into new markets across Africa. She highlighted the imminent launch of an event center within Transcorp’s premises, capable of accommodating three to five thousand people, slated for the third quarter of the year.
Furthermore, Olusola revealed plans for the development of a new five-star hotel in Ikoyi, Lagos, underscoring Transcorp Hotels’ commitment to growth and innovation within the hospitality sector.
In addressing the key drivers of performance, Olusola emphasized the importance of leveraging digital platforms, such as Aura, to enhance guest engagement and drive revenue. She also stressed the significance of upgrading technology and enriching guest experiences while optimizing operational costs without compromising quality.
Despite regulatory challenges delaying the Ikoyi project, Olusola expressed confidence in the company’s growth trajectory, citing ongoing efforts to finalize construction agreements and fundraising initiatives.
Meanwhile, Oluwatobiloba Ojerinde, the Chief Financial Officer of Transcorp Hotels, presented the firm’s financial results for 2023 during the investor call. Ojerinde highlighted a 72% growth in gross profit and a 24% increase in operating expenses, attributed to improved operating activities.
Ojerinde emphasized the company’s commitment to operational efficiency, evidenced by a reduced income-to-cost ratio, despite inflation and currency devaluation affecting operations. She underscored Transcorp Hotels’ strategic positioning to capitalize on economic resurgence, increased business activities, and political events to drive revenue across its business lines while continuing to diversify its offerings.
