Olusola: Transcorp Hotels to Deepen Investment as Foremost Hospitality Brand in Africa.

Kayode Tokede

Managing Director/Chief Executive Officer, Transcorp Hotel, Mrs. Dupe Olusola has said the company in 2023 aimed at deepening its holdings as the foremost hospitality brand in Africa through innovation and technology.

Speaking on AriseTV recently, she said that the company has over 5,000 listings of hotels and accommodation apartments across 30 states in Nigeria.

She disclosed that the company is excited about 3,500 to 5,000-capacity event centre expected to be launched in the first quarter of 2024.

“This is actually to be located in Abuja. We want to continue to expand our footprint. We are expanding to Lagos and this is going to be a phenomenal five-star hotel that offers accommodation as well as event space, among others,” she said.

On the result and accounts for the period ended December 31, 2022, she said the performance was fantastic and it comes on the back heel of the determination and dedication of her team and board of directors.

According to her, “The board and management also supported in ensuring that we achieved these numbers. We had to be innovative, invest in technology and stepped outside the box, and diversify the business segments that we have.

“We enrich it with the introduction of leisure, offering different experiences to all our guests. It has been a lot of hard work. The team has been so committed and consistent in ensuring that we constantly innovating and introducing new things. It is about us sustaining these figures and that is the reason we are doing so much more.

“We checked our eyes on the bottom line. We were so focused on driving revenue but not losing sight of actually delivering exceptional customer experience to all our guests. We did not comprise about giving our customers exceptional experiences.

“It was about innovation, offering new value and experiences. All our outlets were key in the revenue drive of Transcorp Hotels. It was not about the rooms but the added value. We also ensure we kept an eye on the cost and run the business efficiently.”

Transcorp Hotels reported profit before tax (PBT) of N4.5 billion in its financial results for full year 2022, representing an increase of 172 per cent increase year-on-year from N1.7billion reported 2021.

The hospitality subsidiary of Transcorp Group also reported a 47 per cent growth in revenue to N31.4 billion in 2022 from N21.4 billion the previous year and a N2.6 billion profit after tax.

“The growth in profit after tax was a sign for us to reward our shareholders for their commitment in us.

“Last year, we did N716million at N0.70. This year we did N1.33billion at N0.13 per share as a dividend payout to shareholders. So, you can imagine the atmosphere at the AGM,” she speaks on the dividend reward to shareholders.  

On competition, she said, “We compete with ourselves beyond the external competitions. First, we look at what is happening in the local and international industries. We always want to improve from where we are coming from.

“We do not compromise on standards and our brand standards really important. From our guests to amenities, and when you come into the hotel, these are key.

“We see competition coming but we are always ready. We have won several awards that indicate we do not comprise everything we do. We are consistently innovating, and investing in technology. We also invest significantly in our staff as well.