Transcorp Hotels sells 100% stake in Transcorp Hotels Calabar to Eco Travels and Tours

Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group) has sold its 100percent interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company.

With this development, Transcorp Hotels strategic focus is on Abuja and the significant continuing investment in the iconic Transcorp Hilton Hotel and in development opportunities in Lagos.

Eco Travels and Tours has a diversified portfolio including hotel management, wellness and fitness facilities, family-centric spaces, and interior and exterior design and decoration.
In its full year audited results filed with the Nigerian Exchange (NGX), Transcorp Hotels reported a record-breaking revenue of N41.5 billion in 2023, compared to N30.4 billion in 2022, marking a substantial 36 percent growth year-on-year (YoY), while operating income also grew by 50 percent, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022.

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The Company’s total revenue for the year ended December 31, 2023 was N41.5 billion, compared to N30.4 billion in December 31, 2022, signifying a 36 percent increase. Operating income grew by 50 percent from N8.8 billion in December 2022, to N13.1 billion in December 2023. Profit for the year grew by 133 percent, from N2.6 billion in December 2022 to N6.1 billion in December 2023.

Transcorp Hotels total assets increased by 5 percent from N120.5 billion in December 2022 to N126.1 billion in December 2023.

With the ongoing execution of its business strategies and optimisation of new business opportunities, the company said it will continue to deliver even greater value to all its stakeholders.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.