Transcorp Hotels Plc has achieved the coveted milestone of reaching a N1 trillion market capitalization on the Nigerian Exchange Limited (NGX).
This accomplishment positions the hospitality business among the elite companies boasting such substantial market valuations.
Transcorp Hotels’ ascent to the N1 trillion club follows its stellar performance throughout the year, reflecting a phenomenal 1,027% appreciation in capital gain.
The stock, which commenced trading at N6.25 per unit at the beginning of the year, concluded at an impressive N70.18 per share by the year’s end.
The hospitality brand’s market capitalization surged to N1.024 trillion, with each stock unit priced at N100 on Monday.
This achievement solidifies Transcorp Hotels’ standing alongside major industry players such as Access Holdings, United Bank for Africa, Zenith Bank, and other leading companies with N1 trillion market capitalizations.
In the third-quarter report, Transcorp Hotels displayed robust growth, recording a remarkable 31.76% increase in revenue, reaching N29.9 billion from the previous year’s N22.7 billion.
Profits also witnessed substantial growth, soaring by 62% to N5.5 billion from N3.4 billion.
Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, emphasized the company’s commitment to excellence and resilience, highlighting their ability to adapt swiftly to evolving guest preferences amid dynamic economic conditions.
As Transcorp Hotels achieves this significant market cap milestone, it further solidifies its status as a formidable player in the Nigerian business landscape.
