Transcorp Hotel Plc said its five-star Lagos Ikoyi is near completion and will be delivered by 2027.
According to the Managing Director of the company, Dupe Olusola, the company is currently at the stage of closing most of its dates for construction as well as finalising its fund-raising exercise.
At the company’s virtual 2023 Full Year Analyst Call held in Lagos at the weekend, Olusola expressed optimism that the completion of the 315 key facilities with features of relaxation and lifestyle centre, located in the heart of Ikoyi would position the company on the path of sustainable growth and competitiveness in the hospitality industry in the next two year.
“Our priority now is to work on our Lagos Ikoyi project. It was a bit delayed but we had actually acquired more lands and we have advanced and right now in the middle of making progress in this project. We have estimated that by 2017 it will be delivered to the market.
“So, we are quite confident that we will not be reducing our footprint but we will be growing within the next two to three years within the space,” he said.
For the event centre, she also announced that the 3,500 to 5000 capacity event centre, located within the premises of Transcorp Hilton Abuja, would be launched in August.
“We have already taken bookings and events that are scheduled to start taking place at that event centre from September 2024. We are dynamic in our room pricing, we ensure that we address the operational increase in terms of pricing, while also ensuring that we are fair and competitive so as not to overburden our guests,” she added.
She assured that the company is well positioned to take advantage of the nation’s economic resurgence and increased business activities to boost its revenue sustainably.
According to her, the company has continued to diversify its service offerings, as well as optimise its cost by embarking on strategic sourcing to reduce expenses while maintaining high-quality standards in its operations.
A review of its 2023 operations showed revenue of N41.5 billion, up from N30.4 billion posted in the corresponding period in 2022. Its profit after tax (PAT) also rose from N2.6 billion in 2022 to N6.1 billion in 2023. The percentage increase in revenue was 36 per cent while profit rose by 133 per cent.
