Transcorp Hotels Plc has hit N1 trillion in market capitalisation on the Nigerian Exchange Limited, joining the elite group.
The hospitality company started 2023 trading at N6.25 per unit and ended the year priced at N70.18 per share. This marked about 1,027 per cent appreciation in capital gain in the year.
On Monday, the market capitalisation of the group had risen to N1.024 trillion with its stock priced at N100 per unit.
In its third-quarter report, the brand sustained strong growth, as it recorded 31.76 per cent growth in revenue to N29.9bn from N22.7bn the previous year, significantly higher than pre-covid performance. Profit also grew by 62 per cent to N5.5bn from N3.4bn.
Commenting on the results, managing director/chief executive officer of Transcorp Hotels Plc, Dupe Olusola, said, “This consistent financial upswing reinforces our dedication to excellence and resilience in the face of economic challenges. We have remained nimble, adapting quickly to meet the dynamic preferences of our guests.”
The company joins the likes of Access Holdings, United Bank for Africa, Zenith Bank, Guaranty Trust Holdings Company Plc, Seplat Energy Plc, Airtel Africa, MTN Nigeria, BUA Cement, Dangote Cement, BUA Foods Plc in the N1tn capitalisation club.