Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has set a new record as the first hospitality group in Nigeria to surpass the N1 trillion market capitalization threshold.
The achievement places the company in the exclusive group known as SWOOTs (Stocks Worth Over One Trillion).
According to a report from the Nigerian Exchange (NGX) on Wednesday, January 10, 2023, Transcorp Hotels Plc (TRANSCOHOT) experienced a remarkable 7.24% gain, closing at a share price of N100.
This significant uptick propelled the company’s market capitalization to an impressive N1.024 trillion.
Transcorp Hotels’ stellar performance in the NGX has been evident over the past year, making it the best-performing stock in the exchange for 2023.
The company closed the year with a market cap of N718.8 billion, reflecting a staggering N654.8 billion increase from the N64 billion recorded at the beginning of the year.
In 2024, Transcorp Hotels has continued its remarkable growth, boasting a 42.5% year-to-date increase. This year alone, the company’s market capitalization has surged by an impressive N305.43 billion.
The week ending January 12, 2023, saw Transcorp Hotels Plc joining the esteemed SWOOT group alongside notable banking entities such as FBN Holdings and United Bank for Africa. With this addition, the NGX now hosts eleven companies with market capitalizations exceeding N1 trillion.
In the first nine months of 2023, Transcorp Hotels reported a revenue of N29.85 billion, representing a significant 32% year-on-year increase from the corresponding period in 2022. Additionally, the company recorded a net income of N4.07 billion during the same period, indicating a remarkable 79% increase year-on-year.
Transcorp Hotels operates as a subsidiary of Transnational Corporation Plc, with the latter holding a substantial 76.15% stake in the hotel. Furthermore, the Federal Government of Nigeria maintains an 11.04% stake in the company.
The SWOOT group now includes Airtel Africa, Dangote Cement, MTN Nigeria, BUA Foods, BUA Cement, GTCO Holdings, Seplat Energy, Zenith Bank, United Bank for Africa, Transcorp Hotels, and FBN Holdings, showcasing the strength and diversity of Nigeria’s thriving market.