In the ever-evolving landscape of business, 2023 has emerged as a landmark year for Transnational Corporation Plc (Transcorp Group) and its subsidiaries, the hospitality company has stated.
The group disclosed in a statement that the diversified conglomerate with investments in power, hospitality, and energy has continued to reinforce its position as Nigeria’s business turnaround champion with abounding stories of transformation across the businesses Transcorp is invested in.
The statement read, ‘‘One of the standout achievements of the year lies in the extraordinary performance of Transcorp Group’s shares. Investors witnessed a meteoric rise in the share price, surpassing expectations and redefining the dynamics of the market, recording a 667.86% growth over the past year. The Group’s commitment to strategic initiatives, coupled with robust financial management, has undoubtedly fueled this remarkable ascent. ‘‘Behind the scenes, Transcorp Group has been steering its diverse portfolio with finesse, from energy to hospitality, showcasing resilience and adaptability in a rapidly changing global environment. Earlier in the year, one of its power subsidiaries Transcorp Power became the first privatised power business to be discharged from post-privatisation monitoring having surpassed all requirements set by the Bureau of Public Enterprise.
‘‘Another power subsidiary Transafam Power Limited commissioned its new Fast Power system, adding 240MW to the national grid. Transcorp Group’s hospitality business, Transcorp Hotels Plc has also emerged as a shining star. The share price growth of Transcorp Hotels Plc in 2023 is nothing short of phenomenal at 1,144.15% over the past year.
This hospitality giant has not only weathered the storm having been hit greatly by the COVID-19 pandemic in 2020, but has continued to soar to unprecedented heights, redefining standards and setting new benchmarks in the industry.’’