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Transcorp Hotel, tech firms record highest returns

Bisola David
Bisola David
Transcorp Hotels becomes first Nigerian firm to pass N1tn market cap

Transcorp Hotels Plc provided investors with a higher return on investment in terms of capital gain in 2023 when compared to other companies listed on the Nigerian Exchange Limited.

According to The PUNCH, the hospitality/tourism industry began the year at N6.25 per unit and completed the year at N70.18 per share. This amounted to a 1,027 per cent increase in capital gain for the year.

Transcorp Hotels, with a market capitalization of around N718 billion, had no insider trading in its equity in 2023. In its third-quarter report, the hotel brand reported 31.76 percent revenue growth to N29.9 billion from N22.7 billion the prior year, much greater than pre-covid performance. Profit also grew by 62 per cent to N5.5bn from N3.4bn.

The Managing Director/Chief Executive Officer of Transcorp Hotels Plc, Dupe Olusola, commented on the results, saying, “This consistent financial upswing reinforces our commitment to excellence and resilience in the face of economic challenges. We have stayed agile, quickly reacting to our guests’ changing demands.”

According to Olusola, the Company’s International Business Travel segment continued to perform well as a result of improved investor confidence in the Nigerian economy as a new government came power.

A technology company, Chams Holding Plc, was another stock that performed well this year. The company’s shares began trading at N0.24 per unit and closed at N1.97 per unit.

Chams Holding Company Plc began in 1985 as a company that gave identity verification solutions, closed the year with about 720 per cent gains. It has traded as low as N0.23 and as high as N2.44 per unit.

The Group Managing Director, Chams HoldCo, Mrs Mayowa Olaniyan, stated at the company’s Facts Behind The Figures presentation at the Nigerian Exchange Limited in September that the company was targeting three-digit year-on-year growth from expanded business activities and emerging opportunities within the group for the year.

The third quarter report showed that the company’s sales increased by roughly 136% to N7.51 billion from N3.17 billion at the end of September 2022. It also made a profit after tax of N255 million, compared to a deficit of N135 million in 2022.

Another technology firm, Computer Warehouse Group, had nearly 800% year-to-date returns at the end of 2023 trading. It began trading at N0.92 per unit in January and closed trading on the NGX at N8.30 per unit.

These software firms, whose shares began to rise dramatically in the second part of the year, are said to be gaining from investors’ interest in the fintech industry, which has potential given Nigeria’s massive underbanked population.

According to the World Bank, only approximately 45 per cent of adults in Nigeria have bank accounts, compared to a BRICS average of 70 per cent. The data gives opportunities for the country’s fintech industry.


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