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Transcorp Hotels Plc Delivers Strong Performance in 2023

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… With 36% Year-on-Year Revenue Growth

The listed hospitality subsidiary of Transnational Corporation Plc (“Transcorp Group”) Transcorp Hotels Plc (“Transcorp Hotels” or the “Company”), has released its audited 2023 full-year results, showing outstanding performance and setting new revenue and profit records.

In its full year audited results filed with the Nigerian Exchange (NGX), Transcorp Hotels reported a record-breaking revenue of N41.5 billion in 2023, compared to N30.4 billion in 2022, marking a substantial 36% growth year-on-year, while operating income also grew by 50%, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022.

HIGHLIGHTS OF THE RESULT:

  • The Company’s total revenue for the year ended December 31, 2023, was N41.5 billion, compared to N30.4 billion in December 31, 2022, signifying a 36% increase.
  • Operating Income grew by 50% from N8.8 billion in December 2022, to N13.1 billion in December 2023.
  • Profit for the year grew by 133% from N2.6 billion in December 2022, to N6.1 billion in December 2023.
  • Total Assets increased by 5% from N120.5 billion in December 2022, to N126.1 billion in December 2023

Dupe Olusola, Managing Director/CEO commenting on the results stated that the Company’s exceptional performance was achieved through continued dedication to excellence, unparalleled guest satisfaction and a resilient spirit that defines its commitment to delivering exceptional service and stakeholder value.

“By strategically investing in innovations, that align with our growth objectives, we continue to deliver these impressive numbers, beating our previous year’s records. Our considerable investment in our iconic Transcorp Hilton Abuja have been rewarded by significant increases in occupancy rates and guest satisfaction.  We are continuing this investment, with our 5,000-capacity event centre purpose-built to host local and international entertainment, conference, and exhibition events. This new world-class facility located within the premises of Transcorp Hilton Abuja is scheduled to open in the second half of 2024. I am immensely proud of the team’s dedication, resilience, and unwavering commitment to excellence, in providing an unparalleled hospitality experience.  We remain focused in our mission to continue exceeding expectations and setting new benchmarks in the African hospitality industry.

About Transcorp Hotels Plc:

Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

Transcorp Hotels Plc. is consistently reshaping the hospitality landscape in Africa, aligning with its mission to lead and contribute to Nigeria’s growth while positively impacting lives.

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Business

EU fines Apple and Meta €700m, risking Trump fury

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Apple Inc. and Meta Platforms Inc. were hit by relatively modest European Union fines totaling €700 million ($798 million) for violating tough new antitrust rules for Big Tech, following warnings of harsh retaliation from US President Donald Trump.

EU regulators levied the penalties — €500 million against Apple and €200 million against Meta — under its Digital Markets Act, which includes a list of dos and don’ts mainly aimed at Silicon Valley giants.

“Apple and Meta have fallen short,” EU antitrust chief Teresa Ribera said on Wednesday.

“All companies operating in the EU must follow our laws and respect European values.”

The punishments — the first under the DMA — are far lower than previous penalties under traditional EU competition law, and are likely to be seen as an attempt to avoid further provoking Trump, who recently laid out a swath of tariffs on global economies.

He’s specifically called out the EU’s tech regulations as the kind of non-tariff trade barrier that his so-called reciprocal tariffs are intended to target.

The European Commission said that Apple had failed to allow developers to link out from its App Store in order to make sales outside of the company’s marketplace.

Meta’s business model for ad-free services on Instagram and Facebook also fell foul of the tech law, which gives regulators fining powers of up to 10% of a company’s global annual revenue.

Both firms must comply with the EU decision within 60 days, or face the risk of further financial penalties.

Apple was also warned that its new fee structure for app developers — itself a plan devised to comply with EU rules — isn’t in line with the EU Big Tech rulebook.

Apple responded fiercely to the EU penalty, accusing the bloc’s regulators of discriminating against the company and forcing it to give away its technology for free.

The Cupertino, California-based company said it would appeal the fine to the EU courts. Just last year, the company was hit with a €1.8 billion EU fine for shutting out music-streaming rivals on the iPhone.

Meta’s head of global affairs Joel Kaplan also hit back, saying the EU “is attempting to handicap successful American businesses while allowing Chinese and European companies to operate under different standards.”

The EU decision “isn’t just about a fine; the commission forcing us to change our business model effectively imposes a multi-billion-dollar tariff on Meta while requiring us to offer an inferior service,” said Kaplan.

“And by unfairly restricting personalized advertising the European Commission is also hurting European businesses and economies.

”The White House didn’t immediately respond to a request for comment.Asked about whether the commission had deliberately kept the fines low to avoid provoking Trump, the Brussels-based EU commission said the fines were “proportionate” to the alleged gravity and duration of breaches of the DMA, which became applicable two years ago.

“This is about enforcement. It’s not about trade negotiations,” commission spokesperson Arianna Podesta told reporters.

Still, the size of the fines “suggest an easing of European regulatory pressure on US tech giants,” according to Bloomberg Intelligence analyst Tamlin Bason.

“Penalties under the competition law could have been as much as 10% of total revenue, but ended up being less than 0.15% of each company’s 2024 sales, likely reflecting caution on aggressive enforcement against a tense backdrop in US-EU relations,” Bason said.

Despite its fine, Apple did see EU watchdogs close an investigation into online browsers after it rejigged how it offers users more choice on their iPhones.

EU regulators also backtracked on their decision to target Facebook Marketplace under the DMA. Meta was hit by a €798 million EU fine for alleged abuses on that service last year under standard antitrust law.

Apple shares rose 3.5% and Meta advanced 7% in early New York trading while the S&P 500 Index was up 3%.

Over recent years the EU has made costly penalties against firms, including more than $8 billion in fines against Alphabet Inc.’s Google and a separate order for Apple to pay Ireland back taxes of €13 billion.

Under its abuse-of-dominance rules, it has also forced changes out of Amazon.com Inc.’s marketplace platform and Apple’s tap-and-go chip, while also investigating Microsoft Corp. video conference software, Teams.

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Uber, Bolt, inDrive workers to down tools in Lagos on May 1

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The Amalgamated Union of App-Based Transporters of Nigeria (AUATON), Lagos State Chapter, is planning a 24-hour protest on May Day over alleged anti-labour practices by app-based companies including Uber, Bolt.

In a statement signed by AUATON Public Relations Officer Steven Iwindoye on Tuesday, the union said members would be staying off the apps, refusing to work, and demanding that their rights be respected.

According to Iwindoye, the union is protesting against alleged poor wages, unjust deactivations, insecurity and unsafe working conditions.

Others are excessive commissions taken by app companies, lack of proper rider profiles, mandatory facial recognition systems and harmful and exploitative work policies.

He alleged that app-based companies like Uber, Bolt, Lagride, inDrive, and Rida had ignored the union’s concerns and disrespected its rights.

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Business

BACITI Advocates Market Shift for Nigerian Exporters

Nigerian agricultural and manufacturing SMEs that have carved out a market in the U.S.now face a price disadvantage.

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The Bashir Adeniyi Centre for International Trade and Investment (BACITI) says that Nigerian fertilizers manufacturers and industrial goods had better consider exporting regionally under the AfCFTA .

BACITI also urges the Nigerian Export Promotion Council (NEPC) and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to help exporters cope with the tariff’s cost through rebates, tax breaks, or low-interest loans to affected exporters.

BACITI , in its Economic Insight April 2025, noted that the U.S. tariff will hit Nigeria’s non-oil export sector hardest.

Said the report: ” Many African countries rely on preferential access to the U.S.market under AGOA (African Growth and Opportunity Act), which granted duty-free treatment to thousands of African exports.African manufacturers who invested with AGOA preferences in mind are now at risk.

Textiles, leather, and agro-processing exports from countries like Kenya,Ethiopia, Ghana, Lesotho, and Nigeria may now face 10–14%tariffs, rendering the uncompetitive.

This could lead to job losses in export zones and industrial park.

Nigerian agricultural and manufacturing SMEs that have carved out a market in the U.S.now face a price disadvantage.

Niche products like Nigerian cocoa butter, dried fruits, or textiles and apparels which entered the U.S. duty-free will become costlier and uncompetitive.

Fertilizer makes up 2–3% of Nigeria’s exports to the U.S. A 10-14% tariff on fertilizer could lead U.S. buyers to seek cheaper suppliers, thus Nigerian producers might lose that market or have to accept lower net prices.

While crude oil is less likely to be directly impacted by the new tariffs, the broader uncertainty stemming from the ongoing trade war is likely to exert downward pressure on global oil prices, thereby affecting Nigeria’s export revenues and fiscal stability.

Indirect macro impact via oil prices: fallin oil prices due to slow global trade and economic uncertainty.

This would further reduce Nigeria’s export earnings and government revenue. A $10 drop in oil price, for example, costs Nigeria billions in export earnings.

Fiscal and FX pressures: A decline inNigeria’s export earnings would reduce dollar inflows, placing pressure on the naira.

In times of global uncertainty or trade wars, investors often retreat from riskier markets. As a result, Nigeria could face capital outflows, further currency depreciation, and rising inflationary pressure.”

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