Transcorp Hotels Records 62% Profit Growth In Impressive Q3 Financials

Transcorp Hotels Records 62% Profit Growth In Impressive Q3 Financials

8 months ago
1 min read

Leading hospitality brand in Nigeria, Transcorp Hotels PLC has released its financial performance for the third quarter of 2023, which indicated a robust year-on-year growth across all benchmarks to the tune of 31.76 per cent.

This subsidiary of Transcorp Group sustained its strong growth, with its revenue spiking from N22.7bn the previous year to N29.9bn, a figure significantly higher than the firm’s performance prior to the Covid-19 pandemic.

The company’s profit also grew by 62 per cent to N5.5bn from N3.4bn, a testament to its commitment to delivering exceptional value to its stakeholders and sustaining its growth momentum.

Other highlights of the result are as follows: Revenue for the period ended September 30, 2023, was N29.9bn, compared to N22.7bn on September 30, 2022, signifying a 31.76 per cent increase.

Profit grew by 62 per cent to N5.5bn, from N3.4bn by the end of September 2022.

Average Daily Rate (ADR) increased by 38 per cent to N134,739 from N99,390 during the same period in 2022.

Revenue per Available Room (REVPAR) grew to N106,244 by the end of September 2023 from N77,428 at the end of September 2022, showing a 34 per cent increase.

READ ALSO: Transcorp Records 31% Revenue Growth In H1 2023 

Commenting on these results, the Managing Director/CEO 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”.

He stated that the Company continued to experience strong performance in its International Business Travel segment, as it took advantage of renewed investor confidence in the Nigerian economy with the coming on board of a new government.

Transcorp Hotels has continued to maintain its strong leisure business, setting the pace with excellence in the delivery of both business and leisure offerings, as the importance of the Bleisure segment expands in the industry. The Company’s hotels include the award-winning Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also owns Aura by Transcorp Hotels, an online platform for booking homes, hotels and memorable lifestyle experiences.

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