Transcorp Hotels Reports Impressive Q3 Financial Results, Achieving 62% Profit Growth


[Abuja, October 25, 2023] — Transcorp Hotels PLC, the hospitality subsidiary of Transcorp Group, has unveiled its Q3 2023 financial performance, demonstrating robust year-on-year growth across key indicators.

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The prominent hospitality brand has sustained its remarkable growth trajectory, with revenue increasing by 31.76% to N29.9 billion from N22.7 billion in the same quarter the previous year, surpassing pre-covid performance. Profits also surged by 62% to reach N5.5 billion, compared to N3.4 billion. These results underscore the company’s unwavering commitment to delivering exceptional value to its stakeholders while maintaining its growth momentum.

Key Highlights of the Results:

– Revenue for the period ending September 30, 2023, reached N29.9 billion, marking a 31.76% increase compared to N22.7 billion in the same period in 2022.
– Profits soared by 62% to N5.5 billion, compared to N3.4 billion by the end of September 2022.
– Average Daily Rate (ADR) rose by 38% to N134,739 from N99,390 during the same period in 2022.
– Revenue per Available Room (REVPAR) also grew to N106,244 by the end of September 2023, a 34% increase from N77,428 at the end of September 2022.

Commenting on the results, Dupe Olusola, Managing Director/CEO of Transcorp Hotels Plc, stated, “This consistent financial upswing underscores our commitment to excellence and resilience in the face of economic challenges. We have remained adaptable, swiftly catering to the dynamic preferences of our guests.”

Olusola added that the company continued to perform exceptionally well in its International Business Travel segment, capitalizing on renewed investor confidence in the Nigerian economy as a new government took office.

Transcorp Hotels has also maintained its strong position in the leisure business, excelling in both business and leisure offerings as the Bleisure segment’s significance continues to grow within the industry.

By Naija247news
By Naija247news
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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