Transcorp Hotels Plc posts N22.7bn revenue in 9 months

Transcorp Hotels Plc has announced N22.7bn revenue for the nine months ended September 30, 2022.

The company, which owns Transcorp Hilton Abuja, Transcorp Hotels Calabar and accommodation booking platform Aura by Transcorp Hotels, reported a revenue growth of 55 per cent year-on-year to N22.7 billion for the period under review, from N14.6 billion during the same period in 2021.

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Profit before tax grew to N3.3 billion by the end of September 30, 2022, from N745 million during the same period in 2021.

A statement from the hospitality company said it also recorded an average occupancy of 78 per cent at its flagship property, Transcorp Hilton Abuja, during the first nine months of 2022, outperforming the industry average.

Dupe Olusola, managing director/CEO of Transcorp Hotels, commenting on the results noted that, Transcorp Hotels Plc continues to deliver and reinforce its position as Africa’s leading hospitality brand, upholding its excellent services and tailored offerings to its guests and stakeholders.

Also commenting on the result, Chief Finance Officer, Mrs Oluwatobiloba Ojediran, noted that the company has continued to strengthen its operational efficiency to maximise gains.

“We recorded an impressive Revenue Per Available Room (RevPAR) of N77,461 and an Average Daily Rate (ADR) of N99,052.”