Transcorp Hotels records 67% revenue growth, profit up by 192% in Q3

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has announced its Q3 results for 2024.

The company reported a strong performance with a 67% revenue growth from N28.97 billion in Q3 2023 to N48.49 billion in Q3 2024 and a 192% increase in profit before tax from N5.64 billion in Q3 2023 to N16.44 billion in Q3, 2024.

The organisation said the remarkable revenue growth is fueled by strategic pricing initiatives and robust sales efforts across all business segments, with a particular emphasis on the targeted Group and International Business segments.

Revenue grew by 67% to N48.49 billion in Q3 2024, up from N28.97 billion in Q3 2023, while profit before tax increased by 192% from N5.64 billion in Q3 2023 to N16.44 billion in Q3 2024.

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Profit after tax also increased by 146% to N10.24 billion in Q3 2024 from N4.07 billion recorded in Q3 2023, while occupancy rate grew to 83% in Q3 2024 from 79% in Q3 2023.

Speaking of the results, Oluwatobiloba Ojediran, Chief Financial Officer, Transcorp Hotels Plc, stated: “We are pleased with the excellent performance achieved in the third quarter of 2024. The steady improvement in our operating expense margin, along with significant total profit growth, highlight the resilience of our business model and the effectiveness of our cost management strategies.

“Our unwavering commitment to financial discipline and operational excellence has been instrumental in sustaining our growth trajectory, even in the face of rising inflation and other economic challenges”.

Dupe Olusola, Managing Director/CEO, Transcorp Hotels Plc, also commented on the results.

“Transcorp Hotels Plc is proud to maintain a remarkable growth trajectory, reflecting our unwavering commitment to enhancing shareholder value.

“Our award-winning customer service and exceptional properties position us as the premier gateway to Nigeria’s rich hospitality and cultural experiences,” Olusola stated.