Nigeria: Transcorp Hotels Reports 67 Percent in Revenue Growth to N48.49bn

22 October 2024
This Day (Lagos)
By Kayode Tokede

Transcorp Hotels Plc, yesterday on the Nigerian Exchange Limited (NGX) announced its third quarter (Q3) ended September 2024 unaudited result and accounts with a strong performance from top to bottom.

The hospitality subsidiary of Transcorp Group announced N48.49 billion revenue in Q3 2024, about 67 per cent increase from N28.97 billion in Q3 2023.

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.

From the profit & loss figures, Transcorp Hotels declared N16.44 billion profit before tax in Q3 2024, about 192 per cent increase from N5.64billion reported in Q3 2024 as profit after tax stood at N10.24 billion in Q3 2024, about 146 per cent increase from N4.07 billion recorded in Q3 2023.

The company's occupancy rate grew to 83per cent in Q3 2024 from 79per cent in Q3 2023.

The Group Company Secretary, Transcorp Hotel, Stanley Chikwendu in a statement stated that the company has demonstrated prudence in resources management as its operating expenses margin improved year-on-year by four percentage points, a testament to the company's dynamism in navigating market landscapes.

He added that "The outstanding results posted by the Company not only highlight its resilience, it also demonstrates its unwavering commitment to delivering consistent value through strategic focus on enhancing customer experience, driving operational efficiency, and fostering innovation in service delivery."

Commenting on the Q3 2024 results, the Managing Director/CEO, Transcorp Hotels, Dupe Olusola in a statement said, "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.

"In the coming weeks, we will unveil another landmark addition to our flagship brand, further expanding our offerings. This is line with our mission to redefine hospitality in Africa. We remain steadfast in our dedication to delivering value to our stakeholders."

The Chief Financial Officer, Transcorp Hotels, Oluwatobiloba Ojediran in a statement said, "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".

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