By OLSUHOLA BELLO, Lagos
Transcorp Hotels Plc, has declared profit after tax (PAT) growth of 844 per cent to sustain its remarkable financial performance in its first quarter (Q1) 2024 unaudited financial statements, for the period ended March 31, 2024.
The Company’s Q1 results showed that revenue recorded a 72 per cent to N13.8 billion in the period under review compared with N8 billion reported in Q1 2023.
Profit before Tax rose by 568 per cent to N6 billion in Q1 2024, compared to N911.6 million during the same period last year, while profit after tax grew by 844 per cent year-on-year to N5 billion in Q1 2024 from N531 million in the same period last year. Occupancy grew to 82 per cent in Q1 2024, up from 75 per cent in Q1 2023.
Speaking on the Q1 results, the chief financial officer of Transcorp Hotels, Oluwatobiloba Ojediran said “this outstanding performance highlights the continuous improvement we have recorded in all parts of our business, and how our operational efficiency has given us a competitive edge. We have continued to break our own revenue records and outperform industry performance on all indices.”
Managing Director/CEO, Transcorp Hotels, Dupe Olusola said, “our excellent first quarter performance marks the beginning of another great year for our company. We broke our all-time monthly revenue record in March, a demonstration of our commitment to excellence and superior performance.
“We leveraged opportunities across our segments for continuous growth. Demand in our International Business Travel and leisure segments remained strong in Q1 2024, delivering an industry-leading revenue per available room (RevPAR) growth of 74 per cent and profit growth in excess of 844 per cent”.
She assured stakeholders that the Company will continue to deliver exceptional value and leverage innovative tactics to rapidly expand its business portfolio.
Transcorp Hotels is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading listed companies with strategic investments in the power, hospitality, and energy sectors. Transcorp Hotels is redefining hospitality standards in Africa through its businesses, including the iconic Transcorp Hilton, Nigeria’s flagship hospitality destination, and digital platform, Aura by Transcorp Hotels.
