Transcorp Hotels Declares 55% Revenue Growth In Q3

Transcorp Hotels Plc, has reported a revenue growth of 55 per cent year-on-year in its financial results 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, continued its impressive performance, maintain its position as a leading hospitality brand.

The hospitality company, a subsidiary of Transnational Corporation (Transcorp Group) made this known in its third quarter (Q3) released on the Nigerian Exchange. The results showed revenue grew to N22.7 billion for the period under review, from N14.6 billion during the same period in 2021.

Profit before tax grew to N3.3 billion by the end of September 30, 2022, from N745 million during the same period in 2021. The Company also recorded an average occupancy of 78 percent at its flagship property, Transcorp Hilton Abuja during the first nine months of 2022, outperforming industry average.

Speaking on the results, managing director/CEO of Transcorp Hotels, Dupe Olusola, 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

“We believe in providing excellent service and delivering value to our guests and all stakeholders through innovation and in line with our mission. Our International Business Traveller (IBT) and Group business segments have continued to recover impressively, contributing more to our overall growth. This performance did not go unnoticed, with Transcorp Hilton Abuja winning the Africa’s Leading Business Hotel award for the eighth time in eight years,” Olusola added.