Transcorp Hotels Posts 62% Growth In Pretax Profit

Transcorp Hotels Plc, grew its profit before tax (PBT) by 62 per cent in its financial performance for the third quarter ended September 30, 2023.

The Company unaudited results released on the Nigerian Exchange showed a strong year-on-year growth on all indices. The hospitality brand sustained strong growth, recording 31.76 per cent growth in revenue to N29.9 billion from N22.7 billion the previous year, and significantly higher than pre-COVID performance.

Profit before tax also grew by 62 per cent to N5.5 billion from N3.4 billion. The results reflect the company’s commitment to delivering exceptional value to its stakeholders and sustaining its growth momentum.

Average Daily Rate (ADR) increased by 38 per cent to N134,739 from N99,390 during the same period in 2022. Revenue per Available Room (REVPAR) grew to N106,244 by the end of September 2023 from N77,428 at the end of September 2022, a 34 per cent increase.

Speaking on the results, managing director/CEO of Transcorp Hotels, Dupe Olusola said “this consistent financial upswing reinforces our dedication to excellence and resilience in the face of economic challenges. We have remained nimble, adapting quickly to meet the dynamic preferences of our guests.”

According to Olusola, the Company continued to experience strong performance in its International Business Travel segment, as it took advantage of renewed investor confidence in the Nigerian economy as a new government resumed office.

“Transcorp Hotels also continues to maintain its strong leisure business, setting the pace with excellence in the delivery of both business and leisure offerings, as the importance of the Bleisure segment expands in the industry.”

Transcorp Hotels is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Nigeria’s largest conglomerates. Transcorp Hotels aims to build choice hospitality assets across Africa, building a strong footprint in the most populous cities across West Africa.