Transcorp Hotels grow revenue by 67% to N48.49bn in Q3, 2024

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has announced a 67 percent revenue growth from N28.97 billion in Q3 2023 to N48.49 billion in Q3 2024 and a 192 percent increase in profit before tax from N5.64 billion in Q3 2023 to N16.44 billion in Q3, 2024.

The revenue growth according to the company 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.

Similar growth was recorded in Profit after tax, which increased by 146 percent to N10.24 billion in Q3 2024 from N4.07 billion recorded in Q3 2023, occupancy rate grew to 83 percent in Q3 2024 from 79 percent in Q3 2023.

Also, the revenue per available room (RevPAR) grew by 64 percent from N106,244 in Q3 2023 to N174,376 in Q3 2024, while the operating expense margin reduced by four percentage points from 47 percent in Q3 2023 to 43 percent in Q3 2024.

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Commenting on the result, Dupe Olusola, Managing Director/CEO, Transcorp Hotels Plc 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.”

Also commenting on the result, Oluwatobiloba Ojediran, Chief Financial Officer, Transcorp Hotels Plc, said that the steady improvement in the company’s operating expense margin, along with significant total profit growth, highlight its resilience business model and the effective cost management strategies.

According to him, the company has maintained an unwavering commitment to financial discipline and operational excellence which he said has been instrumental in sustaining the growth trajectory, even in the face of rising inflation and other economic challenges.

He 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”.