Transcorp Hotels Bolsters Q3 Earnings, Profit Spikes by 151%
Transcorp Hotels Plc bolstered earning performance in the third quarter, according to its unaudited financial statement which showed profit spiked by 151%.
The hospitality subsidiary of Transcorp Group saw 67% year on year growth in revenue from N28.97 billion in Q3 2023 to N48.49 billion in Q3 2024.
Also, the company reported a 192% increase in profit before tax from N5.64 billion in Q3 2023 to N16.44 billion in Q3, 2024. Profit after tax increased by 151% year on year to settle at N10.239 billion from N4.071 billion in the comparable period in 2023.
Transcorp said 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.
Key earnings drivers include improved occupancy rate, up by 83% in Q3 2024 from 79% in Q3 2023. Also, revenue per available room grew by 64% from N106,244 in Q3 2023 to N174,376.
Speaking of the results, Oluwatobiloba Ojediran, Chief Financial Officer, Transcorp Hotels Plc, 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”.
Dupe Olusola, Managing Director/CEO, Transcorp Hotels Plc, commented that “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.” #Transcorp Hotels Bolsters Q3 Earnings, Profit Spikes by 151%
