Transcorp Hotels Hits 52-Week High Ahead of CEO Exit
Transcorp Hotels Plc market value hit a new 52-week high in the equities segment of the Nigerian Exchange (NGX) in the just concluded week ahead of its leadership change. The hospitality company’s share price inched higher to N116 in the equities market on Friday, gaining 9.4% over the last five trading sessions from the opening price of N106.
Its share price has been flattish over the recent past weeks ahead of the fourth quarter of the financial year 2024 earnings announcements. For some alpha seekers, the right time to make strategic entry into hospitality stock is December.
Investors could easily forecast that a hospitality company’s earnings would be strong due to the year-end rush. In the third quarter, Transcorp Hotels reported an 83% surge in occupancy rate.
Details from its unaudited financial statement also revealed that revenue per available room (RevPAR) grew by 64% from N106,244 in Q3 2023 to N174,376 in Q3 2024. The market expects much better occupancy growth to drive fourth quarter 2024 earnings performance due to seasonal advantage.
The bargain hunting that occluded on Thursday nudged Transcorp Hotels’ market value to N1.188 trillion, its new 52-week under its outgoing Chief Executive Officer Dupe Olusola.
MarketForces Africa reported that Transcorp Hotels Plc recently named Mrs. Uzo Oshogwe as the news managing director and chief executive officer (CEO), effective January 1, 2025.
In the third quarter of the year, the Hotels subsidiary of Transcorp Group reported a strong performance with a 67% revenue growth from N28.97 billion in Q3 2023 to N48.49 billion in Q3 2024 and a 192% increase in profit before tax from N5.64 billion in Q3 2023 to N16.44 billion in Q3 2024. #Transcorp Hotels Hits 52-Week High Ahead of CEO Exit Ministry Seeks $2 billion Fibre Optics Funding
