Transcorp Hotels Reports Strong Q3 Performance

 

Transcorp Hotels PLC, the hospitality subsidiary of Transcorp Group, has disclosed its financial results for the third quarter of 2023, demonstrating remarkable year-on-year growth across various key metrics.

The leading hospitality brand sustained robust growth, achieving a 31.76% increase in revenue, reaching N29.9 billion compared to N22.7 billion the previous year, surpassing pre-COVID levels. Profit also surged by 62%, totaling N5.5 billion, up from N3.4 billion in September 2022. These outcomes underscore the company's commitment to delivering exceptional value and maintaining its growth trajectory.

Key Highlights of the Financial Results:

- Revenue for the period ending September 30, 2023, reached N29.9 billion, marking a 31.76% increase compared to N22.7 billion in September 2022.

- Profit experienced a substantial growth of 62%, reaching N5.5 billion by the end of September 2023, up from N3.4 billion in September 2022.

- Average Daily Rate (ADR) exhibited a robust increase of 38%, reaching N134,739 compared to N99,390 for the same period in 2022.

- Revenue per Available Room (REVPAR) saw a 34% growth, rising to N106,244 by the end of September 2023 from N77,428 at the close of September 2022.

Dupe Olusola, Managing Director/CEO of Transcorp Hotels Plc, commented on the results, stating, "This consistent financial upswing reaffirms our commitment to excellence and resilience in the face of economic challenges. We have remained adaptable, responding promptly to meet the evolving preferences of our guests." She highlighted the company's strong performance in the International Business Travel segment, taking advantage of renewed investor confidence in the Nigerian economy as a new government took office.

Transcorp Hotels also continues to excel in its leisure business, setting industry standards for delivering exceptional experiences in both business and leisure offerings, particularly in the expanding Bleisure segment.