Transcorp Hotels PLC, the renowned hospitality subsidiary of Transcorp Group, has disclosed its financial performance for the third quarter of 2023, revealing a robust year-on-year growth across all key indices.
The leading hospitality brand demonstrated remarkable progress, with revenue soaring by 31.76% to N29.9bn, a substantial increase from N22.7bn in the previous year, reflecting a performance that far exceeded pre-COVID levels.
Moreover, profit surged by 62% to N5.5bn from N3.4bn, illustrating the company’s unwavering commitment to delivering exceptional value to stakeholders and sustaining a trajectory of continuous growth.
Key Highlights of the Financial Result:
- The revenue for the period ending September 30, 2023, amounted to N29.9bn, representing a substantial 31.76% increase compared to N22.7bn in September 30, 2022.
- Profit witnessed a notable surge, climbing by 62% to N5.5bn from N3.4bn by the end of September 2022.
- Average Daily Rate (ADR) experienced a significant boost, jumping by 38% to N134,739 from N99,390 during the corresponding period in 2022.
- Revenue per Available Room (REVPAR) also marked an impressive growth, reaching N106,244 by the end of September 2023, a substantial 34% increase from N77,428 at the end of September 2022.
Addressing the results, Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, remarked, “This consistent financial upswing underscores our commitment to excellence and resilience despite economic challenges. We have remained agile, swiftly adapting to meet the evolving preferences of our esteemed guests.”
Olusola further emphasized the company’s robust performance in the International Business Travel segment, leveraging renewed investor confidence in the Nigerian economy following the assumption of a new government.
Transcorp Hotels continues to assert its dominance in the leisure business, setting the bar high with its exceptional delivery of both business and leisure offerings, especially as the significance of the Bleisure segment expands within the industry.
