Transcorp Hotels Plc, the hospitality arm of Transnational Corporation Plc (Transcorp Group), has unveiled its unaudited financial statements for the first quarter ended March 31, 2024, showcasing impressive financial results.
The company recorded a remarkable 72% surge in revenue, reaching N13.8 billion compared to N8 billion reported in the corresponding period of 2023.
Key highlights from Transcorp Hotels Q1 2024 financial results include:
- Revenue soared to N13.8 billion, marking a 72% increase from N8 billion recorded in Q1 2023.
- Profit before Tax witnessed a remarkable surge of 568%, reaching N6 billion in Q1 2024, compared to N911.6 million in Q1 2023.
- Profit after Tax experienced an exceptional growth of 844% year-on-year, amounting to N5 billion in Q1 2024, compared to N531 million in the same period last year.
- Occupancy rates surged to 82% in Q1 2024, up from 75% in Q1 2023.
Commenting on the impressive results, Oluwatobiloba Ojediran, the Chief Financial Officer, attributed the outstanding performance to continuous improvement across all business segments and operational efficiency, which has provided the company with a competitive advantage.
In her words, she said: “This outstanding performance highlights the continuous improvement we have recorded in all parts of our business, and how our operational efficiency has given us a competitive edge. We have continued to break our own revenue records and outperform industry performance on all indices”.
In her statement, Transcorp Hotels Plc Managing Director/CEO, Dupe Olusola, expressed optimism for the year ahead, emphasizing the company’s commitment to excellence and superior performance.
“Our excellent first quarter performance marks the beginning of another great year for our company. We broke our all-time monthly revenue record in March, a demonstration of our commitment to excellence and superior performance. We leveraged opportunities across our segments for continuous growth. Demand in our International Business Travel and leisure segments remained strong in Q1 2024, delivering an industry-leading revenue per available room (RevPAR) growth of 74% and profit growth in excess of 844%”, she said.
“We assure our stakeholders that we will continue to deliver exceptional value and leverage innovative tactics to rapidly expand our business portfolio.”
