Transcorp Hotels posts 72% increase in revenue, accommodates 82% more occupants
Transcorp Hotels Plc, the hospitality subsidiary of one of Africa’s leading, listed conglomerates Transnational Corporation Plc (Transcorp Group), has broken its own record as it posted a 72 percent increase in revenue to N13.8 billion in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.
The company sustained its remarkable financial performance compared with N8 billion reported in Q1 2023.
According to the results sighted by NewsDirect, Profit before Tax (PBT) rose by 568%, amounting to N6 billion in Q1 2024, compared to N911.6 million during the same period last year.
Likewise, Profit after Tax (PAT) grew by 844 percent year-on-year to N5 billion in Q1 2024, compared to N531 million in the same period last year.
In the same vein, the Hotel also achieved 82 percent occupancy in Q1 2024, up from 75 percent in Q1 2023.
Commenting on the Q1 results, Oluwatobiloba Ojediran, the Chief Financial Officer 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.”
Transcorp Hotels Plc Managing Director/CEO, Dupe Olusola said, “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 percent and profit growth in excess of 844 percent.”
“We assure our stakeholders that we will continue to deliver exceptional value and leverage innovative tactics to rapidly expand our business portfolio.”
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies with strategic investments in the power, hospitality, and energy sectors. Transcorp Hotels is redefining hospitality standards in Africa through its businesses, including the iconic Transcorp Hilton, Nigeria’s flagship hospitality destination, and digital platform, Aura by Transcorp Hotels.
