Transcorp hotels achieves 62% profit growth, reaches N5.5bn

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Transcorp hotels achieves 62% profit growth, reaches N5.5bn
Transcorp hotels achieves 62% profit growth, reaches N5.5bn

Transcorp Hotels Plc, the hospitality arm of Transcorp Group, released its financial results for the third quarter of 2023 (Q3’23), revealing a profit of N5.5 billion.

This marks a substantial 62% growth compared to the N3.4 billion reported during the same period in 2022 (Q3’22).

The company showcased a remarkable financial performance during this period, with its revenue surging by 31.76% to N29.9 billion, a significant improvement from the N22.7 billion recorded the previous year.

This achievement even surpassed pre-pandemic levels.

In a statement to the Nigerian Exchange Limited (NGX), Transcorp Hotels reported that its revenue for the period concluding on September 30, 2023, reached N29.9 billion, compared to the N22.7 billion reported for the same period in 2022, reflecting the 31.76% growth.

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels, commented on the results, emphasizing the company’s commitment to excellence and resilience in the face of economic challenges.

She also highlighted the company’s ability to adapt swiftly to meet the evolving preferences of its guests.

Olusola mentioned that the company continued to perform exceptionally well in the international business travel segment.

Transcorp Hotels capitalized on the renewed investor confidence in the Nigerian economy as the new government took office.