Transcorp Hotels Plc has announced its unaudited results for the third quarter ended September 30, 2024.
According to the company’s statement, the company’s occupancy rate grew to 83 per cent in third quarter (Q3) of 2024 from 79 per cent in the corresponding period of 2023.
Transcorp Hotels Plc (the Company), the hospitality subsidiary of Transcorp Group grew its total assets by14.24 per cent to N144.04bn in third quarter of 2024 from N126.09bn recorded in December 2023.
The company reported a 67 per cent revenue growth from N28.97bn in third quarter of 2023 to N48.49bn in third quarter of 2024 and a 192 per cent increase in profit before tax from N5.64bn in third quarter of 2023 to N16.44bn in third quarter, 2024.
The revenue growth according to the company is fueled by strategic pricing initiatives and sales efforts across all business segments, with a particular emphasis on the targeted Group and International Business segments.
Profit After Tax: Profit after tax increased by 146 per cent to N10.24bn in third quarter 2024 from N4.07bn recorded in third quarter 2023.
Revenue per Available Room (RevPAR) grew by 64 per cent from N106,244 in third quarter 2023 to N174,376 in third quarter 2024.
Operating Expense Margin reduced by four percentage points from 47 per cent in Q3 2023 to 43 per cent in third quarter 2024.
Speaking of the results, Oluwatobiloba Ojediran, Chief Financial Officer, Transcorp Hotels Plc, stated: “We are pleased with the excellent performance achieved in the third quarter of 2024.
“The steady improvement in our operating expense margin, along with significant total profit growth, highlight the resilience of our business model and the effectiveness of our cost management strategies.
“Our unwavering commitment to financial discipline and operational excellence has been instrumental in sustaining our growth trajectory, even in the face of rising inflation and other economic challenges”.
Dupe Olusola, Managing Director/CEO, Transcorp Hotels Plc, also commented on the results: “Transcorp Hotels Plc is proud to maintain a remarkable growth trajectory, reflecting our unwavering commitment to enhancing shareholder value.
“Our award-winning customer service and exceptional properties position us as the premier gateway to Nigeria’s rich hospitality and cultural experiences”.
