Transcorp Hotels’ profit before tax surged by 192 percent to N16.44bn in the third quarter of 2024, up from N5.64bn in Q3 2023. Similarly, its post-tax profit saw a significant increase of 146 percent, rising to N10.24bn from N4.07bn recorded in Q3 2023.
This information was disclosed in the company’s unaudited Q3 results, submitted to the Nigerian Exchange Limited on Monday. During this period, Transcorp Hotels, the hospitality arm of Transcorp Group, experienced a 67 percent growth in revenue, which climbed from N28.97bn in Q3 2023 to N48.49bn in Q3 2024.
According to a statement from the company on Monday, the revenue boost was driven by strategic pricing measures and strong sales across all sectors, particularly the group and international business segments. These efforts played a crucial role in the company’s success.
Transcorp Hotels’ Chief Financial Officer, Oluwatobiloba Ojediran, expressed satisfaction with the results, stating, “We are delighted with the outstanding performance achieved in Q3 2024. The continuous improvement in our operating expense margin and substantial profit growth demonstrates the strength of our business model and the success of our cost management strategies. Our focus on financial discipline and operational excellence has been key to maintaining growth, even in the face of rising inflation and economic hurdles.”
Managing Director and CEO, Dupe Olusola, also commented on the company’s achievements, saying, “Transcorp Hotels Plc is proud to continue its remarkable growth trajectory, reflecting our dedication to increasing shareholder value. Our award-winning customer service and exceptional properties make us the leading gateway to Nigeria’s rich hospitality and cultural experiences. In the coming weeks, we will reveal a major new addition to our flagship brand, further expanding our portfolio.”
