Transcorp Hotels pretax profit rises by 192%

Transcorp Hotels’ profit before tax increased by 192 per cent to N16.44bn in the third quarter of 2024 from N5.64bn in Q3 2023.

Post-tax profit also rose by 146 per cent to N10.24bn during this period from N4.07b recorded in Q3 2023.

This was disclosed in its unaudited Q3 results filed with the Nigerian Exchange Limited on Monday.

During the period under review, Transcorp Hotels, which is the hospitality subsidiary of Transcorp Group, saw its revenue grow by 67 per cent from N28.97bn in Q3 2023 to N48.49bn in Q3 2024.
A statement from the company on Monday indicated that the revenue growth was fuelled by strategic pricing initiatives and robust sales efforts across all business segments, with a particular emphasis on the targeted group and international business segments.

Commenting on the results, Chief Financial Officer of Transcorp Hotels Plc, Oluwatobiloba Ojediran, said, “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, highlights 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.”

The Managing Director/Chief Executive Officer, Dupe Olusola, said, “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. In the coming weeks, we will unveil another landmark addition to our flagship brand, further expanding our offerings.
“This is in line with our mission to redefine hospitality in Africa. We remain steadfast in our dedication to delivering value to our stakeholders.”