Transcorp Hotels PLC, the hospitality subsidiary of Transcorp Group, on Wednesday reported a strong year-on-year growth on all indices with a 31.76% growth in revenue, from N22.7bn realised 2022 to N29.9bn in the third quarter of 2023.
A financial performance report released on Wednesday in Abuja showed that the revenue growth was significantly higher than the pre-COVID-19 performance, with profit growing by 62% to N5.5bn, from from N3.4bn in the previous year.
The report said the results reflected the company’s commitment to deliver exceptional value to its stakeholders and sustain its growth momentum.
Key highlights of the results showed that revenue for the period ended September 30, 2023, stood at about N29.9bn, compared to N22.7bn recorded in the corresponding period of September 30, 2022, signifying a 31.76% rise in positive performance.
Also, profit jumped by 62% to N5.5bn, from N3.4bn by the end of September 2022, with average daily rate (ADR) increasing by 38% to N134,739, from N99,390 during the same period in 2022.
Revenue per Available Room (REVPAR) , the report revealed, grew by 34%, to N106,244 by the end of September 2023, from N77,428 at the end of September 2022.
An elated Managing Director/CEO of Transcorp Hotels Plc, Dupe Olusola, said the company’s consistent financial upswing reinforces its dedication to excellence and resilience in the face of economic challenges.
“We have remained nimble, adapting quickly to meet the dynamic preferences of our guests despite challenges in the operational environment,” Olusola said.
She said the Company continued to experience strong performance in its International Business Travel segment, as it took advantage of renewed investor confidence in the Nigerian economy as a new government resumed office.
“Transcorp Hotels also continues to maintain its strong leisure business, setting the pace with excellence in the delivery of both business and leisure offerings, as the importance of the Bleisure segment expands in the industry,” the MD said.
Transcorp Hotels Plc. reputed to be one of Africa’s leading hospitality companies, committed to redefining hospitality standards, is the hospitality subsidiary of Transnational Corporation Plc (Transcorp), with its hotels including the Transcorp Hilton Abuja and Transcorp Hotels Calabar.
The company also owns Aura by Transcorp Hotels, an online platform for booking homes, hotels and memorable lifestyle experiences.