Transcorp Hotels grows revenue, posts N5.5bn profit in Q3 2023

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, says its profit grew to N5.5 billion in the third quarter of 2023.

In a statement on Thursday, Transcorp Hotels said the profit represents a 62 percent year-on-year growth, compared to the N3.4 billion recorded in Q3 2022.

According to the company, it recorded a 31.76 percent growth in revenue to close the review period with N29.9 billion in turnover.

This is above the N22.7 billion revenue recorded in the corresponding period of the previous year.

“The results reflect the company’s commitment to delivering exceptional value to its stakeholders and sustaining its growth momentum,” Transcorp Hotels said in the statement. 

Commenting on the results, Dupe Olusola, managing director and chief executive officer (CEO) of Transcorp Hotels, said the consistent financial upswing reinforces “our dedication to excellence and resilience in the face of economic challenges”.

Olusola said: “We have remained nimble, adapting quickly to meet the dynamic preferences of our guests.”

According to the CEO, 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.

She said Transcorp Hotels continues to set the pace with excellence in the delivery of both business and leisure offerings.