At N13.8bn, Transcorp Hotels Breaks All-time Revenue Record in Q1 2024

Kayode Tokede

Transcorp Hotels Plc, has sustained its remarkable financial performance as shown in its released first quarter (Q1) ended March 31, 2024 unaudited financial statements posted on the floor of the Nigerian Exchange Limited (NGX).

The hospitality subsidiary of one of Africa’s leading, listed conglomerates Transnational Corporation Plc (Transcorp Group), declared N13.8 billion revenue in Q1 2024, an increase of 72per cent from N8 billion reported in Q1 2023. 

 Further highlights of Transcorp Hotels showed that its profit before tax closed Q1 2024 at N6 billion, representing an increase of 568 per cent compared to N911.6 million during Q1 2023.

From the profit and loss figures, profit after Tax increased to N5 billion in Q1 2024, 844 per cent growth from N531 million in the same period last year.

Managing Director/CEO, Transcorp Hotels, Dupe Olusola in a statement said, “Our excellent first quarter performance marks the beginning of another great year for our company. We broke our all-time monthly revenue record in March, a demonstration of our commitment to excellence and superior performance.

“We leveraged opportunities across our segments for continuous growth. Demand in our International Business Travel and leisure segments remained strong in Q1 2024, delivering an industry-leading revenue per available room (RevPAR) growth of 74per cent and profit growth in excess of 844per cent.”    

“We assure our stakeholders that we will continue to deliver exceptional value and leverage innovative tactics to rapidly expand our business portfolio.”  

Commenting also, the Chief Financial Officer, Transcorp Hotels, Oluwatobiloba Ojediran in a statement said, “This outstanding performance highlights the continuous improvement we have recorded in all parts of our business, and how our operational efficiency has given us a competitive edge. We have continued to break our own revenue records and outperform industry performance on all indices”.