Transcorp Hotels Plc, the hospitality arm of the Transcorp Group, has unveiled its financial performance for the third quarter of 2023 (Q3’23), marking an impressive N5.5 billion in profit. This figure represents a substantial 62% increase compared to the N3.4 billion reported in the corresponding period of 2022 (Q3’22).
The company has sustained robust growth, with a remarkable 31.76% surge in revenue, reaching N29.9 billion from N22.7 billion in the previous year. These results not only demonstrate the company’s resilience but also indicate performance levels higher than pre-COVID.
According to the financial report submitted to the Nigerian Exchange Limited (NGX), Transcorp Hotels achieved revenue of N29.9 billion for the period ending September 30, 2023, compared to N22.7 billion during the same period in 2022, reflecting a substantial 31.76% growth.
Dupe Olusola, the Managing Director/CEO of Transcorp Hotels, commented on these results, stating, “This consistent financial upswing reinforces our dedication to excellence and resilience in the face of economic challenges. We have remained adaptable, responding swiftly to meet the ever-evolving preferences of our guests.”
Olusola highlighted the company’s strong performance in the international business travel segment, capitalizing on renewed investor confidence in the Nigerian economy as the new government took office.