Transcorp Hotels Plc, the hospitality arm of Transnational Corporation Plc (Transcorp Group), has sustained its impressive financial performance, as indicated by its unaudited financial statements for Q1 2024, ending March 31, 2024.
The company recorded a 72 percent increase in revenue, reaching N13.8 billion compared to N8 billion in Q1 2023.
Key Highlights:
– Revenue surged by 72 percent to N13.8 billion, compared to N8 billion in Q1 2023.
– Profit before tax rose by 568 percent to N6 billion, up from N911.6 million in the same period last year.
– Profit after tax grew by 844 percent year-on-year to N5 billion, compared to N531 million in Q1 2023.
– Occupancy rates increased to 82 percent in Q1 2024, up from 75 percent in Q1 2023.
Chief Financial Officer Oluwatobiloba Ojediran commented, “This outstanding performance highlights the continuous improvement in all parts of our business and how our operational efficiency has given us a competitive edge. We have consistently broken our revenue records and outperformed industry benchmarks on all fronts.”
Managing Director/CEO Dupe Olusola added, “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, demonstrating 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 industry-leading revenue per available room (RevPAR) growth of 74 percent and profit growth exceeding 844 percent.”
She further assured stakeholders of continued exceptional value delivery and innovative expansion tactics.
Transcorp Hotels Plc is a leading hospitality company under Transnational Corporation Plc (Transcorp Group), one of Africa’s premier listed conglomerates with strategic investments in the power, hospitality, and energy sectors. The company is redefining hospitality standards in Africa through ventures such as the iconic Transcorp Hilton and the digital platform, Aura by Transcorp Hotels.
