Transcorp Hotels declares 67% growth in revenue
Transcorp Hotels Plc on Monday announced its third quarter (Q3) ended September 2024 results with a strong performance of 67per cent revenue growth from N28.97 billion in Q3 2023 to N48.49 billion in Q3 2024.
The hospitality subsidiary of Transcorp Group declared a 192per cent increase in profit before tax from N5.64 billion in Q3 2023 to N16.44 billion in Q3, 2024.
The remarkable revenue growth is fueled by strategic pricing initiatives and robust sales efforts across all business segments, with a particular emphasis on the targeted Group and International Business segments.
The Company demonstrated prudence in resources management as its operating expenses margin improved year-on-year by four percentage points, a testament to the company’s dynamism in navigating market landscapes.
Group Company Secretary, Transcorp Hotel, Stanley Chikwendu in a statement stated that, “The outstanding results posted by the Company not only highlight its resilience, it also demonstrates its unwavering commitment to delivering consistent value through strategic focus on enhancing customer experience, driving operational efficiency, and fostering innovation in service delivery.”
Commenting on the Q3 2024 results, the Managing Director/CEO, Transcorp Hotels, Dupe Olusola in a statement said, “Transcorp Hotels Plc is proud to maintain a remarkable growth trajectory, reflecting our unwavering commitment to enhancing shareholder value. Our award-winning customer service and exceptional properties position us as the premier gateway to Nigeria’s rich hospitality and cultural experiences.
“In the coming weeks, we will unveil another landmark addition to our flagship brand, further expanding our offerings. This is line with our mission to redefine hospitality in Africa. We remain steadfast in our dedication to delivering value to our stakeholders.”
Also speaking, Chief Financial Officer, Transcorp Hotels, Oluwatobiloba Ojediran in a statement said, “We are pleased with the excellent performance achieved in the third quarter of 2024. The steady improvement in our operating expense margin, along with significant total profit growth, highlight the resilience of our business model and the effectiveness of our cost management strategies.
“Our unwavering commitment to financial discipline and operational excellence has been instrumental in sustaining our growth trajectory, even in the face of rising inflation and other economic challenges”.
