Transcorp Hotels Breaks All-time Revenue Record in Q1 2024

May 3, 2024

Transcorp Hotels Plc, the hospitality subsidiary of one of Africa’s leading, listed conglomerates Transnational Corporation Plc (Transcorp Group), has sustained its remarkable financial performance as shown in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

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The company recorded a 72% increase in revenue to N13.8 billion compared with N8 billion reported in Q1 2023.

Highlights of Transcorp Hotels Q1 2024 Results

  • Q1 2024 RevenueN13.8 billion, up 72%, in comparison with N8 billion reported in Q1 2023.
  • Profit before Tax rose by 568%, amounting to N6 billion in Q1 2024, compared to N911.6 million during the same period last year.
  • Profit after Tax grew by 844 % year-on-year to N5 billion in Q1 2024, compared to N531 million in the same period last year.
  • Occupancy grew to 82% in Q1 2024, up from 75% in Q1 2023.

Commenting on the Q1 results, Oluwatobiloba Ojediran, the Chief Financial Officer 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”.

Transcorp Hotels Plc Managing Director/CEO, Dupe Olusola

Transcorp Hotels Plc Managing Director/CEO, Dupe Olusola 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 74% and profit growth in excess of 844%”.

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

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