Transcorp Hotels PLC Sustains Remarkable Growth in Q3 2023
TRANSCORP HOTELS PLC REPORTS IMPRESSIVE Q3 2023 GROWTH WITH A 62% PROFIT INCREASE AND 31.76% REVENUE SURGE. THAT IS SIGNALING STRONG RESILIENCE IN A CHALLENGING ECONOMY.
Transcorp Hotels PLC sustains its strong performance as the hospitality arm of Transcorp Group, unveiling its Q3 2023 financial results, which reflect substantial year-on-year growth across all key indicators
In the midst of a challenging economic landscape, Transcorp Hotels PLC showcased robust performance. The report emphasizes a 31.76% surge in revenue to N29.9 billion, surpassing pre-COVID levels. Profits also flourished, soaring by an impressive 62% to N5.5 billion.
Impressive Financial Results
Revenue for the period ending on September 30, 2023, reached N29.9 billion, a substantial increase from the N22.7 billion reported in the same period in 2022, marking a growth of 31.76%.
Moreover, the profit climbed by 62% to N5.5 billion, a significant improvement from N3.4 billion recorded by the end of September 2022.
Average Daily Rate (ADR) saw a remarkable 38% increase, rising to N134,739 from N99,390 in the same period last year.
Strategic Growth Highlights
The Revenue per Available Room (REVPAR) surged to N106,244 by the end of September 2023, up from N77,428 at the end of September 2022, demonstrating a 34% growth.
Dupe Olusola, Managing Director/CEO of Transcorp Hotels Plc, commented on the results, stating, “This consistent financial upswing reinforces our dedication to excellence and resilience in the face of economic challenges. We have remained agile, swiftly adapting to meet the evolving preferences of our guests.”
Robust Market Segments
Transcorp Hotels continued to experience strong performance in its International Business Travel segment. It is capitalizing on renewed investor confidence in the Nigerian economy following a new government’s assumption of office.
Transcorp Hotels PLC has also maintained its strong presence in the leisure sector. It is setting industry standards by delivering outstanding experiences, aligning with the expanding importance of the Bleisure segment.
In conclusion, Transcorp Hotels PLC sustains its impressive track record as the hospitality arm of Transcorp Group. The Q3 2023 financial results demonstrate substantial year-on-year growth across all key indicators, reinforcing its position as a leading player in the industry.
