Transcorp Hotels Achieves Record Q1 2024 Revenue with 844% PAT Growth
TRANSCORP HOTELS SAW RECORD-BREAKING Q1 2024 FINANCIAL RESULTS WITH 844% PROFIT AFTER TAX GROWTH. THE BRAND A TOIMS CONTINUE ITS EXCEPTIONAL PERFORMANCE AND RAPID EXPANSION.
Transcorp Hotels Plc, a pivotal player in Africa’s hospitality sector and part of Transnational Corporation Plc (Transcorp Group), announces impressive Q1 2024 unaudited financial results. Revenue surged by 72% to N13.8 billion compared to N8 billion in Q1 2023.
Transcrorp Q1 2024 Financial Results
Here are the highlights of Transcorp Hotels Q1 2024 Financial Results
- Sustained Growth Momentum
Profit before Tax soared by 568% to N6 billion, a substantial increase from N911.6 million in the same period last year. Profit after Tax skyrocketed by 844% year-on-year to N5 billion, compared to N531 million in Q1 2023.
- Occupancy Rates Surge
Occupancy rates surged to 82% in Q1 2024, up from 75% in Q1 2023, reflecting the growing demand for Transcorp Hotels’ offerings.
Chief Financial Officer Oluwatobiloba Ojediran of Transcorp Hotels attributes this outstanding performance to continuous improvement across all business segments and operational efficiency, providing a competitive edge.
Managing Director/CEO, Dupe Olusola of Transcorp Hotels, expresses pride in breaking the all-time monthly revenue record in March. She emphasizes the company’s commitment to excellence and superior performance, leveraging opportunities for growth across segments.
Moreover, Olusola assures stakeholders of continued delivery of exceptional value and innovative tactics to expand the business portfolio rapidly. The company remains dedicated to exceeding industry standards while maintaining the momentum seen in Transcorp Hotels’ Q1 2024 Financial Results into the upcoming years.
About Transcorp Hotels
Transcorp Hotels is a leading hospitality company in Nigeria, renowned for its luxurious accommodations, excellent service, and diverse portfolio of hotels and resorts. With a commitment to excellence and innovation, Transcorp Hotels consistently sets the standard for hospitality in the region, catering to both business and leisure travelers with its world-class facilities and unwavering dedication to guest satisfaction.
