Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), has achieved N13.8 billion revenue in its first quarter 2024 unaudited financial result for the period ended March 31, 2024.
The performance represents 72 per cent increase in revenue compared with N8 billion reported in the first quarter of 2023.
Other highlights of the performance showed that profit before tax rose by 568 per cent, amounting to N6 billion , compared to N911.6 million during the same period last year.
Also, profit after tax grew by 844 per cent year-on-year to N5 billion compared to N531 million in the same period last year while occupancy grew to 82 per cent up from 75 per cent in the first quarter of 2023.
Commenting on the results, the Chief Financial Officer, Oluwatobiloba Ojediran, 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 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 per cent and profit growth in excess of 844 per cent”.
“We assure our stakeholders that we will continue to deliver exceptional value and leverage innovative tactics to rapidly expand our business portfolio,” she said.
