Transcorp Hotels grows profit by 62% to N5.5bn

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TranscorpTranscorp Hotels Plc, the hospitality subsidiary of Transcorp Group, has announced its financial performance for the third quarter of 2023, Q3’23,   recording N5.5 billion profit, representing an increase of 62% from N3.4 billion in the corresponding period of 2022, Q3’22.

The hospitality company sustained strong growth, recording 31.76% increase in revenue to N29.9billion from N22.7billion the previous year, and significantly higher than pre-covid performance.

Further details of the result released to the Nigerian Exchange Limited, NGX, the company’s  revenue for the period ended September 30, 2023, was  N29.9billion  compared to  N22.7billion  in September 30, 2022, signifying a 31.76% increase.

Commenting on the results,  Dupe  Olusola, Managing Director/CEO of Transcorp Hotels, said: “This consistent financial upswing reinforces our dedication to excellence and resilience in the face of economic challenges.  We have remained  nimble, adapting quickly to  meet the dynamic preferences of our guests.”

According to Olusola, the company continued to experience strong performance in its  international business travel segment,  as it took advantage of renewed investor confidence in the Nigerian economy as the new government resumed office.


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