Transcorp Hotels Plc Reports 62% Profit Growth in Q3 2023

Transcorp Hotels Plc, the esteemed hospitality subsidiary of the Transcorp Group, has released its financial performance report for the third quarter of 2023 (Q3’23), revealing a notable surge in profitability.

The company reported N5.5 billion profit, representing a 62% increase when compared to N3.4 billion during the same period in 2022 (Q3’22).

This impressive financial performance highlights the company’s unwavering commitment to excellence and its capacity to adapt to dynamic economic conditions.

Transcorp Hotels Plc exhibited steadfast growth with a remarkable 31.76% surge in revenue to N29.9 billion from N22.7 billion recorded in the previous year.

Significantly, these figures surpass the pre-pandemic performance, showcasing the company’s resilience and its ability to thrive in the face of economic challenges.

Commenting on the results, Dupe Olusola, the 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.”

Olusola also attributed the company’s strong performance to its international business travel segment, which capitalized on renewed investor confidence in the Nigerian economy as the new government assumed office.

This achievement underscores Transcorp Hotels’ strategic positioning and its adept response to changing market dynamics.