Transcorp Hotels PLC, the hospitality subsidiary of Transcorp Group, has announced its financial performance for the third quarter of 2023, showing a strong year-on-year growth on all indices.

The leading hospitality brand sustained strong growth, recording 31.76% growth in revenue to N29.9bn from N22.7bn the previous year, and significantly higher than pre-COVID performance. Profit also grew by 62% to N5.5bn from N3.4bn. The results reflect the companys commitment to delivering exceptional value to its stakeholders and sustaining its growth momentum.

HIGHLIGHTS OF THE RESULT:

Revenue for the period ended September 30, 2023, was N29.9bn, compared to N22.7bn in September 30, 2022, signifying a 31.76% increase.

Profit grew by 62% to N5.5bn, from N3.4bn by the end of September 2022.

Average Daily Rate (ADR) increased by 38% to N134,739 from N99,390 during the same period in 2022.

Revenue per Available Room (REVPAR) grew to N106,244 by the end of September 2023 from N77,428 at the end of September 2022, a 34% increase.

Commenting on the results, Dupe Olusola, Managing Director/CEO of Transcorp Hotels Plc, 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 a new government resumed office.

Transcorp Hotels also continues to maintain its strong leisure business, setting the pace with excellence in the delivery of both business and leisure offerings, as the importance of the Bleisure segment expands in the industry.