.jpeg)
The hospitality arm of Transcorp Group reported a revenue of N48.49 billion for Q3 2024, reflecting a significant increase of approximately 67 percent compared to N28.97 billion in Q3 2023.
This impressive revenue surge is attributed to strategic pricing strategies and vigorous sales initiatives across all business sectors, particularly focusing on the targeted Group and International Business segments.
In terms of profit and loss, Transcorp Hotels reported a profit before tax of N16.44 billion for Q3 2024, marking a remarkable increase of 192 percent from N5.64 billion in the same quarter of the previous year. Profit after tax also saw a substantial rise, reaching N10.24 billion in Q3 2024, which is a 146 percent increase from N4.07 billion in Q3 2023.
The company's occupancy rate improved to 83 percent in Q3 2024, up from 79 percent in Q3 2023.
Stanley Chikwendu, the Group Company Secretary of Transcorp Hotels, stated that the company has exercised prudence in resource management, as evidenced by a four percentage point improvement in its operating expenses margin year-on-year, highlighting the company's agility in adapting to market conditions.
He further emphasized that "The exceptional results achieved by the Company not only underscore its resilience but also reflect its steadfast commitment to delivering consistent value through a strategic focus on enhancing customer experience, driving operational efficiency, and fostering innovation in service delivery."
In a statement regarding the Q3 2024 results, Dupe Olusola, Managing Director/CEO of Transcorp Hotels, expressed pride in the company's impressive growth trajectory, underscoring their steadfast dedication to enhancing shareholder value. She highlighted that their award-winning customer service and outstanding properties establish Transcorp Hotels as the leading gateway to Nigeria's vibrant hospitality and cultural offerings.
Olusola also announced that in the upcoming weeks, the company will introduce a significant new addition to its flagship brand, further broadening its portfolio. This initiative aligns with their mission to transform the hospitality landscape in Africa, reaffirming their commitment to delivering value to all stakeholders.
Oluwatobiloba Ojediran, Chief Financial Officer of Transcorp Hotels, commented on the strong performance in the third quarter of 2024. He noted the consistent improvement in operating expense margins and substantial profit growth, which demonstrate the resilience of their business model and the success of their cost management strategies.
He emphasized that their unwavering focus on financial discipline and operational excellence has been crucial in maintaining their growth momentum, despite challenges such as rising inflation and other economic pressures.