Transcorp Hotels’ Q3 earnings nearly triple as occupancy rate rises

Transcorp Hotels Plc, the hospitality subsidiary of Transcorp Group, reported a 192 percent jump in its profit before tax for the third quarter of this year compared to a year earlier.

Its pretax profit rose to N16.44 billion from N5.64 billion in Q3 2023 as revenue increase by 67 percent to N48.49 billion, according to a statement on Monday.

It said the revenue growth was fueled by “strategic pricing initiatives and robust sales efforts across all business segments, with a particular emphasis on the targeted group and international business segments”.

“The steady improvement in our operating expense margin, along with significant total profit growth, highlight the resilience of our business model and the effectiveness of our cost management strategies,” Oluwatobiloba Ojediran, chief financial officer of Transcorp Hotels, said. Our unwavering commitment to financial discipline and operational excellence has been instrumental in sustaining our growth trajectory, even in the face of rising inflation and other economic challenges.”

Dupe Olusola, its managing director/CEO, said the company would unveil another landmark addition to its flagship brand in the coming weeks, further expanding its offerings. “This is line with our mission to redefine hospitality in Africa. We remain steadfast in our dedication to delivering value to our stakeholders.”