Transcorp 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 a 31.76% increase in revenue to N29.9 billion from N22.7 billion 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 30 September 2023, was N29.9 billion compared to N22.7 billion on 30 September 2022, signifying a 31.76% increase.
Commenting on the results, Managing Director/CEO of Transcorp Hotels, Dupe Olusola 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.
