Operational efficiency, commitment to excellence lift Transcorp Hotels Q1 profit  by 844%

Transcorp Hotels Plc has achieved 844 per cent rise in Profit After Tax (PAT) in its First quarter (Q1), 2024 operations.

Specifically, Transcorp Hotels Plc, Q1 2024 unaudited financial statements for the period ended March 31, 2024 showed a Profit After Tax (PAT) of 844 per cent to N5 billion higher than N531 million achieved in the corresponding period in 2023.
Its revenue also rose by 72 per cent to N13.8 billion compared to N8 billion reported in Q1 2023.

Additionally, its Profit Before Tax increased by 568 per cent, amounting to N6 billion in Q1 2024, compared to N911.6 million during the same period last year while occupancy rose by 82 per cent in Q1 2024, up from 75 per cent when compared to Q1 2023 figure.

Commenting on the Q1 results, the Chief Financial Officer of the company, Oluwatobiloba Ojediran said:  “This outstanding performance highlights the continuous improvement we have recorded in all parts of our business, and how our operational efficiency has given us a competitive edge. We have continued to break our own revenue records and outperform industry performance on all indices”.

Transcorp Hotels Plc Managing Director/CEO, Dupe Olusola said, “Our excellent first quarter performance marks the beginning of another great year for our company. We broke our all-time monthly revenue record in March, a demonstration of our commitment to excellence and superior performance.

“We leveraged opportunities across our segments for continuous growth. Demand in our International Business Travel and leisure segments remained strong in Q1 2024, delivering an industry-leading revenue per available room (RevPAR) growth of 74 per cent and profit growth in excess of 844 per cent”.

“We assure our stakeholders that we will continue to deliver exceptional value and leverage innovative tactics to rapidly expand our business portfolio.”

About Transcorp Hotels Plc
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies with strategic investments in the power, hospitality, and energy sectors.