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 percent growth in revenue.
This was to N29.9 billion from N22.7 billion in the previous year, and significantly higher than the pre-COVID performance.
Profit also grew by 62 percent to N5.5 billion from N3.4 billion.
The results reflect the company’s commitment to delivering exceptional value to its stakeholders and sustaining its growth momentum.
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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.