From N5.64 billion in Q3 2023 to N16.44 billion in Q3 2024, Transcorp Hotels’ earnings before taxes climbed by 192%.

During this time, post-tax earnings increased by 146% to N10.24 billion from N4.07 billion in Q3 2023.

This was revealed in its unaudited Q3 results, which were submitted on Monday to the Nigerian Exchange Limited.

The hotel division of the Transcorp Group, Transcorp Hotels, witnessed a 67% increase in revenue during the period under review, from N28.97 billion in Q3 2023 to N48.49 billion in Q3 2024.

The firm said in a statement on Monday that strong sales efforts across all business segments, with a focus on the targeted group and foreign business segments, and strategic pricing actions were the main drivers of the revenue rise.

“We are pleased with the excellent performance achieved in the third quarter of 2024,” Oluwatobiloba Ojediran, Chief Financial Officer of Transcorp Hotels Plc, remarked in response to the findings. Our business model’s stability and the efficacy of our cost management techniques are demonstrated by the consistent increase in our operating expense margin and the notable growth in total profit. Even in the face of growing inflation and other economic difficulties, our steadfast dedication to operational excellence and financial discipline has been crucial in maintaining our development trajectory.

“Transcorp Hotels Plc is proud to maintain a remarkable growth trajectory, reflecting our unwavering commitment to enhancing shareholder value,” stated Dupe Olusola, Managing Director/Chief Executive Officer. We are the leading entry point to Nigeria’s rich hospitality and cultural experiences because to our outstanding hotels and award-winning customer service. We will reveal another significant addition to our flagship brand in the upcoming weeks, broadening our product line even further.