Transcorp Hotels Plc grows revenue by 55% in Q3 2022

Transcorp Hotels Plc (“Transcorp Hotels” or the “Company”) (NGX: TRANSCOHOT) has announced results for the nine months ended September 30, 2022, as it continues its impressive performance, maintain its position as a leading hospitality brand.

The company which owns Transcorp Hilton Abuja, Transcorp Hotels Calabar and accommodation booking platform Aura by Transcorp Hotels, reported a revenue growth of 55 percent year-on-year to N22.7 billion for the period under review, from N14.6 billion during the same period in 2021. Profit before tax grew to N3.3 billion by the end of September 30, 2022, from N745 million during the same period in 2021. 

The hospitality company, a subsidiary of Transnational Corporation (Transcorp Group) also recorded an average occupancy of 78 percent at its flagship property, Transcorp Hilton Abuja during the first nine months of 2022, outperforming industry average.

Dupe Olusola, Managing Director/CEO of Transcorp Hotels, commenting on the results noted that, Transcorp Hotels Plc continues to deliver and reinforce its position as Africa’s leading hospitality brand, upholding its excellent services and tailored offerings to its guests and stakeholders.

“We believe in providing excellent service and delivering value to our guests and all stakeholders through innovation and in line with our mission. Our International Business Traveller (IBT) and Group business segments have continued to recover impressively, contributing more to our overall growth. This performance did not go unnoticed, with Transcorp Hilton Abuja winning the Africa’s Leading Business Hotel award for the eighth time in eight years,” Mrs Olusola added.

The award by the travel industry’s most prestigious awards programme World Travel Awards, was one of five awards won by the hotel in the 2022 edition of the awards. Transcorp Hilton Abuja also won awards for Nigeria’s Leading Hotel, Nigeria’s Leading Business Hotel, Nigeria’s Leading City Hotel, and Nigeria’s Leading Hotel Suite (the Presidential Suite), winning in the five categories it was nominated for. The hotel’s Zuma Restaurant also won the World Luxury Restaurant Award for 2022.

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