Transcorp’s quarterly profit rises by 624.4%

Transcorp’s quarterly profit rises by 624.4%

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THE profit before tax of Transcorp Hotels Plc, a hospitality company and subsidiary of Transnational Corporation Plc, rose by 624.4 per cent to N1.067bn as of the end of first quarter ended March 31, 2022, from a loss of N203.7m in the same period of last year.

The statement said the result was contained in the company’s unaudited financial statements for the period ended 31 March 2022, published on the Nigerian Exchange Group.

The hospitality company, which owns Transcorp Hilton Abuja, Transcorp Hotels Calabar and an online booking platform, said its revenue rose by 77.4 per cent to N7.04bn, from N3.97bn in the same period in 2021.

Commenting on the results, the Managing Director/Chief Executive Officer, Transcorp Hotels Plc, Mrs Dupe Olusola, expressed confidence in the company’s ability to sustain its growth trajectory.

She said, “Our first quarter performance was driven by our relentless innovation in all facets of our business, creating new and tailored business and leisure offerings, while consistently improving guest experience to ensure maximum value for every spend.

“This has seen us record continuous growth from January through March. Our leisure business remains strong on the back of strategies employed following the pandemic, even as our international business travellers continue to show impressive recovery.

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