Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, has reported a 52 per cent year-on-year growth in revenue for the first quarter ended March 31, 2025.
The company’s unaudited financial statements filed with the Nigerian Exchange Limited recently showed that revenue rose to N21bn in the first quarter of 2025, up from N13.8bn recorded in the corresponding period of 2024.
According to the company, the revenue growth reflected improved operational performance, boosted by the recent completion of its 5,000-capacity event space, Transcorp Centre.
In the period under review, the company’s gross profit rose by 59.6 per cent to N15.84bn in the period under review, compared to N9.92bn in the first quarter of 2024. The company also achieved a gross profit margin of 75 per cent, after reducing its cost of sales margin from 28 per cent to 25 per cent, despite a challenging macroeconomic environment marked by inflation and rising operating costs.
Profit before tax stood at N6.16bn, slightly up from N6.09bn recorded in the corresponding period of 2024. Notably, the company maintained profitability even without the exceptional N2.9bn foreign exchange gain it recorded in the previous year.
Commenting on the results, the Managing Director/Chief Executive Officer of Transcorp Hotels, Uzo Oshogwe, said the performance reflected the strength of the company’s operations and strategic focus.
“Our first quarter 2025 results demonstrate the underlying strength of our business and the effectiveness of our strategic focus on driving revenue growth. The significant increase in revenue and the impressive profit margin growth are clear indicators of the hard work and dedication of our team,” Oshogwe said.
She added that with the addition of the new Transcorp Centre to its assets, alongside the iconic Transcorp Hilton Abuja, the company was further solidifying its position as a leader in the African hospitality industry.
The PUNCH reported that Transcorp Hotels Plc has recorded a 138 per cent surge in profit after tax to N14.9bn for the 2024 financial year, compared to N6.3bn in the previous year, driven by revenue growth and improved operational efficiency.
