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.
According to the company’s audited financial statements for the year ended December 31, 2024, revenue rose by 69 per cent to N70.1bn from N41.5bn in 2023. The increase was attributed to higher occupancy rates, increased room prices, and strong growth in its food and beverage segment.
The company’s gross profit climbed by 67 per cent to N49.7bn, up from N29.8bn in 2023, reflecting improved cost management despite rising operational expenses.
Transcorp Hotels also recorded a boost in profit before tax, which soared by 138 per cent to N22.6bn from N9.5bn in the prior year. The growth was largely driven by higher revenues, increased efficiency in operations, and a rise in other operating income from N1.6bn to N5.4bn.
Despite a higher tax obligation of N7.7bn in 2024, up from N3.2bn in 2023, the company, profit after tax, still recorded a strong increase due to its revenue expansion and improved financial management.
The company’s total assets rose by 12 per cent to N140.7bn from N126.1bn in 2023, reflecting increased investments in property, plant, and equipment, which grew to N117.8bn from N107.8bn.
Earnings per share rose sharply to 146 kobo from 60 kobo, indicating increased returns for shareholders as a result of the company’s strong financial performance.
The PUNCH reported that Transcorp Hotels’ profit before tax increased by 192 per cent to N16.44bn in the third quarter of 2024 from N5.64bn in Q3 2023.
