Transcorp Hotels Q3 Report Shows the Group Recorded 119% In PBT

Transcorp Hotels recently posted a year-on-year growth of 119% in its Q3 2023 profit before tax. The group recorded a pre-tax profit of N2.02 billion in Q3 2023, which was far better than the corresponding year of N922.65 million.

According to Transcorp Group financial statements for the period ending September 30, 2023, it shows that the group made N10.87 billion in revenue in Q3 2023, marking an increase of 41.7% when compared with the N7.668 billion recorded in the same period last year.

Additionally, the group’s profit after tax for Q3 2023 stood at N1.61 billion, showing a 177.3% surge from the N580.6 million recorded during the same quarter in 2022.

Also, the group profit after tax for Q3 2023 settled at N1.61 billion, and this signifies a 177.3% increase from the N580.6 million recorded in the same quarter in 2022.

The Highlights of Q3 2023 Versus Q3 2022

• Revenue: N10.866 billion, +41.7% YoY

• Gross Profit: N7.783 billion, +42.9% YoY

• Operating Profit: N2.955 billion, +52.8% YoY

• Profit Before Tax: N2.022 billion, +119.2% YoY

• Total Comprehensive Income for the period: N1.610 billion, +177.3% YoY

• Earnings per share: N16, +14.3% YoY

It was revealed that the group's Q3 2023 revenue contributed to its nine-month revenue of N29.85 billion, and this signifies a 31.8% year-on-year increase for the first nine months of 2022.

For the nine months ending on September 30, 2023, Transcorp Group recorded a pre-tax profit of N5.548 billion, showing a 68.7% increase year-on-year from the N3.289 billion that was recorded in the corresponding period in 2022.

The group’s financial performance for the first nine months of 2023 was attributed to the high performance in the accommodation and food services sectors of the Nigerian economy.

The sector grew by 19.54% and 6.36% year-on-year in Q1 and Q2 2023, respectively, with the group expecting a good turnout in the last quarter of the year.