Key Highlights
- Transcorp Hotels Plc reported a 21.19% decline in its Q1 2023 pre-tax profit, down to N841.5 million N1.06 billion reported during the same period in 2022.
- Profit after tax (PAT) also declined by 45.92% to N461.6 million in Q1 2023, compared to N853.6 million recorded the year before.
- This is despite a significant 17.2% revenue growth to N8.25 billion from N7.04 billion recorded in the 2022 financial year.
Transcorp Hotel Plc has released its unaudited financial results for the first quarter that ended March 31, 2023.
The first quarter financials, filed by the company on Thursday, showed that revenue rose significantly to N8.25 billion from N7.04 billion recorded in the 2022 financial year, representing a 17.2% growth.
The financial report also showed a 13.2% growth in gross profit from N5.12 billion in 2022 to N5.80 billion in 2023.
Transcorp’s profit before tax declined by 21.19% to close Q1 2023 at N841 million, from N1.06 billion recorded in 2022.
Profit after tax (PAT) declined by 45.92% to N461.6 million in Q1 2023, compared to N853.6 million recorded the year before.
Below are more key highlights from Transcorp Hotels’ Q1 2023 unaudited financial statement.
Revenue
- 2023 Q1: N8.25 billion
- 2022 Q1: N7.04 billion
- Change: +17.2%
Gross profit
- 2023 Q1: N5.80 billion
- 2022 Q1: N5.12 billion
- Change: +13.2%
Operating profit
- 2023 Q1: N1.83 billion
- 2022 Q1: N2.10 billion
- Change: -12.7%
Profit before tax
- 2023 Q1: N841.5 million
- 2022 Q1: N1.06 billion
- Change: -21.19%
Profit after tax
- 2023 Q1: N461.6 million
- 2022 Q1: N853.6 billion
- Change: -45.92%
