Transcorp Hotels Plc has 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, up from N922.65 million recorded in Q3 2022.
According to the group’s financial statements for the period ending September 30, 2023, it was revealed that the group made N10.87 billion in revenue in Q3 2023, marking a significant 41.7% increase compared to N7.668 billion recorded the in 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.
Key Highlights Q3 2023 vs 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
Insights
The group’s Q3 2023 revenue contributes to its nine-month revenue of N29.85 billion, a 31.8% year-on-year increase from the first nine months of 2022.
For the nine months ending September 30, 2023, the group recorded a pre-tax profit of N5.548 billion, representing a 68.7% year-on-year increase from the N3.289 billion recorded in the corresponding period in 2022.
The group’s financial performance in the first nine months of 2023 is a pointer to the performance of the accommodation and food services sector in the Nigerian economy.
The sector grew by 19.54% and 6.36% year-on-year in Q1 and Q2 2023 respectively, with the highest growth expected in the last quarter of the year.
