Transcorp Hotels have recorded a profit before tax of N10.5 billion in the first half of 2024, making this an 188% year-on-year (YoY) improvement from the N3.6 billion recorded in 2023.

This was made known in the group’s unaudited financial statements for the first half of 2024.

Transcorp Hotel recorded a revenue of N29.7 billion, which represents a 61% YoY growth from the N18.5 billion revenue posted in the first half of 2023.

Compared to the second quarter of 2023, the second-quarter of 2024 was less profitable as Transcorp recorded a net profit of N1.6 billion, marking a 22% YoY decline from the N2.04 billion recorded in the second quarter of 2023.

See the records below:

Revenue: N29.7 billion, +61% YoY

Cost of sales: N8.5 billion, +71% YoY

Gross profit: N21.2 billion, +57% YoY

Gross margin: 71%, -200 bps, YoY

Operating profit: N12.1 billion, +116% YoY

Operating margin: 41%, -11%-points YoY

Profit before tax: N10.5 billion, +188% YoY

Profit for the period: N6.6 billion, +169% YoY

Earnings per share: N0.65, +171% YoY

Total assets: N136.8 billion, +8.5% YTD

The group recorded about N19.7 billion earnings from rooms in the first half of 2024. It also generated N8.7 billion from food and beverage.