Transcorp Hotels has reported N14.9 billion in revenue from food and beverage sales between January and September 2024, marking an impressive 82% increase from N8.19 billion during the same period in 2023.
This substantial growth comes despite inflationary pressures and rising costs of goods and services across Nigeria.
According to the company’s financial statement for the nine months ended September 30, 2024, the surge in food and beverage revenue underscores strong consumer demand, with the segment emerging as a critical driver of the hotel’s performance amid broader economic challenges.
Transcorp Hotels also saw robust growth in shop rentals, which generated N1.13 trillion in revenue, a 34% rise from N841.8 billion recorded during the first nine months of 2023. The significant boost in rental income highlights the increasing value of the company’s retail partnerships and property assets, reflecting positive demand for commercial spaces within the hotel’s premises.
However, the accommodation and experiences segment saw a sharp decline, generating only N4.78 million in the first nine months of 2024, down by 65% compared to N13.8 million during the same period last year. The steep drop indicates a slowdown in occupancy rates or reduced demand for premium services, potentially linked to the economic impact of inflation and changing consumer spending habits in Nigeria’s hospitality industry.