Ikeja Hotels posts NGN1.1 billion profit for 2016

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Ikeja Hotels plc in its financial report for the year ended December 2016 is reporting NGN1.1 billion profit compared to NGN560.9 million recorded in the financial year 2015.

According to the balance sheet, the hotel ended the year with NGN10.8 billion revenue in contrast to NGN9.8 billion posted in the year before while gross profit was stood still at NGN3.3 billion against NGN3.3 billion in the previous year.

Operating profit for the period was higher at NGN2.3 billion against NGN1.4 billion in the fiscal year 2015.

Ikeja Hotels’ total asset for the period was NGN24.6 billion compared to NGN21.1 billion in the year 2015 while total liabilities was NGN8.3 billion against NGN8.0 billion in the year before.

Ikeja Hotel Plc engages in the acquisition and development of hotel and tourist facilities in Nigeria. It operates three hotels: Sheraton Lagos Hotel and Towers, Federal Palace Hotel, and Abuja Sheraton Hotel & Towers.

Ikeja Hotel was founded in 1972 as Properties Development Limited and changed its name to Ikeja Hotel Limited in 1980. Later, it changed its name to Ikeja Hotel Plc in 1991. The company is headquartered in Lagos, Nigeria.

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