Nigeria’s leading hospitality company, Capital Hotels Plc, owners of Abuja Continental Hotel (formerly Sheraton Hotel, Abuja) has recorded a 48 percent revenue increase to N7.9 billion in the financial year ended December 31, 2023.
The Managing Director/Chief Executive Officer, Capital Hotels Plc, Mr. Ravi Bachu, disclosed this to shareholders at the company’s 43rd Annual General Meeting which was held at the company’s lagship property, Abuja Continental Hotel, FCT Abuja.
Bachu said the company made remarkable progress compared to the previous year; adding “this is a sign of positive development.”
According to him, in the year 2023, revenue increased significantly by 48 percent to N7.9B. Profit before taxation increased considerably from a loss of (N0.8B) in 2022 to a profit of N1.1B in 2023.
Although the company incurred a net loss of N0.5 billion in 2023 due to accumulated deferred tax expenses, the overall trend is still promising.
The company’s total assets increased to N31.9 billion in 2023, from N29.5 billion in 2022.
This remarkable growth, Bachu said, could be attributed to the ongoing renovations and upgrades in the hotel. Furthermore, capital expenditures also witnessed a significant increase to N2.3B in 2023 from N0.9 billion in 2022.
These developments, according to Bachu, indicate a positive direction for the company’s business and with continued efforts, it is expected to make a net profit soon.
Similarly, the Chairman of Capital Hotels Plc, Mr. Ramesh Kansagra, said the Board and Management of the hospitality company were confident of strategic investments to elevate its guests’ experience and strengthen its market position resulting in sustained profitability and increased shareholder value.