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Capital Hotels’ income for 2018 hits N6 billion

By Bridget Chiedu Onochie, Abuja
03 May 2019   |   4:20 am
The Board of Capital Hotels Plc., owners of Sheraton Hotels and Towers, Abuja, has declared N5.98 billion revenue for the year ending December 31, 2018.

Non-Executive Directors, Capital Hotels Plc., Toke Alex-Ibru (left); Nasr Musa; Abatcha Bulama; Dr. Alexander Thomopulos; Chuma Anosike and Chairman, Anthony Idigbe, during the company’s 38th Annual General Meeting in Abuja…yesterday. PHOTO: LUCY LADIDI ATEKO

•Stakeholders laud management over N5 dividend
The Board of Capital Hotels Plc., owners of Sheraton Hotels and Towers, Abuja, has declared N5.98 billion revenue for the year ending December 31, 2018.

The figure represented four per cent increase above the N5.62 billion earned the previous financial year.

Meanwhile, Profit After Tax (PAT) stood at N379, 946,000. This, according to the board, was transferred to retained earnings.

Board Chairman, Chief Anthony Idigbe, who announced the figures yesterday at the company’s 38th Annual General Meeting (AGM) in Abuja, also declared a dividend of N5 per share to eligible shareholders.

This was in spite of the ongoing renovation of a portion of the hotel from internally generated revenue.

The organisation had in the recent years ploughed back its profit into hotel’s renovation, leaving shareholders with no dividend.

Shareholders however applauded the remarkable result.

According to the financial statement, the net assets of the hotel increased to N6.42 billion in 2018 above the N6.18 billion recorded in 2017 amid the challenging environment in the sector.

During the AGM, three members of the Audit Committee – C. F. Nwokocha, Patrick Ajuduo and Olubodun Banji – were re-elected, while shareholders unanimously sanctioned the exercise.

In his stewardship report, Idigbe disclosed that the hospitality, through its corporate social responsibility (CSR) scheme, donated items worth N355,000, including mattresses, bags of rice, noodles and other edible items to the Abuja School for Deaf Children and those living with speech impairment.

“In 2017, the hotel donated the sum of N694,000 including used beddings worth N5.4 million,’ he said.

The chairman, who acknowledged that the company operated under “very challenging business environment”, reiterated the resolve of his team towards taking giant strides in the new financial year.

Some shareholders, who spoke at the event, applauded the manager and operators of the hotel, Marriott International, owners of Starwood Eame License and Services Company (BVBA).

They also acknowledged the employment of two physically challenged persons last December to enable them develop their skills, knowledge and leadership quality.

While appreciating the successes recorded by the board and management of the hotel, the shareholders, from various states of the federation, harped on the need for more devotion in the hospitality business, stressing that there was an urgent need for the establishment to sustain its leadership role as a premier facility in the industry.

Among the board members present were Executive Director, The Guardian Newspapers, Mr. Toke Alex-Ibru; Dr. Alexander A. Thomopulos; Akpofure Ibru and Abatcha Bulama.

Others are Nicholas E. Dortie; Justin I. Anosike and Mrs. Helen DaSouza.