Ikeja Hotel posts N7.327 billion revenue in 2019

Ikeja Hotel Plc has recorded revenue of N7.327 billion in its 2019 operations, against of N7.249 billion achieved in the corresponding period in 2018.

Addressing shareholders at the 43rd yearly general meeting of the firm, Chairman of the company, Chief Anthony Idigbe said the company recorded 1.1 per cent increase in revenue from N7.249 billion in 2018 to N7.327 billion in 2019.

The meeting was held by proxy in line with the Corporate Affairs Commission’s guidelines on conduct of AGM by proxy and the need to comply with government directives on health and safety measures against the COVID -19 pandemic.

Idigbe, who was represented by a director of the company, Mrs Fadeke Olugbemi, said profit after tax dropped by 20 per cent, from N677 million in 2018 to N541 million in 2019.

Shareholders at the meeting unanimously approved a dividend of five kobo per share for the 2019 financial year.

According to him, the drop was due to increase in cost of operation, which could not be matched by increase in prices of services.

Highlight of other resolutions passed at the meeting include the re-election of Dr. Alexander Thomopulos, Mr. Ufuoma Ibru and Mrs. Fadeke Olugbemi as directors of the company. Also, the appointment of Mr. Theophilus Eniola Netufo as Group Managing Director/CEO was ratified.

The Group Managing Director pointed out that the result of the financial year 2020 would depend substantially on the impact of the COVID -19 Pandemic, stating that the hospitality industry was the worst hit.

He, however, assured that the board had put in place strategic measures to reduce the adverse effect of the pandemic and to mitigate business risk that might arise in the coming year.