Capital Hotels reports NGN1.2 billion profit for 2016

Capital Hotels reports NGN1.2 billion profit for 2016

Capital Hotels in its financial report for the last quarter of 2016 reported that its revenue increased by 14% to NGN5.3 billion against NGN4.6 billion recorded same period 2015.

While its costs of sales was NGN3.7 billion loss versus NGN3.4 billion loss recorded in the year 2015.

The company said its operating profit increased by 28% to NGN1.5 billion in fourth quarter 2016 from NGN1.2 billion recorded same period 2015.

Capital Hotels recorded NGN1.7 billion profit before taxation in the year in review against NGN670.1 million recorded in the year before.

After deducting its tax expense for the period, its profit for the year increased by to NGN1.2 billion against NGN492.2 million recorded in 2015.

Capital Hotels plc recorded NGN9.0 billion in the financial year 2016 compared NGN7.5 billion recorded in the year 2015. Its total liabilities for the period was NGN3.8 billion versus NGN3.5 billion recorded in the year before.