Ikeja Hotels posts NGN560 million profit for full year 2015

Sun International

Ikeja hotels plc is reporting NGN560.7 million profit for the financial year 2015 compared to NGN2.9 million recorded in the fiscal year 2014.

The hotel ended the year with NGN9.8 billion revenue in contrast to NGN10.0 billion it ended the previous year while gross profit was higher at NGN3.3 billion against NGN3.0 billion in the year 2014.

Ikeja Hotels plc said its total assets for the year 2015 was NGN21.1 billion against NGN19.6 billion in the year 2014 while total liabilities was NGN14.7 billion versus NGN13.8 billion in the year 2014.

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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