Ikeja Hotels posts NGN47.9 million profit for half year 2016


Ikeja Hotels plc in its financial report for the half year 2016 is reporting NGN47.9 million profit compared to NGN156.8 million loss recorded in the same period in the financial year 2015.

The company ended the period with NGN2.5 billion revenue in contrast to NGN2.4 billion recorded in the previous year while gross profit was higher at NGN921.1 million against NGN569.5 million posted in the year before.

Furthermore, the hotel’s operating profit for the period increased to NGN403.3 million from NGN170.2 million recorded in the fiscal year 2015.

Ikeja Hotels plc said its total assets at the end of the period was NGN19.3 billion compared to NGN18.6 billion acquired in the year before while total liabilities stood at NGN11.8 billion against NGN11.1 billion in the year 2016.