Ikeja Hotel plc’s profit fell by 57% in half year 2017

Scoa

Ikeja Hotels plc in its financial report for the half year recorded NGN201.5 million profit compared to NGN471.4 million recorded same period in the financial year 2016, which represents 57% fall in profit year on year comparison.

The group ended the period with NGN5.4 billion revenue in contrast to NGN4.9 billion it ended the previous year with while gross profit dropped to NGN1.6 billion against NGN1.8 billion posted in the year 2016.

The company recorded a lower operating profit of NGN661.4 million compared to NGN992.9 million recorded in the fiscal year 2016.

Ikeja Hotels plc recorded NGN27.0 billion total assets for the period under review compared to NGN25.2 billion recorded in the year 2016 while total liabilities was NGN17.8 billion versus NGN16.2 billion in the year before.