Capital Hotel Plc, owners of Abuja Continental Hotel, has announced a revenue of N17.98 billion for the 2024 financial year, marking a 128 per cent increase from the N7.89 billion recorded in 2023.
The impressive growth was revealed during the company’s 44th Annual General Meeting (AGM) held in Abuja. The meeting was presided over by Non-Executive Director, Abdulkadir Aminu, who represented the Chairman, Ramesh Kansagra.
According to Aminu, the revenue leap was driven by a mix of strategic investments, effective cost management, and significant improvement in service delivery. He noted that the company is now well-positioned for sustainable growth in the near future.
Aminu highlighted the hotel’s extensive renovations and enhancements as major contributors to the growth. These include the upgrade of the Ladi Kwali Centre, the addition of a new paddle court, and other facility improvements that have increased the property’s appeal and usage.
“These investments have enhanced the hotel’s reputation as a top destination for meetings, incentives, conferences, and exhibitions. Our commitment to exceptional services and experiences has positioned Abuja Continental Hotel as a leader in the hospitality industry,” he said.
Aminu also noted that the company’s financial performance reflects its resilience and ability to thrive in a challenging business environment, adding that Capital Hotel Plc has adapted well to market demands and continues to attract high-end clients.
In a message to shareholders, Chairman Ramesh Kansagra expressed optimism about the company’s 2025 outlook. He pointed out that with Nigeria’s projected GDP growth rate of 4.17 per cent and a declining fiscal deficit, the economic climate is becoming more favourable for business expansion.
“The Board of Directors, management, and staff have played critical roles in our achievements. As we move into 2025, our focus remains on delivering value to our guests and stakeholders while ensuring long-term profitability and sustainability,” Kansagra stated.
He reassured shareholders of the company’s commitment to excellence, innovation, and customer satisfaction, noting that these values will remain at the core of its operations.
Capital Hotel Plc, through its flagship property Abuja Continental Hotel, is one of the key players in Nigeria’s hospitality sector. Formerly known as Sheraton Abuja Hotel, the facility underwent a rebranding and facelift aimed at modernising its services and broadening its appeal to local and international clientele.
Industry observers say the company’s strong 2024 performance reflects growing confidence in the Nigerian hospitality market, especially in the capital city, where tourism, business travel, and diplomatic activities continue to support demand for high-quality accommodation and conference facilities.
