Ikeja Hotels Plc, one of Nigeria’s top hospitality companies, has reported a remarkable 247% increase in after-tax profit, reaching ₦7.2 billion for the year ending December 31, 2024, up from ₦2.1 billion in 2023. The surge was fueled by higher occupancy rates and a strong rise in room sales, despite increased costs.
Revenue grew 69% to ₦18.8 billion from ₦11.1 billion, while pre-tax profit increased 125% to ₦8.5 billion from ₦3.8 billion. Gross profit climbed 83% to ₦7.6 billion, and operating profit rose 127% to ₦8.4 billion. Retained earnings skyrocketed 493% to ₦14.3 billion.
Room sales remained the primary revenue source, contributing ₦12.8 billion (65% of total earnings). The company also improved operational efficiency, maintaining a high 87% profit margin in its core hotel business.
Total assets increased 40% to ₦83.7 billion, while total liabilities grew 47% to ₦53.1 billion. Earnings per share (EPS) stood at ₦3.33.
Ikeja Hotels owns and operates Sheraton Lagos Hotel, Sheraton Abuja Hotel, and Federal Palace Hotels & Casino, reinforcing its leadership in Nigeria’s hospitality sector. With reinvested profits strengthening its capital base, Ikeja Hotels is well-positioned for continued growth in Nigeria’s tourism and hospitality industry.
