Revenue: Ikeja Hotel Reports N9.868 Billion

For the year ended 2021, Ikeja Hotel Group has recorded a consolidated revenue of N9.868 billon compared to N5.068 billion recorded in 2020.

This was revealed by the management of the hotel during the review of its performance at the 45th annual general meeting held in Lagos.

Anthony Idigbe, the Chairman represented by the director of the company,  Fadeke Olugbemi, said that the “consolidated revenue for the Group increased from N5.068 billion in 2020 to N9.868 billion during the review period, with an operating profit of N1.135 billion, higher than operating loss of N6.5 billion in 2020.”

Idigbe further revealed that the group reported an operating profit of N1.135 billion in 2021 from an operating loss of N6.5 billion in 2020, while profit after tax reduced from a loss of N6.7 billion in 2020 to N180.614 million in 2021.

Also commenting at the Annual General Meeting, Theophilus Netufo, the Managing Director of the company said the COVID had a very serious impact on the business.