Ikeja Hotel Plc has recorded a drop in the Profit After Tax to the tune of 41.96% in its First quarter results ended 31st March 2019 to arrive at N130mn below N224mn recorded same period, previous year of 2018.
The company’s revenue so far in 2019 stood at N2.733bn reflecting a decline of about 11%, away from N3.090bn reported for Q1’18.
Earnings per share consequently fell from 11kobo to 6kobo in the current period under review, representing also about 41% year on year loss with about 2billion share outstanding.
At a stock price of N1.75, the company’s price to earnings ratio stood 27.96x with about 3.58% earnings yield as at when computed.
The major objective of the company was to provide finance for and manage the construction of the then proposed Sheraton Lagos Hotel which was completed and opened in September 1985.
The company became a public company in 1983. The major shareholders of Ikeja Hotel Plc include leading development banks, Insurance companies, corporate bodies, financial institutions and private individuals.
Ikeja Hotel Plc, is a core shareholder in The Tourist Company of Nigeria Plc, the owning Company of Federal Palace Hotel & Casino, Lagos.
In 2002 Hans-Gremlin (Nigeria) Limited, a subsidiary of Ikeja Hotel Plc, acquired 51% equity stake in Capital Hotels Plc (owners of Sheraton Abuja Hotel) under the privatization programme of the Federal Government of Nigeria. This important acquisition firmly consolidated the leading position of Ikeja Hotel Plc, in the nation’s hospitality industry.