IKEJA HOTEL PLC – 2011 AUDITED ACCOUNTS

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Better late than never or never better when late? Ikeja Hotel Ltd officially released its December 2011 Year end Financial Statements. The 40year old company and owners of Sheraton Hotels and Towers as well as The Federal Palace Hotel grew revenue by 55.8% to N11.9b. Operational profit however, dropped 9% to N2.25b as the company’s operating expenses more than doubled to N3.1billion. The company declared a pre-tax earnings of N1.6b and profit after tax of N2.45b. Much of the losses arose out of an “amortization” of N3.b written of it’s operational profit for the year. Details of the write offs were currently unavailable as at the time this blog was posted. Breakdown of the results is below;

 

Ikeja Hotel Plc official audited accounts for 2011 was posted on the website of the NSE