Ikeja Hotel Plc experienced significant growth in its profit for the first half of 2023, with a remarkable increase of 229.97 percent, reaching N397.54bn compared to N120.48bn during the same period in 2022.

However, the group's revenue declined by 33.73 percent to N4.567bn from N6.89bn, as indicated in its unaudited consolidated financial statements for the six months.
In the previous year's financial report, Ikeja Hotel's revenue had shown growth, reaching N12.8bn from N9.8bn in the corresponding period of 2021. This growth was attributed to improved corporate governance standards and an enhanced operational model implemented by the hotel's new board.
Despite the revenue growth in 2022, the group faced a setback, recording an operating loss of N2.4bn, a notable contrast to the profit of N1.1bn achieved in 2021.
The Chairman of Ikeja Hotel Plc, Anthony Idigbe, addressed shareholders during the 46th Annual General Meeting of the group held in Lagos recently. He explained that the decline in revenue was primarily attributed to the company's divestment from Capital Hotel Plc, along with the impact of the COVID-19 pandemic on the business, among other challenges.

Mr. Idigbe emphasized the importance of high corporate governance standards for the sustainable operation of any corporate organization. The board is dedicated to ensuring that directors continue to contribute significantly to the growth of the business.
Despite facing unprecedented closures and declining occupancy rates in the industry due to the pandemic, Ikeja Hotel Plc remained committed to providing a safe and exceptional guest experience.

"We were able to navigate through these challenging times by focusing on reducing operating expenses and diversifying our revenue streams. As a result of our efforts, we are pleased to report positive outcomes, and our momentum is steadily picking up," stated Mr. Anthony Idigbe, the Chairman of Ikeja Hotel Plc, while addressing shareholders at the 46th Annual General Meeting.
During the meeting, shareholders approved a dividend of 7.5 kobo for the 2022 financial year, and the board also announced a bonus issue of one share for every three shares held by shareholders.

Mr. Idigbe emphasized that the company's success would be achieved through consistent adoption of emerging technologies, investment in people, and exploring new opportunities to stay ahead of industry trends. He acknowledged that the entry of new competitors had intensified the competition in the hospitality business, making it crucial for the company to expedite its plans for property renovation.
To cope with the competitive landscape and improve operational efficiency, the group has embraced alternative energy generation solutions to reduce operating costs and meet international standards.

Shareholders praised the board for its effective management of the company amid a challenging operating environment and commended the dividend payout. They also expressed their desire for the regulators to provide updates on the outcome of the forensic audit, emphasizing the need to move forward and expand the business.