Capital Hotels Recorded N4.69bn Turnover in 2015

Capital Hotels Plc, owners of Sheraton Hotel and Towers Abuja yesterday disclosed that the a turnover of N4.69 billion was recorded in 2015 as against N4.55 billion earned in 2014 representing 3.08 per cent increase as at 31st December 2015. The reason for the increase despite the impact of the insurgency in the North-east that has put much pressure on prices of foodstuff, the company said was the capture of the tax under-provision in 2014.

The Chairman of the Hotel, Mr. Goodie Ibru made this known in Abuja during the 35th annual general meeting and presentation of the 2015 annual report and accounts of the hotel. He stated that during year 2015, the security status in the Northern part of the country was fluid because it puts the hospitality industry under intense pressure, stressing that achieving projected demand for accommodation, food and beverages was challenging.

Ibru also emphasised that the drastic fall in crude oil in the international market in 2015 also put the national economy under intense strain, stressing that expectedly, there was drastic reduction in revenue accruing to the three tiers of government which in turn impacted negatively on the revenue of the hotel. He however revealed that the conduct of the 2015 general elections was positive on the operations of the hotel.

Ibru stated: “The company recorded a turnover of N4.69 billion as against N4.55 billion in 2014, representing an increase of 3.08%. Gross profit rose by 1.5 per cent to N1.34 billion in 2015 compared with N1.32 billion in 2014. Profit after tax increased by 99.74 per cent to N492.26 million compared to N246.45 million achieved in 2014.”