• Monday, July 22, 2024
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Capital Hotels declares N5.4bn turnover

Capital Hotels, owner of Sheraton Abuja Hotels, has declared a turnover of N5.4 billion for 2016, an increase of N679 million from N4.5 billion achieved in 2015, representing an increase of 14.48 percent.
The company at its 36th annual general meeting (AGM) in Abuja yesterday also announced a profit after tax (PAT) of N1.2 billion, attributing the increase to Net Foreign Exchange gain arising from devaluation of the naira.
Total Net Assets also grew by 32.13 percent to N5.24 billion from N3.97 billion in 2015. Goddy Ibru, retired as chairman, Board of Directors of Capital Hotels plc, with the appointment of Vincent Oyolu as the new chairman.
In his remarks, Oyolu stated that dividends would not be given to shareholders due to renovation of the hotel.
“The objective of the renovation is to enhance the outlook of the property and give a memorable experience to other stakeholders for guest loyalty. Thus far, the renovation is being funded mainly from internally generated revenue.
“Accordingly, the directors plead once more for your patience to enable the available resources to be deployed for the renovation of the Hotel,” Oyolu said.
The new chairman commended the Federal Government on the recently launched Economic Recovery and Growth Plan (ERGP), saying it would positively impact on the economy.