• Monday, July 22, 2024
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BusinessDay

Capital Hotels’ gross earnings hit N5.6bn in 2017

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Anthony Idigbe, chairman, Capital Hotels Board

Capital Hotels owners of Sheraton Hotels has raised its gross earnings from N5.3 billion in 2016 to N5.6 billion in 2017, despite the economic downturn that bedevilled the country.

 

Similarly, the company increased its total net assets by 18% to N6.2 billion in year 2017 from N5.2 billion in the previous financial year.

 

Speaking at the company’s Annual General Meeting (AGM) held in Abuja, Anthony Idigbe, chairman, Capital Hotels Board, announced the approval of 5kobo dividends per share to all eligible shareholders payable as from Thursday, 28th June, 2018.

 

He also got the approval of the shareholders to raise the company’s authorised shares from N800 million to N2.5 billion.

 

According to Idigbe, the move will be achieved by raising additional capital either through share rise or public offer, just as he assured the Board.

 

The shareholders also gave approval to the Board to complete 97 rooms and construct additional ones, while working towards rehabilitation of the existing properties.

 

According to the company’s financial statement, a lump sum of N110 million will be shared among the staff union/personal service workers association that qualify for the retirement benefits as at 31st December, 2017.

 

In addition, the sum of N6 million worth of items were donated to Daughter of Charity Hope Centre, UNICEF Road Awareness as well as Check for Children for Safe Water programme within the year under review.