Capital Hotels Plc, owners of the Abuja Continental Hotel (formerly Sheraton Hotel, Abuja), has announced a 48 percent increase in revenue, reaching N7.9 billion for the financial year ending December 31, 2023.
Ravi Bachu, managing director/chief executive officer, shared this information with shareholders during the company’s 43rd Annual General Meeting held at the Abuja Continental Hotel in FCT Abuja.
Bachu highlighted the company’s significant progress over the past year, indicating positive developments.
“In 2023, revenue increased significantly by 48 percent to N7.9 billion. Profit before taxation rose substantially from a loss of N0.8 billion in 2022 to a profit of N1.1 billion in 2023,” he stated.
Despite incurring a net loss of N0.5 billion in 2023 due to accumulated deferred tax expenses, the overall trend remains promising.
The company’s total assets increased to N31.9 billion in 2023, up from N29.5 billion in 2022. Bachu attributed this growth to ongoing renovations and upgrades at the hotel. Capital expenditures also rose significantly, from N0.9 billion in 2022 to N2.3 billion in 2023.
“These developments indicate a positive direction for the company’s business, and with continued efforts, it is expected to make a net profit soon,” Bachu said.
Ramesh Kansagra, chairman of Capital Hotels Plc., expressed confidence in strategic investments to enhance the guest experience and strengthen the company’s market position.
“Our hotel is undergoing extensive renovations. Our commitment to providing unparalleled hospitality services and maintaining a competitive edge in the industry has driven us to revamp our facilities comprehensively,” Kansagra said.
He elaborated, “The scope of the work includes completely transforming the hotel’s facade, modernizing guest rooms, upgrading our conference and banquet spaces, and enhancing our leisure amenities to meet our guests’ ever-evolving expectations. We firmly believe these improvements will significantly impact our bottom line not just upon completion but well into the future. These state-of-the-art accommodations will undoubtedly restore our hotel to its position as the premier five-star hotel in Abuja.”
Kansagra also noted that upgrading the event spaces would attract more prestigious corporate and social events, thereby increasing event-hosting revenue.
