• Friday, June 21, 2024
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Sheraton Hotel records N4.69bn profit

Sheraton Hotel

Capital Hotels PLC, owners of Sheraton Abuja Hotel, has declared a turnover of N4.69billion for the fiscal year2015. This is against N4.55billion earned in 2014, representing an increase of 3.08percent.

Also, Gross Profit rose by 1.5percent to N1.34billion in 2015 compared with N1.32billion in 2014, even as Profit After Tax increased by 99.74percent to N492.26million compared to N246.45million in 2014.

Total Net Assets grew by 14.17percent to N3.97billion from N3.47billion in 2014.

Presenting the 2015 Annual Report and Financial Statements of the company in Abuja, Chairman Board of Directors Goddie Ibru revealed that the impact of the conduct of the 2015 general elections was positive on the operations of the hotel.

Ibru explained that the first phase of the renovation of the hotel involving about 200 rooms in the Third Tower has commenced.

The Chairman said this was responsible for the inability of the Directors to recommend payment of dividend.
According to him, the drastic fall in the international price of crude oil in 2015 curtailed the purchasing power of customers, especially government Ministries, Departments and Agencies (MDAs).

“The Central Bank of Nigeria (CBN) policy of redirecting cash based transactions to e-payment system was invigorated during the year. As of the end of 2015, the CBN Monetary Policy Rate of 11percent was in place with the intent of mopping up cash from the commercial banking system. The implementation of the Treasury Single Account (TSA) policy further seeks to strengthen transparency in the conduct of government business”, he stated.

Although some of the shareholders who spoke at the event, said they were not happy that the hotel did not declare dividend for the second year running, they, however, expressed satisfaction with the Board for the ongoing renovation of the hotel.