Africa: Capital hotels records N5.98bn revenue despite challenging business environment
The Board of Capital Hotels PLC, owners of Sheraton Abuja hotels on Thursday declared N5.98 billion revenue for the year 2018, showing an increase of 4 per cent above the sum of N5.62 billion revenue recorded in the preceding financial year.
Chief Anthony Idigbe, Chairman, Board of Capital Hotels disclosed this at the 28th Annual General Meeting (AGM) held in Abuja, where shareholders applauded the remarkable achievements recorded in the year ended 31stDecember, 2018. Despite ongoing upgrade of a portion of the Hotel from internally generated revenue, the Board declared 5kobo dividend per share to all eligible shareholders whose names appear in the register of members at the date of the close of register.
According to financial statement of the company, the net assets of the Hotel increased by 4% to N6.42 billion in 2018 above the N6.18 billion recorded in 2017, despite the daunting economic challenges facing the hospitality industry and the country at large. During the year under review, the Board of the Hotel carried out renovation of the facilities, and recorded total sum of N379.946 as profit after tax, which was transferred to retained earnings.
During the AGM, three members of the Audit Committee were elected, namely: C. F. Nwokocha, Patrick Ajudo and Olubodun Banji. In the same vein, the shareholders unanimously approved the re-election of three Board members who retired during the year. In his stewardship report, Idigbe disclosed that the Hotel through its Corporate Social Responsibility (CSR) scheme donated items worth N355,000 including: mattresses, bags of rice, indomie noddles and other edible items to the Abuja School for the Deaf children and those living with speech impairment.
In 2017, the Hotel donated the sum of N694,000 including used beddings worth N5.4 million. The chairman who stressed that the company operates under “very challenging business environment”, reiterated the resolve of his team towards taking giant stride in the new financial year.
He added that the Board is committed to meeting the yearnings of the shareholders by retaining the premier role, just as he underscored the need for investors’ support towards investment. The shareholders who spoke during the AGM, applauded the appointed manager and operators of the hotel, Marriott International, owner of Starwood Eame License and Services Company (BVBA).
They also acknowledged the employment of two physically challenged persons as at December 2018, to enable them develop their skills, knowledge and leadership quality.
While appreciating the successes recorded by the Board and management of the Hotel, the shareholders who converged from various states across the country harped on the need for more devotion into the business, adding that there is dire need for the Hotel to sustaining its leading role as a premier hotel in the hospitality industry.
They also applauded the Idigbe-led team for effective utilization of the internally generated revenue for the upgrading of the facilities, gross earnings, an hallmark of impressive results.