Capital Hotels records 48% growth in 2023

International news
Nigeria’s leading hospitality company, Capital Hotels Plc, owners of Abuja Continental Hotel (formerly Sheraton Hotel, Abuja) has recorded a 48 percent revenue increase to N7.9 billion in the financial year ended December 31, 2023.

The Managing Director/Chief Executive Officer, Capital Hotels Plc, Mr. Ravi Bachu, disclosed this to shareholders at the company’s 43rd Annual General Meeting which was held at the company’s lagship property, Abuja Continental Hotel, FCT Abuja.

Bachu said the company made remarkable progress compared to the previous year; adding “this is a sign of positive development.”

According to him, in the year 2023, revenue increased significantly by 48 percent to N7.9B. Profit before taxation increased considerably from a loss of (N0.8B) in 2022 to a profit of N1.1B in 2023.

Although the company incurred a net loss of N0.5 billion in 2023 due to accumulated deferred tax expenses, the overall trend is still promising.