Capital hotel records modest top-line growth amid tough operating conditions

Capital hotel records modest top-line growth amid tough operating conditions

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Capital Hotel Plc, owners of Abuja-based Sheraton Hotel, grew its top-line by some 4 percent to N5.98 billion in full year 2018, despite witnessing harsh business operating conditions in the period.

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
31st December, 2018.

Despite on-going upgrade of a portion of the Hotel from internally generated
revenue, the Board declared 5 kobo 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 percent 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.

At 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 stressed that the company operates under “very challenging
business environment”, and 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 for business growth and expansion.

Harrison Edeh



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