Ikeja Hotels Plc has reported its full-year audited results for the year ended December 31, 2024, reporting an impressive 125% YoY growth in pre-tax profit, reaching N8.539 billion.
Net profit also surged by 247% to N7.2 billion, reflecting the strength of the company’s revenue growth.
According to the audited financial statements, revenue hit N18.754 billion, driven majorly by revenue from room sales, which grew by 78% to N12.832 billion, accounting for 65% of the total revenue.
Ikeja Hotels Plc delivered an impressive financial performance, driven by strong revenue growth outpacing cost increases.
The company demonstrated improved cost efficiency, as the rise in revenue significantly exceeded the increase in expenses, contributing to the surge in profit.
While there are areas such as cost management and asset turnover that warrant attention for further improvement, the company’s strategic positioning in the market and financial health appears promising for continued growth and shareholder value enhancement.