Ikeja Hotel Plc has reported a 188% increase in pre-tax profit in the first nine months of 2024.
The company recorded a pre-tax profit of N3.089 billion between January and September 2024 compared to N1.07 billion in the same period of 2023.
This is according to the company’s unaudited financial statement for the first nine months of the year posted on the NGX.
According to the report, revenues in the period grew by 63.78% from N7.69 billion between January and September 2023 to N12.59 billion in the same period of 2024.
Key highlights of the report
- Revenue- N12.59 billion, +63.7%
- Cost of sales- NN7.83 billion, +97.8%
- Gross Profit- N4.76 billion, +77.6%
- Sales and distribution expenses- N483.5 million, +79.8%
- Administrative and General Expenses- N1.26 billion, +33%
- Operating profit- N3.20 billion, +97.8%
- Finance income- N878.8 million, +159%
- Finance cost- N994.9 million, +11.9%
- Profit Before tax- N3.08 billion, +188%
- Tax expense- N1.08 billion, +124%
- Profit After Tax- N2.004 billion, +241%
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