Adedayoâ€Ž Akinwale in Abuja
â€ŽCapital Hotels, owners of Sheraton Hotels, Abuja has declared a turnover of N5.37 billion for the year 2016, representing an increase of 14.48 per cent as against N4.69 billion recorded in 2015.
The company also revealed that its gross profit rose by 28.03 per centâ€Ž to N1.59 billion in 2016, while profit after tax increased by 158.9 per cent to N1,274.45 billion, compared to N492.26 billionâ€Ž achieved in 2015.
The chairman of the company, Mr. Victor Oyolu, disclosed this yesterday in Abuja at the 36th annual general meeting, where he attributed the increase to the net foreign exchange gain arising from the depreciation of the nairaâ€Ž.
However, despite this turnover, the company has refused to pay dividends for the third year in a roll, but rather pleaded with the shareholders. This, it attributed to the ongoing renovation involving about 112 rooms in the first Tower of the hotel.
Oyolu noted that the objective of the renovation was to enhance the outlook of hotel and give a memorable experience to other stakeholders for guest loyalty, stressing that the renovation was being funded mainly from the internally generated revenue.
The chairman lamented that in spite of the hike in electricity supply by the Nigerian Electricity Regulatory Commission (NERC)â€Ž, electricity supply from the national grid was low during the year, adding that the quantity of diesel consumed for the running of the power generating plants was higher than expected.
The chairman expressed optimism that with the international price of crude oil recovering and with the recently launched Economic Recovery and Growth Plan (ERPG), also geared towards restoring economic growth, the purchasing power of consumers would be stimulated, noting that the revenue of the hotel would be positively enhanced.