Ikeja Hotel (Nigeria) loss after tax improves from N1.4 billion to N195 million in Q3 2021

By Published On: November 1st, 2021Categories: Corporate announcement

Ikeja Hotel Plc (the Company) wishes to inform its shareholders and the investing public that the Group Unaudited Financial Statements of the Company and its subsidiaries (the Group) for the Third Quarter ended September 30, 2021, reported a Loss after Tax of N195 Million, an improvement from the N1.4 Billion loss of the equivalent period in the previous year. The performance reflects the Group’s gradual recovery from the impact of the COVID-19 pandemic.

The relaxation of COVID-19 protocol measures by the government has had a positive impact on the hospitality industry. The Group has experienced steady improvement in occupancy levels. The Lagos State Government has also revised the maximum number of persons for indoor events from 50 persons to 50% of the venue’s capacity.

Our adherence to the highest standards of hygiene and COVID–19 protocols has kept our spaces safe for business. With the strategic plans being implemented by the Management, the Group is recovering from the losses suffered during the previous year and is set to return to its position at