• About Us
  • Terms & Conditions
  • Contact Us
Thursday, June 8, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Bolt, Uber drivers, others begin nationwide strike, demand 200% increment in fares

    Bolt, Uber drivers, others begin nationwide strike, demand 200% increment in fares

    U.S knew of Ukraine’s plan to attack Nord Stream pipeline – Media Report

    U.S knew of Ukraine’s plan to attack Nord Stream pipeline – Media Report

    VACANCY: Egbin Power Plc is recruiting into several positions

    VACANCY: BudgIT Nigeria is hiring across 13 states

    NGX suspends trading in the shares of four listed companies

    Fuel Subsidy: NLC, TUC suspend planned nationwide strike after meeting with FG

    Court grants Peter Obi’s request to access sensitive materials used by INEC

    Peter Obi’s Counsel tenders more evidence from eight states

    Federal High Court fines Festus Keyamo over SPV “frivolous” lawsuit

    Federal High Court fines Festus Keyamo over SPV “frivolous” lawsuit

    BREAKING: Trump’s VP Mike Pence joins the race for US President

    BREAKING: Trump’s VP Mike Pence joins the race for US President

    NNPC says no plan to increase petrol price in March

    Private companies to begin importing fuel before end of June – Mele Kyari

    Fuel Subsidy: NLC absent as FG, TUC agree on wage increase for workers to cushion impact

    Fuel Subsidy: NLC absent as FG, TUC agree on wage increase for workers to cushion impact

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Details of 2023 Budget parameters, revenue estimate, expenditure, fiscal balance

    2023 Budget: List of most expensive Zonal Intervention Projects by FG, states with highest allocation

    How to obtain foreign currency from Teller Points at Bank branches

    We did not devalue Naira – CBN

    How to obtain foreign currency from Teller Points at Bank branches

    CBN Devalues Naira to 630/US$1 at the I&E Window – Reports

    Senate sits on Saturday, increases Ways and Means borrowing from 5% to 15%

    Senate sits on Saturday, increases Ways and Means borrowing from 5% to 15%

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    BREAKING: CBN raises interest rate to 18.5% amid rising inflation

    JUST IN: Nigeria’s inflation rate hits 19.64% – highest since 2005.

    Inflation rate hits 22.22% in April, highest in 14 years

    Telcos kick as FG plan 12.5% call tax

    FG re-introduces 5% excise duty on telecom services in new fiscal policy

    Headline Inflation in Nigeria rose to 22.04% in March

    Headline Inflation in Nigeria rose to 22.04% in March

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rose to N46.25 trillion in 2022, 84.73% of bilateral debt owed to China

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.03% as Union Bank loses 8.86%

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2023, qualification and payment dates

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI Declined by 0.03%, as volume traded declined by 18.87%

    Again DMO offers N360 billion FGN bond for February

    FGN Savings Bond interest rates slide in June

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    The NGX- ASI gained 5.22% on bullish performance

    FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

    The NGX- ASI increased by 0.48% as Unilever gained 9.70%

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI increased by 0.35% despite negative market sentiment

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI Gained 0.31% as NB rose another 9.63%

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    The NGX- ASI Increased By 0.36% as NB rises 9.97%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Lasaco Assurance Plc to pay Dividend of 15 kobo to Shareholders for 2022 FYI

    Lasaco Assurance Plc to pay Dividend of 15 kobo to Shareholders for 2022 FYI

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.02%

    BUA Cement Plc gets $500 million loan facility from IFC and partners

    FBN Holdings Plc announces 50 kobo final Dividend for 2022 Financial Year

    FBN Holdings Plc announces 50 kobo final Dividend for 2022 Financial Year

    First Bank’s parent company reports N136.3bn profit for 2022, to pay dividend

    First Bank’s parent company reports N136.3bn profit for 2022, to pay dividend

    Nigerian Breweries presented offer to acquire Chamdor and Amarula producer

    Nigerian Breweries presented offer to acquire Chamdor and Amarula producer

    Breaking: NNPC releases statement on fuel price adjustment

    Breaking: NNPC releases statement on fuel price adjustment

    Oando kicks-off test of electric vehicles for mass transportation in Lagos

    Oando kicks-off test of electric vehicles for mass transportation in Lagos

    Seplat says ‘no official notification’ on Buhari’s reversal of approval for ExxonMobil deal

    Seplat extends, revises Mobil Producing Nigeria purchase deal

    Zenith Bank’s Board of Directors approve payment of final dividend for 2022

    Zenith Bank Directors acquired 17.78mn shares of the bank

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Bolt, Uber drivers, others begin nationwide strike, demand 200% increment in fares

    Bolt, Uber drivers, others begin nationwide strike, demand 200% increment in fares

    U.S knew of Ukraine’s plan to attack Nord Stream pipeline – Media Report

    U.S knew of Ukraine’s plan to attack Nord Stream pipeline – Media Report

    VACANCY: Egbin Power Plc is recruiting into several positions

    VACANCY: BudgIT Nigeria is hiring across 13 states

    NGX suspends trading in the shares of four listed companies

    Fuel Subsidy: NLC, TUC suspend planned nationwide strike after meeting with FG

    Court grants Peter Obi’s request to access sensitive materials used by INEC

    Peter Obi’s Counsel tenders more evidence from eight states

    Federal High Court fines Festus Keyamo over SPV “frivolous” lawsuit

    Federal High Court fines Festus Keyamo over SPV “frivolous” lawsuit

    BREAKING: Trump’s VP Mike Pence joins the race for US President

    BREAKING: Trump’s VP Mike Pence joins the race for US President

    NNPC says no plan to increase petrol price in March

    Private companies to begin importing fuel before end of June – Mele Kyari

    Fuel Subsidy: NLC absent as FG, TUC agree on wage increase for workers to cushion impact

    Fuel Subsidy: NLC absent as FG, TUC agree on wage increase for workers to cushion impact

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Details of 2023 Budget parameters, revenue estimate, expenditure, fiscal balance

    2023 Budget: List of most expensive Zonal Intervention Projects by FG, states with highest allocation

    How to obtain foreign currency from Teller Points at Bank branches

    We did not devalue Naira – CBN

    How to obtain foreign currency from Teller Points at Bank branches

    CBN Devalues Naira to 630/US$1 at the I&E Window – Reports

    Senate sits on Saturday, increases Ways and Means borrowing from 5% to 15%

    Senate sits on Saturday, increases Ways and Means borrowing from 5% to 15%

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

    BREAKING: CBN raises interest rate to 18.5% amid rising inflation

    JUST IN: Nigeria’s inflation rate hits 19.64% – highest since 2005.

    Inflation rate hits 22.22% in April, highest in 14 years

    Telcos kick as FG plan 12.5% call tax

    FG re-introduces 5% excise duty on telecom services in new fiscal policy

    Headline Inflation in Nigeria rose to 22.04% in March

    Headline Inflation in Nigeria rose to 22.04% in March

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rose to N46.25 trillion in 2022, 84.73% of bilateral debt owed to China

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.03% as Union Bank loses 8.86%

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2023, qualification and payment dates

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI Declined by 0.03%, as volume traded declined by 18.87%

    Again DMO offers N360 billion FGN bond for February

    FGN Savings Bond interest rates slide in June

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    The NGX- ASI gained 5.22% on bullish performance

    FY 2020: Unilever Nigeria Plc remains in loss despite revenue growth

    The NGX- ASI increased by 0.48% as Unilever gained 9.70%

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI increased by 0.35% despite negative market sentiment

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI Gained 0.31% as NB rose another 9.63%

    FY 2020: Nigerian Breweries Plc reports 54.3% decline in profit

    The NGX- ASI Increased By 0.36% as NB rises 9.97%

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Lasaco Assurance Plc to pay Dividend of 15 kobo to Shareholders for 2022 FYI

    Lasaco Assurance Plc to pay Dividend of 15 kobo to Shareholders for 2022 FYI

    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.02%

    BUA Cement Plc gets $500 million loan facility from IFC and partners

    FBN Holdings Plc announces 50 kobo final Dividend for 2022 Financial Year

    FBN Holdings Plc announces 50 kobo final Dividend for 2022 Financial Year

    First Bank’s parent company reports N136.3bn profit for 2022, to pay dividend

    First Bank’s parent company reports N136.3bn profit for 2022, to pay dividend

    Nigerian Breweries presented offer to acquire Chamdor and Amarula producer

    Nigerian Breweries presented offer to acquire Chamdor and Amarula producer

    Breaking: NNPC releases statement on fuel price adjustment

    Breaking: NNPC releases statement on fuel price adjustment

    Oando kicks-off test of electric vehicles for mass transportation in Lagos

    Oando kicks-off test of electric vehicles for mass transportation in Lagos

    Seplat says ‘no official notification’ on Buhari’s reversal of approval for ExxonMobil deal

    Seplat extends, revises Mobil Producing Nigeria purchase deal

    Zenith Bank’s Board of Directors approve payment of final dividend for 2022

    Zenith Bank Directors acquired 17.78mn shares of the bank

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    How to move to Canada by starting a business – Part 1

    How to move to Canada by starting a business – Part 2

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Business

FY 2020: Ikeja Hotel Plc reports over N6 bn loss, first loss in over a decade

Sunday, 28 March 2021, 2:49 pm
in Business, Companies
0
FY 2020: Ikeja Hotel Plc reports over N6 bn loss, first loss in over a decade
Share Share Share Share Send as Email

Ikeja Hotel Plc reported a 59.5% decline in revenue and over N6 billion loss, which represents over 900% percent slump in profit for the year 31 December 2020, due to the severe impact of the Covid-19 pandemic on hospitality businesses according to the Consolidated and Separate Financial Statements for the year ended 31 December 2020 released by the company.

This is the first time Ikeja Hotel Plc is reporting loss in a financial year in over a decade.

According to Ikeja Hotel, the “performance reflected the full impact of the Covid19 Pandemic, which shut down the economy, especially the hospitality business, from March 2020. The lockdown for seven months of our Hotel assets brought down unprecedentedly room sales to its lowest ebb in history.”

The company’s revenue from contract with customers fell by 59.5% to N5.07 billion in 2020 from N12.52 billion in 2019. Ikeja Hotels reported a gross loss of N412.65 million against a gross profit of N3.56 billion in 2019 as the cost of sales was more than the revenue.

Read also: FY 2020: FCMB Group Plc gross earnings, profit, assets see double-digit growth rates

Notably, the administrative expenses skyrocketed by 265% to N6.72 billion in 2020 from N1.84 in 2019 due to N5.22 billion recorded as “Impairment of assets” in 2020.

Ikeja Hotel stated that “the value of one of the Subsidiaries’ Assets amounting to N5.1 billion was impaired (Investment Property N4.63billion, work in progress N473 million) due to notice of revocation issued by the Lagos State Government on the Investment Property.” The Company added that it has “challenged this in Court, and hopeful that the case will be resolved in its favour”.

Ikeja Hotel’s loss for the year from continuing operations stood at N6.72 billion in 2020. A 905% decline from the profit of N834.95 million in 2019.

The company registered negative earnings per share of N3.23 in 2020 (2019: N0.40).

In its comprehensive income in 2020, Ikeja Hotel Plc recorded N8.26 billion as “Surplus on revaluation of land net of tax.”

Balance sheet

Total assets rose to N41.55 billion from N38.67 billion in 2019

Major changes in assets

  • Property, plant and equipment: N18.34 billion  (2019: N9.95 billion)
  • Investment in Properties: zero (2019: N4.63 billion).

Total liabilities of the company rose to N20.74 billion in 2020 from N19.30 billion in 2019.

Shareholders’ equity declined to N11.81 billion in 2020 from N14.75 billion in 2019 due to a decrease in retained earnings.

At the close of trading on Friday on the Nigerian Stock Exchange, the share price of Ikeja Hotel Plc closed flat at N1.10 per share. YTD the share price is down by 8.33%.

The 52-week high and low prices are N1.30 and N0.84 per share, respectively.

It has 2,078,796,399 outstanding shares and N2.29 billion market capitalization.

Despite this result, said that “the company remains solvent, and the fundamentals remain strong. With strategic responses of the Board of Directors and Management, coupled with the availability of Covid-19 Vaccine, the business will hopefully steadily pick up. Barring any unforeseen circumstances, the Company is set to return to its leading position as the Nigerian hospitality business’s flagship.”

About Ikeja Hotel Plc

The Company was incorporated as Properties Development Limited on November 18, 1972, with a view to providing world-class hotel and catering services to meet the needs of an ever-increasing number of local and international business and leisure travellers visiting the city of Lagos.

The Company’s name was later changed to Ikeja Hotel Limited in 1980 and though it became a public Company in 1983, it assumed its present name on February 5, 1991.

The Company’s principal activity remains the development of hotel leisure facilities, operations of hotels and provision of catering services.

The Company also owns a majority shareholding in Hans Gremlin Limited and the financial statements of Hans Gremlin has been consolidated with the Company’s Group financial statements.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

Related Posts:

  • Ikeja Hotel Plc declare 5kobo dividend despite over 370% slump in H1 2020 profit
    Ikeja Hotel Plc declare 5kobo dividend despite over 370%…
  • Unilever Nigeria Plc endures N519.11 million loss in H1 2020, N1.63 billion loss reported between April and June
    Unilever Nigeria Plc endures N519.11 million loss in H1…
  • OANDO Plc reports N132.57 billion loss after tax in FY 2020
    OANDO Plc reports N132.57 billion loss after tax in FY 2020
  • FY 2020: Seplat reports over N30 billion loss as revenue declines
    FY 2020: Seplat reports over N30 billion loss as revenue…
Previous Post

FCMB Group Plc directors propose 15 kobo dividend, announces AGM date

Next Post

Outcome of Cadbury Nigeria Plc and Berger Paints Nigeria Plc Board meetings

Next Post
Outcome of Cadbury Nigeria Plc and Berger Paints Nigeria Plc Board meetings

Outcome of Cadbury Nigeria Plc and Berger Paints Nigeria Plc Board meetings

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
MTN Nigeria to pay over N200 billion final dividend for 2022

List of Dividends announced in 2023, qualification and payment dates

List of jobs Belgium is seeking to fill with foreign workers

List of jobs Belgium is seeking to fill with foreign workers

VACANCY: Egbin Power Plc is recruiting into several positions

VACANCY: BudgIT Nigeria is hiring across 13 states

Custodian Investments Plc announces 10 kobo interim dividend for H1 2022

List of Dividends announced in 2022, qualification and payment dates

David Moyes’ West Ham United wins UEFA Europa Conference League

David Moyes’ West Ham United wins UEFA Europa Conference League

Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

The NGX- ASI declined by 0.03% as Union Bank loses 8.86%

Lionel Messi to lose €1.7mn after PSG suspension

Lionel Messi to join US Inter Miami

Bolt, Uber drivers, others begin nationwide strike, demand 200% increment in fares

Bolt, Uber drivers, others begin nationwide strike, demand 200% increment in fares

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist