Ikeja Hotel Plc has released its financial results for the first quarter ended March 31, 2025, reporting a pre-tax profit of N2.4 billion.
This represents a year-over-year increase of 194.07%, compared to N845.4 million in the first quarter of 2024, driven by a significant rise in revenue.
Revenue for the first quarter reached N6.1 billion, reflecting a 56.99% rise from N3.8 billion reported in the same period last year.
- The majority of this revenue came from room accommodations, totaling N4.2 billion, with food and beverage sales contributing N1.4 billion.
Cost of sales increased to N3 billion, a rise of 35.77% compared to N2.2 billion in Q1 2024.
- Despite this increase in costs, the company’s gross profit rose to N3.1 billion, up 85.04% from N1.6 billion in the previous year.
Less favorably, sales and distribution expenses increased by 37.60% to N210.5 million, while administrative expenses amounted to N519.2 million.
Nonetheless, the group reported profits from core operations of N2.4 billion, which is a 151.54% increase from N968.3 million in Q1 2024.
- In Q1 2025, Ikeja Hotel reported total assets of N86.03 billion, reflecting a 2.83% increase. Retained earnings also grew, rising to N15.8 billion, marking an 11.32% ascent.
The group declared a final dividend of 15 kobo gross for every ordinary share of 50 kobo each, payable to shareholders listed on the register as of the close of business on July 4, 2025.
Key highlights (2024 vs 2023)
- Revenue: N6.1 billion, +56.99% YoY
- Cost of Sales: N3 billion, +35.77% YoY
- Gross Profit: N3.1 billion, +85.04% YoY
- Sales and Distribution Expenses: N210.5 million, +37.60% YoY
- Administrative Expenses: N519.2 million, -6.66% YoY
- Operating Profit: N2.43 billion, +151.54% YoY
- Pre-tax Profit: N2.48 billion, +194.07% YoY
- Total Assets: N86 billion, +2.83% YoY
- Retained Earnings: N15.8 billion, +11.32% YoY
At the close of trading on April 24, 2025, Ikeja Hotel shares were priced at N11.00. In 2025, the group recorded a year-to-date performance of 87.5% in the Nigerian stock market.
