Ikeja Hotel reports N8.19 billion pre-tax profit in 9M 2026, up 15%.

Ikeja Hotel Plc announced an impressive pre-tax profit of N8.19 billion for the first nine months of 2026, marking a 15.10% increase from the N7.12 billion recorded during the same period last year. While the third quarter of 2026 saw a decline in pre-tax profit to N2.08 billion from N2.44 billion in Q3 2025, the overall nine-month performance remained strong.

The hotel chain's revenue surged by 4.84% to N19.41 billion, up from N18.52 billion a year ago, whilst profit after tax saw a 14.22% rise to N5.31 billion. Despite higher operating expenses, finance income and the absence of an investment-related loss helped boost pre-tax profit. Revenue growth was primarily driven by the Rooms and Food & Beverage businesses, which accounted for 94.66% of total revenue.

However, cost pressures were more significant than revenue growth, resulting in unchanged gross profit at N9.02 billion. Administrative expenses rose by 36.09% to N2.15 billion. Despite the dip in operating profit, Ikeja Hotel Plc recorded stronger pre-tax earnings for the period. Total assets grew to N80.96 billion, while cash and cash equivalents increased to N35.66 billion.