The management of Capital Hotels Plc, owners of Abuja Continental Hotel has disclose that the company’s priority for this year (2023) is to refresh and better utilise its assets for optimum performance and value creation for its esteemed shareholders in its efforts to drive better future performance.
In particular, the Capital Hotels Plc told its esteemed investors that it posted a top-line revenue of N5.3 billion in the year ended 31 December 2022 representing a 39 per cent growth from the prior year – an increase from optimally utilising the company’s assets.
Managing director / CEO Capital Hotels Plc, Mr. Ravi Bachu, stated this during the 42nd Annual General Meeting (AGM) of Capital Hotels Plc held at the iconic Abuja Continental Hotel stressing that the owners will continue to improve, innovate, and optimise every aspect of the hotel with a view to enhancing its operational efficiency to delight its guests and improve its bottom line.
According to him, the management of the company will continue to build on the cost-saving measure it had embarked upon since disruptions in the market by the onslaught of the COVID-19 pandemic.
Speaking on the company’s balance sheets assets, Bachu said the assets of the hotel grew to N29.5 billion from N18 billion in 2021, a percentage increase of 64 per cent. While property, plants and equipment expanded by 4.6 per cent, other assets including intangibles rose by 458.5 per cent. Liabilities
“Our great company, Capital Hotels Plc, the hospitality company of first choice, is poised to take its pride of place in the industry. As we climb the market leadership ladder, our focus is to enhance our infrastructure and product offerings to deliver superior service to our guests.
“The year 2022 was a turning point in the annals of the company. A year that debunked an enlargement of the capital base and fast-tracked the infrastructural development of the company.
“Our focus has been to continue to implement strategies, protocols, and direction for growing the business whilst promoting the health and safety of our employees, guests, and other stakeholders as a major priority of the Hotel,” he said.
On the upgrading of the Ladi Kwali Conference Centre, the company’s managing director explains, “We are continuing with the upgrade of the ballrooms and meeting rooms for the comfort of our patrons.
“In our operation, we will continue to embed innovative approaches to the emerging trends in the hospitality sector in the Nigerian market. We will also continue to entrench the hygiene protocols occasioned by the new normal in our market space.
“We will further entrench, enhance the guest experience, and thus re-affirm our vision of a hotel of first choice for our stakeholders. We thank all our staff members for their teamwork and drive to excel during the turbulent period of our history. In no time, we will turn the red lines into blue,”he added.
On threats to the company’s operations, Bachu clarifies, “The Directors continue to apply the going concern principle and after considering the liquidity position and availability of resources, there are no significant threats to the hotel’s going concern capabilities.”
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