The Chairman of Capital Hotels Plc (CHP), Ramesh Kansagra, said that the company has demonstrated significant improvement in its operations, recording an impressive revenue of N7.89 billion compared to N5.33 billion in 2022, representing an increase of 48.03 per cent.
Kansagra, in his address to the company’s shareholders at the 43rd Annual General Meeting held at the company’s flagship property, Abuja Continental Hotel (formerly Sheraton Hotel Abuja ) pointed out that despite the challenging environment in 2023, the company’s total assets also increased, reflecting a positive trend.
Represented by Non-executive Director, Abdulkadir Aminu, he disclosed that Capital Hotel is currently focusing on renovating its facilities and strategic investments for expansion.
The Chairman pointed out that CHP investments in future capabilities and infrastructure contributed to its 2023 revenue growth and they have positioned the company competitively for the long term.
According to him, Capital Hotels is undergoing extensive renovations to modernise guest rooms, upgrade conference and banquet spaces and enhance leisure amenities, which are aimed at providing unparalleled hospitality services and maintaining a competitive edge in the industry.
The Chairman of Capital Hotels said: “The company believes the investments will significantly impact its bottom line and restore its position as the premier five-star hotel in Abuja.
“In Nigeria, economic challenges included the monetisation policies, a contested general election, rising inflation, the Central Bank hike in the interest rate and global supply chain disruptions. These factors impacted investment, productivity aand economic growth in Nigeria, leading to escalating inflationary pressures, exchange rate depreciation and fiscal constraints.
“Despite challenges, the company plans to focus on value-added services, implement cost-saving measures, and utilise online platforms to enhance guest experiences and improve efficiency.”
The Managing Director and Chief Executive Officer of Capital Hotels, Ravi Bachu, said that the company’s priorities for 2024 would be on new strategies to strengthen its market position and emerge stronger from economic challenges.
