Ikeja Hotel Plc grew its profit after tax by 30.5 percent year-on-year to N4.06 billion in H1 2026, up from N3.11 billion in H1 2025, its highest in the last 5 years, even as revenue rose a more modest 9.2 percent, with the sharper bottom-line gains driven largely by strength below the operating line.
The hospitality company’s revenue climbed from N12.13 billion in H1 2025 to N13.25 billion in H1 2026, anchored by stronger performance across its core business lines — rooms, and food and beverage. Gross profit grew at a slower pace, rising to N6.42 billion from N5.96 billion, weighed down by an increase in cost of sales. Operating profit expanded even more modestly, up 3.3 percent to N4.72 billion from N4.57 billion, as higher administrative expenses and a decline in other income tempered the impact of stronger revenue.
Profit before tax recorded the sharpest improvement among all income statement line items, rising 31.1 percent to N6.12 billion, as the company incurred no finance costs in H1 2026, compared to about N738 million in finance costs in H1 2025.
The company’s balance sheet reflected a shift. Assets reduced by 7 percent, notably by the reduction in Loans to related party. Liabilities decreased by 36.6 percent from H1 2025 largely due to a drop in the figures of deferred income and amounts due to related parties. Related News Nigeria's $1 trillion economy needs faster growth Wike says Fubara’s return strengthens Tinubu’s 2027 re-election drive Bloodbath in Benue community as gunmen kill 16, wound dozen, days after IG's visit
