Ikeja Hotels Reduces Debt Burden, Declares 14% PBT growth in Q3 2026
Ikeja Hotels Plc has announced a Profit before Tax of N8.2 billion ($6.2 million) for year to date third quarter 2026, a growth of 14% over the N7.1 billion declared in the same period in 2025.
In a report filed at the Nigerian Exchange Group on Monday, the company also announced a revenue growth of 4.9% from N18.4 billion in 2025 to N19.4 billion in 2026.
The profit growth was largely fuelled by reduced debt burden as the company recorded zero finance cost within the period under review as against the N1.6 billion posted in 2025. The company also reaped the gain of efficient treasury management as finance income increased by 25$ from N1.6 billion to about N2 billion in 2026.
Though the company’s operating profit declined by 11.3% from N6.9 billion to N6.2 billion, administrative expenses rose by 25% from N1.5 billion to N2.1 billion in 2026, driven largely by an astronomical rise in directors’ expenses which spiked by 25% from N23.9 million to N271.5 million in 2026. Increase in legal fees also contributed rise in administrative expense as it jumped by 153.8% from N64.5 million to N164.6 million.
Ikeja Hotel is the operator of Sheraton Hotel in Ikeja and Federal Palace Hotel in Lagos. It was established as Properties Development Limited in 1972 and had its name changed to Ikeja Hotels Limited in 1980. It became a public company in 1983.
