Ikeja Hotel Plc grew its pre-tax profit by 15.10% to N8.19 billion in the nine months to September 30, 2026, even as operating profitability weakened, according to unaudited consolidated financial statements published by the hospitality group.
Revenue for the period rose 4.84% to N19.41 billion, compared with N18.52 billion a year earlier. Profit after tax climbed 14.22% to N5.31 billion, while tax expenses increased to N2.89 billion from N2.47 billion.
The stronger pre-tax result was supported largely by non-operating items. Finance income advanced 27.03% to N1.97 billion from N1.55 billion, and the group did not repeat the N1.33 billion investment-related loss that weighed on the 2025 comparative period. Operating profit, by contrast, fell 9.76% to N6.22 billion from N6.90 billion as costs rose faster than revenue.
Cost of sales increased 9.36% to N10.39 billion from N9.50 billion, leaving gross profit broadly flat at N9.02 billion. Administrative expenses jumped 36.09% to N2.15 billion from N1.58 billion, while sales and marketing expenses moved to N714.49 million from N630.71 million.
Rooms and food and beverage operations remained the core of the business, jointly accounting for 94.66% of total revenue. Room revenue grew 2.93% to N13.58 billion, representing about 69.94% of the top line. Food and beverage revenue rose 8.08% to N4.80 billion. Miscellaneous income increased 14.66% to N940.20 million, and revenue from minor operating departments climbed 47.12% to N96.64 million.
The third quarter showed softer momentum. Pre-tax profit declined 14.52% to N2.08 billion from N2.44 billion in Q3 2025, while quarterly revenue slipped 3.53% to N6.16 billion from N6.38 billion.
On the balance sheet, total assets stood at N80.96 billion as of September 2026, up 4.54% from N77.44 billion at the end of December 2025. Cash and cash equivalents rose 7.54% to N35.66 billion from N33.16 billion, contributing roughly 71% of the net increase in total assets. Capital work in progress climbed by N1.53 billion to N2.25 billion, and property, plant and equipment increased by N297.05 million to N23.30 billion. Retained earnings grew by approximately N3.34 billion.
