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Shareholders assured of payment of dividend

Vera Wisdom-Bassey

The Chairman of Ikeja Hotels Plc, Chief Anthony Idigbe, has said the company’s revenue increased to N6.32 billion in 2017, representing a 15.62 per cent rise over the N5.46 billion recorded during the corresponding period of 2016.

He made the disclosure during the Annual General Meeting (AGM) of the company, where he disclosed that the Profit After Tax (PAT) also rose from N90.95 million to N135.65 million during the period under review, translating to a growth of 49.15 per cent.

Idigbe said, the company renovated two floors of the hotel and executed shareholders’ settlements. “As regards the refurbishing of  some assets in the hotel, the lobby area has been done, restaurants and other parts have been refurbished,” he said.

Shareholders of the company also urged the new management to pay dividend and ensure that ongoing restructuring efforts translated to better value and better life in the next financial year.

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The stakeholders berated the erstwhile management for non-payment of dividend in more than five years.

In response, the Chairman, Idigbe, assured the shareholders of declaration of dividend in the near future.

At the annual meeting, the chairman also assured the shareholders that the future remained bright and asked for their continued support as the management restructures the company.

The President of Progressive Shareholders Association (PSA), Boniface Okezie, applauded the company for the progress so far recorded, saying,

“we are making progress in terms of performance. We commend the efforts of the board. But when are we going to start receiving dividend from this company? We must return to profitability to pay dividend; that is the only way your efforts can be felt by all shareholders.”

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