Capital Hotels reports N241.86m loss as revenue tumbles

Capital Hotels Plc has reported a loss after tax of N241.86 million for the 2020 financial year, compared with a profit after tax of N401.78 million in the previous year.

The hospitability company said it posted a loss before tax of N466.71 million last year, compared with a profit before tax of N646.39 million in 2019.

Its revenue plunged by 62.43 percent to N1.95 billion from N5.19 billion amid the COVID-19 pandemic, according to its financial statements released on Tuesday.

“The directors have not recommended the payment of dividend in respect of the year ended 31 December 2020. (2019: N77.4 million),” the company said.

Capital Hotels, which owns Sheraton Hotel Abuja, is a subsidiary of Ikeja Hotel Plc.