Ikeja Hotels Pops 46% Gain on Positive Price Movements
Ikeja Hotels Plc gained 46.17% in the first trading week of the year 2024, setting a clear market direction for investors who planned to bet large in the hospitality sector.
The positive price movement seen was supported by equities investors’ sentiment about the hotels’ future earnings stream. The hotels is now worth N24.30 billion in the stock market.
The hotels generated about N7.7 billion in revenue, its unaudited financial statement for nine months in the financial year 2023 showed.
Ikeja Hotels has more than N33 billion in assets, details from the company’s balance sheet record show. In this class, assets worth N25 billion can be converted to cash within the short term, strengthening the hotels’ ability to meet short-term obligations.
Analysis of the numbers showed that a larger part of this was cash and cash equivalent amounting to N13.643 billion as of 9m 2023. The total amount due within one year that the company is under obligation to settle was N13.14 billion.
The cash-rich hospitality company has about N10 billion loan extended to a related party in the group with an additional sum of about N1.2 billion parked in the receivables account.
Ikeja Hotels Plc’s earnings per share was 24 kobo at the end of nine months of the financial year reporting period, according to its regulatory filling.
The company had plunged into deep with negative earnings per share of 12 kobo in the comparable period in 2022 – following covid-19 mess. Dangote Reacts to EFCC Visit to Headquarters
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