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Capital Hotels Plc Charts Growth Amidst Economic Challenges

 Olushola Bello

The Chairman of Capital Hotels Plc has demonstrated significant improvement in its operations, recording an impressive revenue of N7.89 billion compared to N5.33 billion in 2022, representing an increase of 48.03%.

Ramesh Kansagra, Chairman of the company who stated this while addressing the company’s shareholders at the 43rd Annual General Meeting held at the Continental Hotel’s flagship, Abuja Continental Hotel pointed out that despite the challenging environment in 2023, the company’s total assets also increased, reflecting a positive trend.

He disclosed that Capital Hotel Plc is currently focusing on renovations of its facilities and strategic investments for expansion, explaining that its investments in future capabilities and infrastructure contributed to its 2023 revenue growth and they have positioned the company competitively for the long term.

According to him, Capital Hotels Plc is undergoing extensive renovations to modernise guest rooms, upgrade conference and banquet spaces and enhance leisure amenities, which are aimed at providing unparalleled hospitality services and maintaining a competitive edge in the industry.

The Chairman of Capital Hotels Plc said: “The company believes these

investments will significantly impact its bottom line and restore its

position as the premier five-star hotel in Abuja.”

Kansagra stated: “In Nigeria, economic challenges included the monetization policies, a contested general election, rising inflation ,Central Bank hike in interest rate  and global supply chain disruptions.

These factors impacted investment, productivity, and economic growth in Nigeria, leading to escalating inflationary pressures, exchange rate depreciation, and fiscal constraints.”

“Despite challenges, the company plans to focus on value-added services, implement cost-saving measures, and utilise online platforms to enhance guest experiences and improve efficiency,” he stressed.

The Managing Director and Chief Executive Officer of Capital Hotels Plc Ravi Bachu, in his statement at the event, stated that the company’s priorities for 2024 would be on new strategies to strengthen its market position and emerge stronger from economic challenges.

He explained that the company would leverage technology to streamline operations, implement cost-saving measures, and develop staycation packages to cater to local events and conferences. It would also partner with local businesses to create value packages that showcase the hotel as a community hub.

Bachu stressed: “Capital Hotels Plc remains optimistic about its future

growth and development, despite the challenges faced in 2023. The company’s commitment to customer satisfaction, strategic investments, and operational efficiency positions it for success in the coming years.

businessstandardsng.com/a strategic cross-reporting intiative.

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