LAGOS, 31 MARCH 2023

RE: IKEJA HOTEL PLC

AUDITED GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

It has become pertinent to inform the investing public and various stakeholders that our company, Ikeja Hotel Plc (the Company) is in a state of sound financial health and stability as ever.

Post COVID-19 performances have been on steady growth in both earnings and profitability. The reported loss in the group accounts arose from the divestment from a major subsidiary and write off, of the goodwill created from the acquisition of the major subsidiary. This decision will enable the Company to focus on its prime asset and consolidate on the achievement recorded in the current year.

The Board is confident that the strategy adopted is very sound and will continue to support the management in its effort to build a strong and profitable business.

Olubunmi Tadema

For: Punuka Nominees Ltd

Company Secretary

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Ikeja Hotel plc published this content on 03 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 April 2023 10:50:20 UTC.