Nigerian Hotels Report Revenue Growth Amid Rising Receivables

In H1 2026, Transcorp Hotels Plc and Ikeja Hotel Plc reported a combined revenue of N57.68 billion, a 164 percent increase from N21.88 billion in the same period of 2022. Profit before tax rose from N2.58 billion to N19.81 billion, while profit after tax increased from N1.81 billion to N14.60 billion.

However, combined revenue fell by 2.3 percent from N59.06 billion in H1 2025, despite profit before tax increasing by 17.2 percent and profit after tax rising by 23.9 percent. Receivables surged to N48.23 billion, tripling from previous figures, while cash generated from operations shifted from a N15.82 billion inflow to a N17.23 billion outflow.

Transcorp Hotels saw its revenue decline from N46.93 billion to N44.43 billion, yet profit before tax rose from N12.23 billion to N13.69 billion. Receivables for Transcorp increased significantly from N13.49 billion to N46.31 billion, surpassing its H1 2026 revenue.

Ikeja Hotel's revenue grew by 9.2 percent, with profit before tax rising from N4.67 billion to N6.12 billion.