Prime Business AfricaGrand Towers, the parent company of Grand Towers Hospitality Ltd and Grand Towers Leisure Ltd, generated N530.66 million in revenue in 2024, surpassing the N161.95 million reported in 2023.
The 227.66 percent increase in its turnover was driven by the dividends received from Grand Towers’ equity investments in various companies.
Join our WhatsApp ChannelWith the significant improvement in revenue, Oladapo Adedeji, the company’s managing director, stated in Grand Tower’s annual report and financial statements for 2024 that the firm’s revenue target for 2025 is N901.94 million, as it plans to explore new growth sectors.
Additionally, during the period under review, Grand Towers experienced a 23 per cent year-on-year decline in other income, from N73.41 million to N56.52 million, while the cost of bought-in materials, goods, and services increased by 2,538.65 per cent, from N1.83 million to N48.53 million.
Personal cost for last year also grew by 35.05 percent to N69.88 million, from N51.74 million posted in 2023, while other operating expenses increased by 39.60 percent year-on-year, from N75.24 million to N105.05 million.
Despite the increase in expenses, Grand Towers pulled N482.13 million as value added in 2024, which represents the wealth created by the efforts of the company and its employees, compared to the N160.11 million reached the previous year, reflecting a 201.11 percent increase.
Grand Towers also reported that results from operating activities grew by 2,054.88 percent to N406.43 million during the review period, exceeding the N18.86 million posted in 2023.
Similarly, the hospitality investor reported that profit before tax (PBT) reached N406.43 million in 2024, overshadowing the N104,73 million notched up in 2023, representing a 288.06 percent increase.
The company’s bottom line was further supported by a 95.77 percent year-on-year decrease in income tax, which dropped from N8.21 million to N346,853.
This led to Grand Towers recording an N406.08 million profit after tax (PAT) between January and December 2024, compared to the N96.51 million net income reported in the corresponding period in 2023, reflecting an increase of 320.73 percent.
Also, the financial statements showed that Grand Towers’ total assets grew marginally by 0.76 percent year-on-year, to N50.49 billion, up from 2023’s N50.11 billion.
The company also managed to reduce its liabilities slightly by 0.46 percent to N5.55 billion in 2024, compared to the N5.58 billion recorded in the same period the year before.
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