Emmanuel OchayiGrand Towers Limited has released its annual financial report for the year ending December 31, 2023, showcasing impressive growth and strategic achievements. The report reveals a remarkable 600% increase in total assets, which surged from N747.5 million in 2022 to N50.1 billion in 2023. This growth reflects the company’s commitment to enhancing its earning potential and delivering value to its shareholders.
In his address, Nze Chidi Duru, Chairman of Grand Towers Limited, stated, “As we reach a milestone year, this report serves as a comprehensive reflection of our past, present, and plans. Despite the challenges we faced, our dedicated team has worked tirelessly to ensure we continue to deliver value to our shareholders and stakeholders.” This statement highlights the resilience and determination of the company in navigating a challenging economic environment.
Join our WhatsApp ChannelThe financial performance of Grand Towers Limited in 2023 has been impressive. The company reported gross earnings of N235.4 million, an increase from N20.6 million in 2022. This 1043% growth demonstrates the inherent value and yield of the current business portfolio. The operational profit after tax also saw a positive turnaround, moving from a loss of N19.5 million in 2022 to a profit of N104.7 million in 2023. This shift indicates effective management and strategic initiatives that have positively impacted the company’s bottom line.
Oladapo Adedeji, the Group Managing Director, commented on the financial results, saying, “The year 2023 has been one of the significant achievements for Grand Towers. We have made substantial progress in our strategic initiatives, resulting in robust financial performance and operational efficiency. Our team has worked hard to ensure that we are well-positioned for future growth.” His remarks reflect the collective effort of the team and the strategic direction taken by the company.
READ ALSO: Nze Duru Receives Applause For Donating Sporting Equipment To Ogun School
The report also emphasizes the importance of corporate governance in the company’s operations. Grand Towers Limited has implemented strong governance structures, policies, and practices that comply with the Nigerian Code of Corporate Governance of 2018 and the Companies and Allied Matters Act 2020. The Board of Directors has placed a strong emphasis on risk management, ensuring that the company has effective mechanisms in place to identify and control risks. Nze Chidi Duru noted, “Our commitment to good corporate governance is one of our fundamental pillars, reflecting the systems and processes by which the company is directed and controlled.”
In addition to financial growth, Grand Towers Limited has made strides in its strategic initiatives. The company has prioritized Environmental, Social, and Governance (ESG) criteria in its investment decisions, seeking to invest in companies that are environmentally responsible and socially conscious. This focus on sustainability aligns with global best practices and positions Grand Towers as a forward-thinking organization.
The market landscape continues to present both opportunities and challenges. However, Grand Towers Limited’s strategic positioning and competitive strengths enable it to navigate this landscape effectively. The company remains committed to identifying and investing in high-potential opportunities across various sectors, including hospitality, real estate, communication, and financial technology.
The report also highlights the completion of the renovation of the Anambra Hotel, which features a fresh and contemporary design. This renovation reflects the company’s commitment to providing a comfortable and inviting atmosphere for its guests, further enhancing its portfolio in the hospitality sector. Oladapo Adedeji remarked, “The renovation of the Anambra Hotel is a testament to our commitment to excellence in the hospitality industry. We believe that this investment will enhance our guest experience and contribute to our overall growth.”
Looking ahead, Grand Towers Limited is dedicated to setting industry benchmarks through excellence and innovation. The company aims to stay ahead of industry transformations and adapt to future challenges and opportunities. Nze Chidi Duru concluded, “With a shared vision and enthusiasm, we move forward, taking great steps to ensure that the company is well-positioned for sustained growth and success.”
The report also outlines the company’s commitment to transparency and accountability. The Board of Directors has ensured that the company’s reporting procedures are in line with International Financial Reporting Standards (IFRS). This commitment to prudent financial reporting and maximum disclosure in the Annual Reports and Accounts is crucial for maintaining stakeholder trust.
In terms of internal control, the company has consistently improved its systems to ensure effective management of risks. The Directors review the effectiveness of the internal control system through regular reports and meetings at the Board Audit & Risk Committee. This proactive approach to risk management is essential for achieving the company’s objectives.
The financial report analysis indicates that Grand Towers Limited is on a solid growth trajectory. The increase in total assets and gross earnings demonstrates the company’s ability to adapt and thrive in a competitive market. The positive turnaround in operational profit after tax further highlights the effectiveness of the company’s strategic initiatives.
About Grand Towers Limited
Grand Towers Limited is a private limited liability company incorporated in Nigeria on December 8, 2003, under the Companies and Allied Matters Act 2020. The company is engaged in investments in shares and real estate development. With a commitment to corporate governance and sustainability, Grand Towers aims to deliver value to its shareholders while contributing positively to the communities in which it operates.
For more information, please contact:
Grand Towers Limited Address: 8A, Resident Road, Gbagada Phase II, Lagos State
Phone: +(234) 707 305 5423
Email: info@grandtowersco.com
Website: https://grandtowersco.com/
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
