Labadi Beach Hotel, Ghana’s premier five-star hotel, has announced dividends of GH¢25 million for the year 2022 to its sole shareholder, the Social Security and National Insurance Trust (SSNIT).
This financial distribution follows the GH¢10 million in dividends declared in February of the same year for the 2022 financial period.
At an event in Accra where the company’s latest profits were announced, the Managing Director of the hotel, David Eduaful, said “as we honour our obligation of declaring dividends to the shareholder today, it is important to acknowledge the overwhelming support and patronage of our valued customers who continue to make us number one”.
Mr Eduaful attributed the “historic payout to the unwavering support from the Board of Directors, the hard work of the management and entire staff, and recently implemented cost-cutting and waste-minimisation measures”.
Mr. Eduaful emphasized that possessing employees with the right mindset and attitude, along with maintaining consistency in service delivery, were crucial factors in accomplishing the company’s overarching objectives.
“We continue to invest in the human capital of the hotel to be able to readily respond to the demands of today’s guests,” he added.
Commenting on the historic payout to SSNIT, the Chairman of the Board of the hotel, Professor Douglas Boateng, said “SSNIT respects the board, and has allowed us to perform our fiduciary responsibilities with virtually no interference from the 100 per cent shareholder”.
“Companies can declare profits, but not necessarily pay out dividends. If shareholders appoint the right board and allow them to responsibly discharge their duties, the end result is accountable governance and consistent performance. The best of Labadi Beach Hotel is yet to come, and yes, we can,” Prof. Boateng added.
The 2022 dividend represents a notable 150% increase compared to the previous year, despite the prevailing economic challenges. Labadi Beach Hotel, operating for 32 years, has been a source of pride in Ghana’s hospitality industry, consistently delivering world-class services at par with global standards.
Located near Kotoka International Airport and Accra’s central business district, the hotel features 164 rooms, including Presidential Suites, Executive Suites, and Superior Suites, along with various amenities such as bars, restaurants, conference facilities, a spa, a gym, fishing lagoon, and leisure pools.
Over the years, the hotel has hosted distinguished guests, including the British Monarchy, heads of state, and other prominent personalities.
Beyond its core mandate, Labadi Beach Hotel actively engages in social responsibility initiatives, sponsoring surgeries for hole-in-heart patients, providing food for street children, and organizing events for cured lepers, showcasing a commitment to community impact.