Labadi Beach Hotel pays GH¢25m dividend to SSNIT
Ghana’s premier five-Star hotel, Labadi Beach Hotel, has declared GH¢25 million in dividends for 2022 to its sole shareholder, the Social Security and National Insurance Trust (SSNIT).
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The financial windfall comes on the heels of the GH¢10 million in dividends declared by the hotel to SSNIT in February this year for the 2022 financial year.
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”.
“Labadi Beach Hotel, being the first five-star hotel in Ghana and owned by Ghanaians, has distinguished itself as the best hospitality facility in the country that provides exceptional services to patrons.
With our commitment to service excellence, the business and leisure traveller is guaranteed the right ambience and amenities in our hotel to ensure that their purposes and ambitions are achieved without any compromises,” he further stated.
Mr Eduaful stressed that having employees with the right mindset and attitude, and being consistent with service delivery were key in achieving the overall goal of the company.
“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.
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“In the area of education, we are proud to have produced professionals among whom are doctors, lawyers, accountants, entrepreneurs, etc. through our educational scholarship scheme instituted to benefit children of our hardworking staff.” the MD 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.
New dividends
The 2022 dividend, a 150 per cent increase on what was declared for the previous year, comes against the backdrop of the prevailing economic challenges.
In its 32 years of operation, Labadi Beach Hotel has been Ghana’s pride in the hospitality industry, delivering world-class services comparative to the best standards anywhere.
Located 8.7 kilometres from the Kotoka International Airport and the central business district of Accra, it is set amid tropical landscaped gardens adjacent to one of Ghana’s most popular beaches, with the ambience considered ideal for business and leisure, as well as nature lovers.
With an initial 104 rooms built in 1991, Labadi Beach Hotel has expanded its room capacity to 164, including two Presidential Suites, four Executive Suites, four Superior Suites, five bars, two restaurants, a 900-seater multi-purpose conference and banqueting facility, a spa with plunge pool, a well-equipped gym, a lagoon for fishing, and two plush leisure and lap pools on a sprawling landscaped garden overlooking the natural Maale Lagoon.
The iconic hotel is reputed to have endeared many guests, including the British Monarchy, heads of state, prime ministers, and other important personalities.
The strength of the hotel was put to the test in June this year when it provided catering services — breakfast, lunch and dinner — for nearly 4,000 delegates that attended the 30th Anniversary and Annual General Meeting of the Afreximbank in Accra.
Social responsibilities
Labadi Beach Hotel has, at times, gone beyond its core mandate to create a family and a socially responsible member of the community.
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Through this, it has embarked on a project of sponsoring the cost of surgery for one hole-in-heart patient every year through its partnership with the Children’s Heart Foundation Ghana organisation.
Its partnership with the Street Academy Ghana to provide food for over 100 street children every Friday has been hailed as a model corporate social responsibility gesture.
Since 1998, it has been organising Christmas and New Year parties for 150 cured lepers at the Christ the King Parish in Accra and the Weija Leprosarium.