Higher occupancies at Afsun occupied properties drives Dawn’s revenue

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    Harare – Property investment holding company, Dawn Properties Limited says its revenue for the six months ended June 30 closed at $3.08 million compared to $2.27 million last year which is a 35.3 percent increase.

    Revenues from hotel property leases came in at $1.52 million compared to $1.16 million for the same period in 2017.

    The growth of 30.6 percent was attributed to an increase in occupancy at the hotels as demand increased from foreign visitors.

    In the period under review, Company Chairman Phibion Gwatidzo said the consultancy business recorded a total revenue of $1.40 million compared to $952 000 in 2017.

    “The business unit continues to be resilient despite a tough operating environment in the property management business, driven by increased voids and downward pressure on rentals.

    “Group operating expenses stood at $1.63 million, a marginal decline of 2.25 percent compared to same period last year,” said Gwatidzo.

    During the period under review, the Group expensed renovation relating to the Blue Swallow Lodges in Nyanga.

    As at close to the reporting period, the Group said it realised a profit after tax of $942 536 compared to $90 442 for the same period last year.

    Gwatidzo said the carrying amount for investment property remain unchanged at $88 177 754 whilst cash and cash equivalents of the Group closed at $454 771.

    Additionally, the company said in the view to invest in a number of capital projects, it resolved not to declare a dividend for the period.

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