- The Malawi Stock Exchange (MSE) has taken the lead as the best African Market
- Year-to-date, the bourse have made 36.6% returns in USD terms
- The return is on the back of 307% profit jump from a top hosipitality giant Sunbird Tourism Plc
Harare-The Malawi Stock Exchange (MSE) has taken the headline performance, surpassing that of the Zimbabwe Stock Exchange as the leading African exchange market. In the year-to-date, both exchanges have been performing exceptionally well, with a significant margin compared to other African stock markets.
Despite the economic struggles that have affected the country's performance indicators, the MSE managed to rise by 1.1% in the past week, thanks to the growth of the financials industry, which increased by 1.3%.
One of the companies that have contributed significantly to this impressive market performance is Sunbird Tourism Plc, which recently announced its proposed total dividend of 524-million-kwacha (US$512.5 thousand), equivalent to 2 kwacha per share.
The hospitality service provider recorded an incredible 3.1-billion-kwacha net profit in 2022, representing a massive 307% increase from the previous year, thanks to several factors. These include strengthened revenue, intensified marketing efforts, and strong cost containment measures.
Despite the challenges brought about by the Lakeshore ban for meetings and conferences, Sunbird Tourism Plc's overall increase in travel maintained a positive trajectory, leading to an increased demand for hospitality services. The board remains optimistic about the future, believing that the UNWTO projection showing the resurgence of global hotel room nights and travel to pre-pandemic levels by 2024 will guarantee its recovery, returning the hotels' occupancies to at least 60% of pre-pandemic levels.
Sunbird Tourism Plc has cemented its position as a leading player in the hospitality industry, and its impressive performance is a clear indication of its commitment to providing excellent hospitality services. The company's strategic vision, focused on cost containment, and intensified marketing efforts have paid off, resulting in significant revenue growth.
Despite the challenges posed by the pandemic, Sunbird Tourism Plc's future looks bright, and its shareholders can expect a healthy dividend playout. The company's remarkable achievement is a testament to its relentless pursuit of excellence and its commitment to maintaining its position as a leading player in the industry.
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