- Revenue increased by 123% from ZWL2.6 billion
- US$ denominated turnover soared by 115%
- Occupancy edged closer to 50%
Harare- Hospitality Group, Rainbow Tourism Group Limited has reported an increase in revenue both in US dollar denominated terms and Zimbabwe dollar terms for the first three months to March 31 2023 while hotel occupancies edged closer to 50%.
In a trading update, the Group said revenue increased by 123% to ZWL5.8 billion from ZWL2.6 billion during the 2022 comparable period. Of the 123% increase, the actual foreign currency revenues grew by 115%.
The robust turnover figures were buttressed by the hotel occupancy level which edged closer to a 50% increase after rocketing by 43%.
“City hotels continue to drive activities for the Group especially through conferencing activities while resort hotels which are predominantly located in Victoria Falls have shown a strong post COVID-19 recovery,” said the Group.
“Resort hotels are now approaching the traditional first quarter pre-COVID-19 pandemic levels of 38% having achieved an occupancy of 35% during the quarter.”
The Group said it is optimistic that the levels will keep on shooting as the year progresses.
Tech Division, Gateway Stream remained robust through increased business activities driven by Gateway Stream media and online shopping channels.
“The Gateway Stream platform continued to experience exponential growth in activities during the period under review complementing the hotels revenue generation,” commented the Group.
The tour division, Heritage Expeditions Africa increased its business activities by 368% owing to increased activity uptake around the country.
The Group expects to benefit more in the second quarter from tourism activities mainly driven by government and NGOs.
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