City Lodge Hotels Ltd (CLH) Results Snapshot 1H23

Diluted HEPS up +388.1% y-y to 17cps (LY: -5.9cps).
Revenue improved by +94.4% y-y to R848m (LY: R436m).
OPM improved to 24.6% (LY:7.2%).
Expenses to revenue improved to 79.1% (LY:93.3%) and is back to pre-pandemic levels of 79.1%.
Interim dividend of 5cps declared.
Gross debt decreased by -58.3% y-y to R300m.
Average group hotel occupancy has improved from 30% LY to 57% CY.