Diluted HEPS 23.4cps (+33.0% y-y).
Net turnover increased by 6.3% y-y to R2 966m. Rooms revenue increased by 7.4% y-y to R1 950m. Food and beverage revenue increased by 4.1% y-y to R760m.
Expenses increased by 3.8% y-y while expenses-to-sales decreased from 83.5% to 81.5%.
OPM increased by 200bps to 18.5%.
No dividend.
Cash generated from operating activities down 6.4% y-y to R421m.
Occupancy rate improved from 56.3% to 58.9%.
Average room rate increased by 3.2% y-y to R1 338.
The closure of Southern Sun Cullinan for June 2024 and the Sandton Towers from April 2024 to the end of the interim period reduced the group’s available room stock, negatively impacting occupancy rates and revenue. The closures are necessary to complete major refurbishments to relaunch these flagship properties as premium hotels in their respective markets.
