HEPS 55.2cps (+8.4% y-y).
Net turnover increased by 12.3% y-y to R6 047m. Rooms revenue increased by 23.1% y-y to R4 008m. Food and beverage revenue increased by 18.1% y-y to R1 502m.
Expenses increased by 13.7% y-y while expenses-to-sales increased from 76.0% to 76.9%. The increases have been attributed to increased variable costs due to increased levels of trading.
OPM decreased by 90bps to 23.1%.
Dividend of 12.5cps.
Cash generated from operating activities up 3.3% y-y to R1 359m.
Occupancy rate improved from 51.5% to 58.6%, aided by more normalised demand from local and international travellers and strong demand for conferencing and events.
Average room rate increased by 9.5% y-y to R1 388.
Due to load shedding, R48m (LY: R41m) has been spent on diesel over the year. Property rates have increased to R162m (LY: R160m) for the year.
