Tsogo Sun Hotel (TGO) Results Snapshot 1H22

Turnover growth increased by +144.3% y-y to R3 823m. Revenue is still 36% below pre-Covid levels of 1H20. OPM improved from -16.8% LY to 23.3% CY. Expenses to sales ratio dropped from 116.8% LY to 76% CY. Expenses increased 40%. No Interim dividend declared.. Gross debt down 5% y-y.