The Sunday Mail
AS tourism continues to recover from the Covid-19 pandemic, hospitality concern Rainbow Towers Group (RTG) saw its revenue more than double in the first six months of the year due to increased arrivals.
Occupancy closed the half year at 48 percent, a 100 percent gain from the prior comparable period, while revenues rose by 246 percent from US$2,1 billion last year to $7,1 billion.
Said RTG chief executive officer Mr Tendai Madziwanyika: “The growth in occupancies is evidence that the group’s volumes are now at the pre-pandemic level. The growth in volumes has been experienced across the Group’s business arms.
“The momentum recorded to date is anticipated to continue on the same trajectory into the rest of the year.”
During the period under review, EBITDA (earnings before interest, tax, depreciation and amortisation) stood at $1,8 billion, which was 300 percent above the $470 million in 2021.
RTG reported a profit margin of 18 percent, which was the best ever achieved by the company in any first six months of the year.
In a statement accompanying the results, RTG chairperson Mr Douglas Hoto said the group’s digital platform – Gateway Stream – proved to be a significant business driver, positively impacting overall performance.
“The Gateway Stream platform continues to enjoy growth in activities across its revenue channels, with the grocery channel being the main revenue driver,” he said.
The company declared a $380 million dividend for the six-month period.
A portion of this dividend (US$250 000) shall be payable in foreign currency.