Kenya-listed TPS Eastern Africa doubles profit to $6.6bn
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TLDR
- TPS Eastern Africa's Serena Hotels reports a net profit of Sh870.87 million in December 2023, a 2.3x increase from the previous year.
- Record earnings for the company surpassing the previous peak net income of Sh615.8 million in 2011.
- Growth attributed to resurgence of its portfolio including 22 hotels, resorts, safari lodges, and camps across Eastern Africa.
TPS Eastern Africa, the entity behind Serena Hotels, has reported a net profit of Sh870.87 million ($6.6 billion) for the financial year concluding in December 2023. This figure marks a 2.3x increase compared to the previous year, attributed to heightened business activities.
The latest financial outcome represents a substantial growth from the Sh379.69 million recorded in the preceding year, signifying record earnings for the company. This surpasses the previous peak net income of Sh615.8 million in 2011.
TPS attributed this remarkable performance to the resurgence of its portfolio comprising 22 hotels, resorts, safari lodges, and camps across Eastern Africa. The rebound was bolstered by renewed confidence in the foreign leisure and corporate market segments, signaling a positive trajectory for the company amidst evolving market dynamics.
Key Takeaways
TPS Eastern Africa witnessed a remarkable surge in revenue from contracts with customers, which rose by an impressive 48 percent to Sh9.68 billion from Sh1.85 billion reported in the previous year. Despite this record profit, investors will not receive dividends, as the board has opted to channel funds towards substantial investments planned for the current year. The company's strategic focus for the upcoming period revolves around significant investments aimed at upgrading technological infrastructure, enhancing guest facilities and comfort, and undertaking renovation and refurbishment projects across various units' guest rooms and public areas.
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