- PBT expected to be up by between 25% and 35%
- Group manages over 1000 rooms in Botswana
GAZETTE REPORTER
Leading tourism and leisure Group Cresta Marakanelo’s profit before tax for the six months ended 30 June 2023 will be increased by more than P1.5 million, the company has disclosed in a trading statement published with the Botswana Stock Exchange (BSE).
The company is fulfilling the terms of paragraph 5.4(c) of the Botswana Stock Exchange listing requirements which require companies to publish a trading statement as soon as they have reasonable certainty that the financial results for the period to be reported upon will differ by at least 10 percent from those of the previous corresponding period.
Cost optimisation
“Shareholders are advised that the unaudited company profit before tax of Cresta Marakanelo Limited for the six months ended 30 June 2023 is estimated to have increased by 25 percent to 35 percent (P1.5 million to P2.0 million) compared to the P5.9 million reported for the six months ended 30 June 2022,” Cresta says in the statement.
“This improvement in performance in the current year compared to the previous period is predominantly due to the company leveraging the continuous recovery of the tourism and hospitality industry from the COVID-19 headwinds and cost optimisation focus.”
According to Cresta, the unaudited interim financial statements for the period ended 30 June 2023 will be released by 30 September 2023.
Caution
“Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities until a full announcement is made,” the statement warns.
Meanwhile, since its establishment, Cresta Marakanelo Limited (CML) has maintained its position as the largest hotel group in Botswana with a footprint that spans across the country.
Cresta Marakanelo is the operating company for the 11 Cresta Hotels in Botswana.
Botswana Development Corporation
The company was established in 1987 when Cresta Hospitality was awarded the management contract for Marakanelo Hotels in Botswana by the Botswana Development Corporation (BDC).
From an initial portfolio of less than 290 rooms under management, the Group now manages over 1000 rooms in Botswana.
Cresta Marakanelo listed on the Botswana Stock Exchange in 2010. Its largest shareholders are the Botswana Government (through BDC) and Cresta Holdings Botswana.