Listed hotelier, Rainbow Tourism Group (RTG), reported that its first quarter to March 31, 2023 occupancies were back to near pre-Covid-19 period.
In a trading update, company secretary, Tapiwa Mari said; “Resort hotels are now approaching the traditional first quarter pre-Covid-19 pandemic average levels of 38 percent, having achieved an occupancy of 35 percent during the first quarter.”
RTG said these occupancy levels are expected to increase as the year progresses.
“Hotel occupancies closed the quarter at 43 percent, which was at par with the same period in 2022. City hotels continue to drive activities for the Group mainly through conferencing activities while resort hotels, which are predominantly located in Victoria Falls, have shown a strong post-Covid-19 recovery,” he said.
In terms of performance, revenues grew by 123 percent to $5,8 billion from $2,6 billion reported in the same period in 2022.
“The actual foreign currency revenues grew by 115 percent when compared to the same period in 2022,” the company secretary added.
RTG’s tech division, Gateway Stream registered increased business activities, driven by Gateway Stream Media and online shopping channels.
Mari noted: “The Gateway Stream platform continued to witness exponential growth in activities during the period under review, complementing the hotels revenue generation.”
The hotelier’s tour operations division, Heritage Expeditions Africa, increased its business volumes by 368 percent, with RTG saying its due to increased activity uptake around the country.
In its outlook, the group said the second quarter is expected to continue registering a significant growth in revenues ahead of quarter one.
“The Group is set to benefit from increased activities in the tourism industry mainly driven by the Government and NGO sector. The return of regional and international tourism coupled with pre-election business is expected to boost the Group’s prospects going forward,” Mari said.
The contribution from the group’s tour operations and tech subsidiaries is expected to continue to increase and positively impact overall revenues.