Hospitality group – Rainbow Tourism Group Limited (RTG) – overturned a loss before tax of $674 million to a profit before tax of $2 billion during the nine months to September 30, 2022, thanks to the improved business environment.
The group recorded gains on the back of growth in volumes across its business units and projects to maintain this growth trajectory throughout the year.
Revenue for the period surged to $21 billion compared to $5 billion recorded during the same period in the prior year driven by city hotels, with increase in conferencing.
Occupancy improved to 51 percent from 24 percent during the same period last year.
“Revenues under the hotels segment continued to grow as economic activity returns to normalcy following a prolonged period of low activities due to the Covid 19 pandemic.
“City hotels continue to contribute highest revenues. Increased economic activity has seen city hotels return to pre-pandemic levels. Conferencing has remained a major revenue driver during the period under review. It is anticipated the same trend will continue,” said company secretary Tapiwa Mari.
According to the group, its technology subsidiary, Getway Stream, has maintained a growth trajectory on the back of increased activities during the period under review.
Management remains upbeat of maintaining this growth supported by recovery of the tourism sector as economies around the globe resume normal economic activities and travel.
“The return of physical international tourism conventions and exhibitions is pointing towards the return to normal of international tourism.
“The resumption of international flights to Victoria Falls should see growth in activity in destination,” said Mari.