In compliance with the requirements of the Securities Act No 41 of 2016 and the Listing Rules of Lusaka Securities Exchange, Pamodzi Hotels PLC (“Pamodzi” or “the Company”), announces the audited financial results for the year ended 31st March 2023.
Performance Review:
Financials:
The total turnover for the period ended March 2023 was ZMW105.39 million compared to ZMW50.48 million for the corresponding period in 2022. EBITDA for the period ended March 2023 was ZMW9.50 million compared to ZMW(8.99) million for the corresponding period in 2022. Overall, the Profit After Tax for the period ended March 2023 was ZMW2.25 million as compared to ZMW(19.47) million for the corresponding period in 2022. This resulted in a 111% increase in Earnings Per Share (EPS) from ZMW(0.19) in March 2022 to ZMW0.02 in March 2023.
Operations:
The room segment income increased due to higher number of conferences income, transient income, events income and corporate income at the hotel. In addition, food & beverage income increased due to higher banquet income and restaurant income for the year ended March 2023.
Company Outlook:
The future outlook remains optimistic post the COVID-19 pandemic and subsequent recovery of the hotel industry worldwide. Management, however, has and will continue to do everything in their capacity to maximize revenues and minimize expenses in the long run so as to increase the company’s profitability. Having cut expenses in the year, management will continue to control expenses, to reach the most efficient operation, and maximize the profits, driving growth in the future. Pamodzi has embarked on a strategy to maintain and enhance operational efficiency while remaining focused on delivering a high-quality service that is unrivalled on the Zambian market. Pamodzi remains committed to ensuring that we provide a safe operating environment post the Covid-19 pandemic to serve the needs of all our customers.