Wednesday, May 22, 2024

Chobe Holdings reports over 350% increase in PBT

Chobe Holdings Limited, the tourism focused entity warned the market that it has woken from its deep slumber as its full year results are expected to balloon by at least 357 percent compared to the prior year.

“The Board would like to announce that the Group has returned to profit with profit before tax for the year ended 28 February 2023 likely to be between 357-367 percent (approximately P 185 to P190 million) higher than the reported for the comparative period 28 February 2023,” the company warned its shareholders on Monday.

In the prior year, the company made a huge loss of P51.8 million which was blamed on the Covid-19 pandemic.

The tourism sector was on a tail-spin during the Civid-19 height as countries restricted movement of people.

Chobe Holdings which operates eco-tourism lodges and camps under the famous brands of Desert & Delta Safari and Ker & Downey in Kasane, Okavango Delta in Botswana and the Caprivi Strip in Namibia was badly hit  during the Covid-19 period.

Last year, its Deputy Chairman and  Chief Executive Officer, Jonathan Gibson announced that  company’s  gearing up for recovery in the post Covid -19 and said negotiations for the acquisition of  Nxamaseri Island Lodge  which is on the  Okavango Panhandle were completed and  that will  give it access to  Tsodilo Hills .

He also hailed the expansion of Victoria Falls International Airport which will allow wide-bodied aircrafts to land and turn it into a regional hub.

Chobe also owns safari Air that provides air charter service to transport its guests to and from its safari lodges and camps. The company is also interested in agricultural operations and property rental and reservation service.

Chobe is trading at 940 thebe on the Botswana Stock Exchange on Tuesday.

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