Chobe Holdings has realised an 83.5 percent surge on headline Earnings per Share (EPS) thus reaching up to 33.28thebe. This is according to the company’s latest financial statements which also show that the flow of the EPS has brought down Chobe’s price per earnings (P/E) multiple to about 6.7 which is below the local market average.
The safari company which has operations also in Namibia released their interim results for the six months ended 31 August 2013 this week which indicates that profit after tax (PAT) leaped up by 83 percent on year-to-year basis.
The financials further reflect that the company revenue increased by 20.4 percent on increased occupancy, higher achieved rates. The company owns and operates 10 eco-tourism lodges and camps on leased land in northern Botswana and the Caprivi Strip in Namibia with a combined capacity of 290 beds.
It has also emerged that a relatively weaker Pula against the dollar has also worked in favour of the Safari operators. To Date the local unit remain weaker by over 10 percent. By close of markets on Friday the local currency depreciated against most of its major trading peers but firmed relative to the rand. The local currency gave up 1.4 percent and 1.8 percent to the US dollar and the pound respectively.
On a yearly basis, the crawling unit remains weaker to the greenback and euro by 10.34 percent and 11.8 percent in that respective order. However the pula has gained 8.6 percent to the rand which will help curb imported inflation.
Meanwhile Chobe’s financial statements also show that its assets grew by 22.6 percent to about P209 million following the company’s recent acquisition of the whole interest on Moremi Safaris. Chobe Holdings also owns and operate Desert & Delta Safaris Ker & Downey Botswana.
Desert & Delta Safaris is one of the country’s oldest safari operators and have been operating in the safari business in northern Botswana since 1983 and it is one of the most renowned photographic safari operators in the region. The company operates five camps and lodges in the Moremi Game Reserve, Okavango Delta, and Chobe National Park and on the fringes of the Makgadikgadi Pans National Park, having a total 112 available beds.
Meanwhile in a statement accompanying the results, the company management announced that no dividend has been declared for the period under review as the company focuses on expanding. Chobe Holdings management says that it is optimistic about growth in North America and Australia which could ultimately contribute to the group’s revenues. By close of business at Botswana Stock Exchange on Friday the company shares traded by 300 thebe per share.
