Wilderness Holdings Limited, the giant tourism outfit listed on the Botswana Stock Exchange (BSE) and┬á Johannesburg Securities Exchange (JSE), said it is “cautiously optimistic” about the┬á global economic recovery that is expected to bolster its financial stance.
The company announced P 27.7 million profit for the full year to February 28, 2013, which was underpinned by the demand┬árecovery from the United States.
“We expect to see a slow but steady strengthening of our major source market the United States, with a muted recovery from source markets in Europe against a back drop of uncertainty in the world economy,” it said.
┬áThe Pan-African┬átourism outfit turnover from its 59 camps leapt┬áup 13 percent to P 1.2 billion.
“The net effect of the above factors is that EBITDA was P 108.9 million up to 40 percent from P 77.8 million in the prior year.
“Impairment losses amounted to P 14 million, mostly arising from the damage to the asset of Pafuri camp in South Africa,” the company said. However, it managed to get P13 million insurance claim for the Pafuri assets bolstering its┬ágains┬áto P 22 million.
However, it said┬áthe impact of the demand recovery from the United States was blighted┬áby Euro zone economic crisis┬áand local┬áinflationary pressure.
A good number of countries in the┬áEurozone┬áhave been a subject of bail-outs from the international┬áfinancial institutions. On the other hand, local inflationÔÇöwhich is┬áa ruthless unlegislated form of tax — has been way out of the Central Bank’s┬átarget margin of three-to- six percent.
Wilderness Holdings said┬ádespite the good performance compared to the previous┬ácorresponding period bed nights sales slumped┬áby 3.7 percent to 182┬á764 for the year. It┬áattributed the move to permanent closure of┬ánon-performing camps and the temporary closure┬áof some for maintenance.
“If we normalise┬áfor these closures, we achieved one percent increase in bed nights,” the company said in fully results┬ápublished on Monday.
Wilderness Holdings said┬áover the year it has been engaged in refurbishment of its lodges and camps in a bid to meet its┬ácustomers’ experience. It also opened Duma Tau camp in Botswana and two new camps in the Odzala-Kokoua national park in the Republic of Congo.
Wilderness Holdings┬áoperates in Botswana, Malawi, Namibia, Republic of Congo, Seychelles, South Africa, Zambia and Zimbabwe under the brand Wilderness Safaris. It declares dividend of four thebe per share which will be paid out by June 24, 2013 for shareholder registered by June 21 on the BSE register. And shareholders on Johannesburg Securities Exchange┬áthe last┬áday of trading shall be June 13.
It┬átraded flat at 204 thebe per share at┬áclose of business on Monday.