The second-largest hotelier, Rainbow Tourism Group (RTG) has recorded a 4% increase in room occupancy including lucrative profit margins.
The hotelier has attributed the attractive returns to currency stability in the country and bullish management practices which defied the odds of the global Covid-19 pandemic.
Presenting the half-year performance of the group for the period ended June 30, 2021, RTG chairperson Arthur Manase attributed the upsurge to management strategies, which tapped into the domestic market.
“Occupancy for the period under review closed at 24% which is 4% above the prior year. The group was largely reliant on domestic tourism due to restrictions on international travel. Business volumes improved significantly from mid-March to June 2021 buoyed by accommodation,” he said.
Conference business during the period was affected by the national lockdown measures with little to no activities for the period between January and mid-March 2021.
However, RTG managed to ride on its technological innovation and other strategies like outside catering as well as the Gateway Stream application revenue channels such as online shopping, hardware, and the music application.
The top hotelier also hailed the obtaining currency stability and improved access to foreign currency as one of the top positives in the operating environment.
“The stability of the official exchange rate and the availability of foreign currency has reduced the impact of inflation compared to the prior year. The expected opening up of the economy will drive tourism business significantly, starting with the domestic market,” Manase said.