TPS Eastern Africa (Serena) Swings Back into Profit Zone, Hikes Dividend
The Serena Hotels Group trading under the name Tourism Promotion Services (TPS Serena) has reported a profit before tax of Sh 325 Million compared to a loss before tax of Sh 211 million posted in 2015, reflecting an improvement of 254%.
The company attributes the improved performance to the serious attention being paid to security issues in Kenya and Eastern Africa, the slow but positive impact of the series of incentives provided by the Kenyan Government in 2016 to revive and position Kenya as the most preferred safari destination, and continuous efforts being made to improve international relations by Govt of Kenya had restored confidence among travellers, investors and Eastern Africa citizens.
Over the year, the company’s turnover grew by 4.5 per cent to Sh 6.47 Billion from Sh 6.19 Billion in 2015.
In 2016, the company noted that it had began the process of refurbishing the Nairobi Serena Hotel and the upgrade of Kampala Serena Hotel.
“These developments are being carried out in a phased manner and with minimal disruption to guest services. The investments are necessary to reposition the company’s city hotels and enable the Hotels increase their market share in the future.” The company said in a statement.
The company’s board of Directors recommended a dividend payment of Sh 0.35 per share, up from Sh 0.25 per share declared in 2015. This is subject to shareholder approval at the company’s AGM to be held on 30th June 2017 at KICC Nairobi.
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