RTG's flagship Rainbow Towers Hotel & Conference Centre in Harare
The Group revenues increased by 5% to $30.7 million from $29.3 million achieved in the same period last year. The growth in revenues was mainly driven by foreign business. The continued focus on foreign revenue streams has paid dividends to the Group. This revenue line grew by $1.2 million (equivalent to 16%) compared to the same period last year, bringing the contribution of foreign revenues to 28% from 26%.
Zimbabwe operations revenues excluding the newly opened Rainbow Beitbridge Hotel (RBBH) increased by $0.1 million from $27.7 million to $27.8 million. The Zimbabwe operations revenues were given a boost by innovative programs such as Stay Now Pay Later (SNPL) and RTG Mobile. These programs contributed $0.4 million to revenue growth. The city hotels recorded a $0.7 million decline in revenues during the year 2014. However, it is pleasing to note that this reduction came against the backdrop of once-off large events hosted in 2013 such as the referendum and national elections which generated business worth $2.5 million. This is evidence of a strengthening revenue base.
FY 2014 Financial results
FY 2014 Financial results presentation