Cresta | Release of 2015 Annual report
On behalf of the Board of Directors of Cresta Marakanelo Ltd, I am delighted to present to you the Annual Report and Financial Statements of the Group for the year ended 31st December 2015.
During the year 2015, the Group faced challenging times on the business front due to a combination of factors, such as, the consequences of increased competition and the cut on spending by our traditional markets.
Financial performance
The Group achieved revenue of P320 million, which was a 5% growth from P303 million achieved in the previous year…
Botswana Operations
The Botswana market continues to challenge, with increased competition especially in urban areas such as Gaborone, Francistown and Palapye. Consumers are becoming more price sensitive and are increasingly demanding more value for their spend. The company has had to be creative in its marketing activities to lure business into the hotels…
Zambian Operation
Trading conditions in Zambia continue to be challenging, however, the company continues to innovate. The company came up with a strategy at the beginning of 2015, to win over lost business. The strategy bore fruit as the company recorded growth in revenues in Kwacha terms at Cresta Golfview Hotel…
Statement of financial position
Total assets grew by 7% to P245 million (2014:P229m). Equity grew by 12% to P163 million (2014:P145m)…
Dividend
A dividend of 7 thebe per share has been declared for the year ended 31 December 2015. The dividend will be paid on or about 23 May 2016 to shareholders registered at the close of business on 6 May 2016.
In terms of the Income Tax Act (Cap 52.01) as amended, withholding tax at the rate of 7.5% will be deducted by the Company from gross dividends.
Other developments
The Board wishes to inform shareholders that the Company concluded negotiations for a hotel operation in Ghanzi with Babereki Investments Pty Ltd. Construction of the hotel is likely to start during the course of 2016.
Future prospects
The Group continues to explore new markets in an endeavor to increase returns.
Maria Nthebolan – Chairperson
Related download
The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.
Recent Documents & News
-
Corporate announcement, Earnings
Cresta Marakanelo Limited – Trading Statement For Year Ended 31 December 2022 – March 21, 2023 -
Interim Reports
Cresta Marakanelo Limited (CRESTA.bw) Q42022 Interim Report – March 21, 2023 -
Corporate announcement, Earnings
Cresta Marakanelo Limited – Unaudited Summarised Consolidated Financial Results for HYE 30 June 2022 – September 28, 2022 -
Interim Reports
Cresta Marakanelo Limited (CRESTA.bw) HY2022 Interim Report – September 28, 2022 -
Corporate announcement
Cresta Marakanelo Limited announces AGM results – June 27, 2022
