Cresta | Release of 2015 Annual report

By Published On: July 14th, 2016Categories: Corporate announcement

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

CRESTA – 2015 Annual Report.pdf

Cresta Marakanelo Limited (CRESTA.bw)

Share price: 95.00 Thebe (-2.00 | -2.06% – 15/08/22)

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