On behalf of the Board of Directors of Cresta Marakanelo Limited, I am pleased to present to you the Annual Report and Financial Statements for the Group, for the year ended 31 December 2018.
The Group had a strong performance during the second half of the year, which resulted in the Group exceeding the prior year profit after tax by 9%, despite trailing prior year performance at the half year. This was achieved due to a significant number of tourist arrivals during the peak period at the predominantly leisure properties, as well as a marked increase in business across all the properties.
The Directors took a prudent position of not declaring a dividend for the 2018 financial year. Capital expenditure will be required during 2019 to uplift the properties being acquired and position them competitively. There will be additional refurbishments required at other properties within the portfolio. Preservation and judicial management of cash is therefore critical at this stage in order to invest in the future growth of the Group.
The Group will be investing in refurbishing and repositioning the properties it acquires, and will continue to explore opportunities to increase its footprint and bed stock in Botswana and the region.
I would like to commend management, staff and fellow Directors for their commitment and contribution to the Group. I would also like to thank our valued customers and stakeholders for their continued support.