Swissport Tanzania Plc (SWISS.tz) HY2019 Interim Report

We have extracted a Chairman’s statement from the 2019 half year interim report of Swissport Tanzania Plc (SWISS.tz), listed on the Dar es Salaam Stock Exchange:

The Board of Directors of Swissport Tanzania Pic is pleased to present the un-audited financial results for the six months ended 30th June 2019. During this period revenue decreased from TZs 2s,088M to TZs 17,240M and total operating costs decreased from TZs 17,633M to TZs 14,07SM. As a result, net profit dropped to TZs 2,281M from TZS 4,947M reported in 2018. The decrease in revenue was attributed by the decline yield in the ground handling business, reduced flight frequencies by some of our airline customers, reduced business volume and the cessation of business by Fast jet Airlines Tanzania Ltd. Consequently, the overall financial results of the Company was negatively affected. Several cost saving initiatives were taken by the management to improve the financial results of the Company.

Dividend to shareholders

The Board has decided not to declare interim dividend to enable the Company to meet its maturing obligations.

Future outlook

No further decline of business volume or yield is expected. We anticipating our airline customers to continue operating as per their presented plans while Cargo volume shall remain stable. We therefore envisaged the financial performance for the second to be in line with the first six months. To cope with the changing and demanding business environment, we continue enhancing operational performance, control our operating and overhead costs, investing in ground handling equipment, facilities, technology and human resources development to make sure we exceed customers’ expectations and provide a better working environment to our staff.

Mark Skinner
Board Chairman