Swissport Tanzania Plc (SWISS.tz) HY2021 Interim Report
The Board of Directors of Swissport Tanzania Plc. hereby publishes unaudited financial results for the period of six month ended 30 June 2021. Total revenue during the period increased by 10% from TShs 12,914 million to TShs 14,242 million and total operating costs increased by 2% from TShs 13,667 million to TShs 13,879 million. Consequently, the Company reports a net profit of TShs 174 million compared to a net loss of TShs 1,128 million reported in the same period last year. Management has also continued implementing cost mitigation measures to sustain the profitability of the business.
Interim Dividend to Shareholders
In view of the modest profit reported for the period ended 30 June 2021, the Board of Directors has not declared an interim dividend.
The cargo business has fully recovered from the impact of COVID 19 and we envisage a stable performance for the remainder of the year. The rollout of COVID 19 vaccination and the relaxation of travel restrictions around the world have positively impacted the recovery of the ground handling business. As a result, the ground handling business is now operating at 71% of the pre-COVID 19 volumes and we expect the recovery rate to remain constant to the end of the year. All our airline customers have resumed operations, albeit with fewer frequencies, and most have now redeployed the larger aircraft types that were in use before COVID. Management is confident that the Company’s estimates for year 2021 will be achieved.
Management is carefully monitoring business recovery and taking appropriate mitigation measures to ensure the sustainability of the requirements as they increase flight frequencies as well as reacting to the rapidly changing business landscape.
Appreciation and commitment
The Board would like to thank all customers, authorities and other stakeholders for their continued support and our employees for their hard work during these difficult times .The Board is committed to implement appropriate strategies to ensure the business remains sustainable.
Jeroen de Clercq
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