Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Brainworks expects foreign visitor boost in second half

The hospitality to finance conglomerate has all of its businesses in Zimbabwe
picture of Victoria Falls
Numbers of international visitors to Victoria Falls are rising

Brainworks Limited (JSE:BWZ) reported an uptick in occupancy at its hotels in Zimbabwe, boosted by lower room rates and a pick up in international visitor numbers after an upgrade to the airport at Victoria Falls.

The hospitality-to-finance conglomerate has all of its businesses in Zimbabwe and overall reported a 23% rise in revenues to US$24.3mln in the six months to June.

READ: Brainworks Ltd lists in Johannesburg

Hotel occupancy increased to 45% from 37% with revenue per available room or RevPAR, the industry benchmark, rising by 14% to US$40.

Losses, though, rose to US$4.87mln from US$2.2mln due to US$3.3mln of one-off and other expenses as the company spent heavily ahead of its listing on the Johannesburg Stock Exchange (JSE) earlier this month.

Brainworks added will seek a secondary listing on the Zimbabwe Stock Exchange by the end of next year to follow associate Getbucks, which listed on that exchange in January last year.

READ: Brainworks rethinks finance plans after float shortfall

Traditionally, the group makes as loss in the period as the tourist season occurs in the second half and said the outlook was promising especially at the Victoria Falls-based hotels where foreign arrivals are rising following the improvements to the International Airport.

A maiden residential project of 58 units will also start to be sold.

 

View full BRA profile View Profile

Brainworks Limited Timeline

Newswire
October 16 2017

Related Articles

ICO image
July 09 2018
“Huge misconceptions surround token sales" says KR1's chief executive
Zimbabwe flag
May 16 2018
Following the 2017 change in government, Brainworks' chief executive believes Zimbabwe is primed to be a key investment and tourist destination
A wad of bank notes
May 18 2018
The group's 2017 results will include a hefty restructuring charge, as a result of which it will declare a loss

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use