Wilderness Holdings has released its half year financial results for the six months ended 31, August 2012 with the group living up to its promise and producing solid results.
The audited interim results reveals the ecotourism major grew its turnover by 17 percent to P672 million from P576 million compared to the same period last year.
The Botswana Stock Exchange listed tourism group, which operates a network of 63 luxury camps in Botswana and the region—says its bed night sales for the period was 102 313 which is just under 2 percent below that was achieved in the comparable prior period.
“If we adjust for camps that have been discounted in the interim, or closed for refurbishment, this outturn is a 1 percent increase on prior period performance,” states the statement accompanying the company results.
Wilderness says the price adjustments for the 2012 calendar year ranging between 4 and 10 percent have been successfully absorbed by the market with turnover in the US Dollar terms increasing by 8 percent over the prior year.
The group’s profit before tax stood at P41 million compared to P21 million in the corresponding period while profit after tax increasing from P12 million to P28 million.
Wilderness says impairment losses of P11.5 million were reported in the prior period, but because ‘we have structured the various businesses there was limited need for further impairments in the current period and so the charge to income amounted to just P136 000’.
The results come at a time of global uncertainties, which limits the capacity of the group to grow its business.
“Whilst we have witnessed a slow recovery in demand from the United States, this has partly been offset by softer demand from Europe because of conditions in that economy,” it says.
The period was also coupled by weaker currencies, mainly the Rand and Pula against the Dollar and Euro and this has worked in Wilderness’ favour.
“Inflation continues to exert upward pressure on costs at national rates varying from 5.8 % to 6.6 % per annum.
Wilderness operates some 70 safari camps and 20 scheduled overland safaris in Botswana, Congo (Brazzaville), Kenya, Namibia, Malawi, South Africa, Zambia, Zimbabwe and the Seychelles and are run by a group of likeminded wildlife enthusiasts who came together to build a successful safari business, delivering a unique experience for guests, fair returns for shareholders and stakeholders, while ensuring that southern Africa’s pristine wilderness areas remain sustainably protected.
Within the Safaris brand are a variety of categories of accommodation and experience, each of which is a leader in its specific niche. Its major business is in Botswana where it operates high end Mombo camps in The Okavango Delta.
During the period under review, the company opened the rebuilt Duma Tau camp in Botswana and built and assumed management responsibilities for two new camps in the Odzala – Kokoua National Park in the Republic of Congo under the Wilderness Collection brand.
Wilderness also closed two of its camps in Namibia.
