RTG sustains positive performance despite economic headwinds

STAFF WRITER

Rainbow Tourism Group (RTG), a publicly traded hospitality group, has sustained positive performance in the first five months of this year , despite challenging economic conditions, Business Times can report.

Revenue for the group grew by 75% in the period under review while occupancy rates across the hotel portfolio averaged 60%, outperforming industry benchmarks.

Revenue Per Available Room (RevPAR) grew by 128% to US$58.

The group has invested US$21 million in product refurbishment since 2018.

 

Speaking at the company’s annual general meeting (AGM) held on Monday RTG’s Group CEO, Tendayi Madziwanyika said the strong performance reflects the group’s resilience and ability to navigate challenging macroeconomic conditions.

Despite global economic headwinds, including rising inflation, supply chain disruptions, and geopolitical tensions, RTG recorded strong operational and financial performance across its portfolio of hotels, resorts, and tourism experiences.

“We are pleased to report that RTG has sustained its positive trajectory, delivering solid results in the midst of a turbulent economic landscape,” Madziwanyika said.

 

He added: “Our ability to adapt quickly, optimize efficiency, and focus on delivering exceptional customer experiences has been key to our success.”

RTG paid the final dividend for the full year 2023, totaling US$260,000 and ZIG 4.1m, which is equivalent to US$250,000.

Since 2018, RTG has declared cumulative dividends of US$6m, in addition to capital expenditures of US$21m over the same period.

 

Madziwanyika sees the future with optimism.

 

“Looking ahead, we remain cautiously optimistic about the future,” Madziwanyika said.

 

He added:”While macroeconomic challenges persist, we are confident in our ability to navigate these uncertainties and continue delivering value for our shareholders, partners, and guests.”

 

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