- Group’s revenues exceed pre-COVID-19 performance
Following the rapid dismantling of COVID-19 restrictions across the globe and the resumption of international travel, Chobe Holdings Limited (Chobe), a local tourism group has seen a significant improvement in trading with a strong recovery across all its brands.
The group’s CEO John Gibson revealed in their released annual 2023 report that both revenue and comprehensive income have exceeded that experienced pre-COVID-19.
According to the report, Chobe experienced a 138% increase in occupancy levels, cash and cash equivalents of P131 million as well as a 247% increase in revenue. A P187 million increase in operating profits resulting P140 million operating profit against P47 million operating loss in 2022.
The CEO reported that throughout COVID-19 Chobe worked closely with all stakeholders to mitigate the impact of the pandemic. He indicated that they did this by protecting both their people and business partners, ensuring their mutual resilience and ensuring that they emerged from the pandemic stronger together.
“We have continued to invest in our people and remain committed to ensuring that our people receive an industry-leading remuneration package including health, welfare and pension benefits,” he said.
Furthermore, Gibson said Chobe’s marketing teams continue to explore new opportunities both geographically and within specific targeted niches. These efforts he noted serve to grow the Group’s agent base, improving yield and occupancies throughout the year.
Meanwhile the CEO has revealed that the effects of global inflation, particularly with respect to food and energy, have been seen across the Group, but he assured that these are mitigated by the strengthening of the United States Dollar against the Botswana Pula.
As for the future outlook, Gibson said despite the headwinds international demand for travel remains robust particularly, in the Group’s traditional source markets. “This strong demand can be seen in the Group’s forward bookings for Financial Year 2023/24”
“The Group’s strong cash position provides us with the opportunity to take advantage of any expansion opportunities that may arise with capital expenditure historically funded by internally generated cashflows.”
That as it may, Gibson noted that through its listing on the Botswana Stock Exchange, Chobe continues to provide an important mechanism for citizens to invest in the tourism sector. “Listed on the Botswana Stock Exchange, Chobe encourages broad-based participation in both Botswana’s tourism and financial markets. We are dedicated to our corporate citizenship activities, responsible business practices and shared value proposition. We are committed to ensuring that all revenues are remitted to and taxed in Botswana,” read part of the report.
Chobe holdings limited owns and operates, through its wholly owned subsidiaries, fourteen eco-tourism lodges and camps on leased land in northern Botswana and the Caprivi strip in Namibia with a combined capacity of 333 beds under the brands of Desert & Delta Safaris, Chobe Game Lodge and Ker & Downey Botswana. Sedia hotel, a 39-room hotel owned by the group operates in close proximity to central Maun.
Safari Air, a wholly owned air charter operator provides air transport services mainly to the group’s camps and lodges. North West air proprietary limited, a wholly owned air maintenance operation provides maintenance services to the group’s aircrafts as well as third parties. Desert & Delta Safaris (SA) (proprietary) limited, another wholly owned subsidiary operating in South Africa, provides reservation services to the group.
