Windhoek — The state-owned Windhoek Country Club Resort and Casino (WCCR) has turned in steady financial results, with nearly 10 percent in revenue growth and operational income during the past financial year.
It was not so long ago that government mooted the idea of disposing of the WCCR, which five years ago was haemorrhaging money and heavily dependent on state bailouts to keep afloat.
WCCR chairperson Sven Thieme described the financial performance as "noteworthy and commendable" when taking into account the ongoing global financial crisis, which continues to affect the tourism sector.
"Furthermore, the Windhoek County Club Resort and Casino faced stiff competition with new developments. Despite this, the Windhoek Country Club Resort and Casino did not lose business," said Thieme.
The WCCR says that the demand for rooms and conference facilities remains high to the extent that the hotel is looking at expansion options to cater for ever-increasing business opportunities.
The hotel has already spent N$20 million on upgrades and will soon invest another N$2 million in upgrading its entrance and conference facilities.
The WCCR's revenue grew from N$97.6 million to N$106.7 million. Operational expenses rose by 9.21 percent from N$39.1 million to N$42.7 million, while operating income rose by 10.27 percent, from N$51.6 million to N$56.9 million.
The earnings before income tax, depreciation and amortization (EBITA) showed an increase of 16.58 per cent from N$19.9 million to N$23.2 million.
The WCCR has been honoured with the award of Leading Hotel in Namibia 2012, by the World Travel Awards for the third year in a row.
Financial soundness and the building of cash resources were other achievements that the hotel reported over the past fiscal year.