Sunbird Tourism(plc), a publicly quoted enterprise listed on the malawi stock exchange, has announced that it has chalked a profit after task of MK5.3 billion during the financial year ended 2023.
This represents a significant 72 percent increase from the Mk3.1 billion it recorded in the year 2022.
Chairman of the board for the oldest hospitality entity Vilipo Munthali disclosed this in Blantyre during the 36th annual general meeting for the company.
Munthali further disclosed that the firm saw it's share price increased from Mk92.06 in 2022 to Mk191.07 at the end of 2023.
" This is probably due to the increase in occupancies to pre-pandemic levels among other factors, " he said.
Munthali further said the profitability was also driven by increase in revenue and cost of containment despite escalating production and operating costs that the company suffered due to high inflation, shortage of forex and high interest rates.
The board chairman reported that the total revenue of the company grew by 36 percent to Mk34.8 billion in 2023 from Mk26.7 billion in 2022 on account of increased occupancy to 57 percent from 48 percent achieved in the prior year and growth in catering revenue by 31 percent from prior year.
Among others, the board chairman also announced the increases in cost of sales and financial costs achieved during the financial year ended 2023.
According to him, once the construction of the new Mk7 billion conference centre at sunbird Livingstonia, will immensely change the guests' experience.
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Looking ahead, Munthali said the hospitality outfit poses to fully recover further in the profitability to pre-pandemic levels in the year 2024.
Additionally during the AGM, shareholders endorsed a total dividend of Mk2.019 billion for the year 2023, equating to Mk7.70 per share.
During the year 2023, a final dividend of Mk393 million or Mk1.50 per share was paid in respect of the year ended 31 December 2022, making the total dividend for year 2022 to be Mk523 million or Mk2.00 per share, according to the company's financial report.
In his contribution, secretary general for the minority shareholders of listed companies(MISALICO) Frank Harawa thanked the company for the continued remarkable slides.
Harawa however, urged the company to open up so that its shares were ready available on the stock market.
