Festive season pushes Dawn properties profits

The Chronicle

DAWN Properties says it expects an increase in rentals from its properties during the festive season to drive its profitability for the remainder of the financial year.

In a latest trading update, the property firm said it recorded a 223 percent jump in revenue to $15,2 million in the nine months to September. Dawn Properties owns most hotel buildings under the African Sun group such as Monomotapa in Harare, Troutbeck Inn in Nyanga, Elephant Hills in Victoria Falls and Carribbea Bay Hotel in Kariba.

“The group’s profitability for the remainder of the year is expected to be driven by good performance from the timeshare rentals and an increase in rentals from African Sun across all our properties during the December peak period,” said company secretary Formai Myambuki.

The jump in revenue income also saw the group’s cost to income ratio improving to 48 percent from 45 percent during the comparable season last year.

Fair value adjustments following currency changes implemented by the Government earlier this year also boosted the group’s profit before tax, said Myambuki.

 “Total equity attributable to shareholders of the parent company increased by one percent to $598,6 million, compared to $593,6 million recorded as at 30 June 2019,” he said.

Meanwhile, Dawn Properties launched its second housing project, known as Marlborough Sunset Views, which consists of 354 residential stands measuring 2 000 square metres.-New Ziana