The hospitality firm has bounced back to profitability, recording a 20% increase in its half-year revenue for the period June 2024 at Sh 4.53 billion from Sh 3.75 billion in 2023 for the same period. It recorded a net profit of Sh 571 million after the deduction of operational expenses and tax. The growth of revenue is attributed to the demand for business events both domestic and international; a huge chunk of the expenses was spent on increased labour, renovation of tired facilities, and technological upgrades.
This profit comes after 4 years of consecutive net losses since the onset of COVID; this is a good gesture for the investors and the economic outlook of the MICE industry at large. However, it is not clear if the interim division will be announced. In the previous financial year 2022/2023, no dividends were issued as a measure of business resilience.
TPS Eastern Africa PLC is a Kenya-based company that owns and operates hotel and lodge facilities in East Africa, serving the business and tourist markets.
