Managing director Patrick Matute told shareholders at the group’s annual general meeting that profitability for the remainder of the year is expected to be driven by property development and anticipated increase in occupancy levels on its assets.
“African Sun had a better than expected performance in what is traditionally their low peak period. Our timeshare revenue continues to increase as we focused more on improving the product and visibility in the market through increased marketing efforts,” he said.
Dawn Property Consultancy recorded a 21 percent increase in revenue at $951 800 compared to same period last year.
Income from property management was up 9 percent despite the market wide challenges while revenue from valuation advisory services was up 13 percent compared to same period last year.
On capital projects, Matute said at Holiday Inn Hotel in Mutare, the company undertook to replace the guest elevators at the property and the work will be completed at the end of July 2018.
He noted that African Sun is currently doing a major soft refurbishment on all the rooms to meet international standards for the Holiday Inn brand.
“We will continue to identify new hotel improvement projects, jointly with the tenant, so as to position our properties as “the go to destination for hospitality,” he said.
Matute said the group has now started to recognize sales from the Elizabeth Windsor Gardens development as well as good performance from the timeshare rentals and an increase in rentals across all properties.- The Source