TPS Serena posts profit

July 29, 2009

, NAIROBI, Kenya, Jul 29 – TPS Serena has posted a net profit of Sh70 million for the half year ended June 30, up from Sh23 million reported in the same period last year.

In a statement, the hotel chain noted that the un-audited results are however not indicative of full year results, due to the seasonal nature of the tourism industry in the country.

TPS East Africa Limited (TPSEAL) Company Secretary Damaris Angulu attributed the rise in profit to the gradual recovery of the sector from the post election crisis despite the challenges faced in the international tourism scene.

“Management’s proactive decisions on various areas of business to maximise on every opportunity despite the challenging business environment without compromising the long term goals of the company resulted in satisfactory results for the first half of 2009,” the statement from Ms Angulu read in part.

Turnover for the company rose to Sh1.6 billion from Sh1.2 billion for the same period last year.

In the meantime the company reported a Sh107 million profit before tax compared to Sh41 million profit before tax over the same period last year.

“For the six-month period, TPSEAL recorded growth in turnover of 25.8 percent and 15.7 percent respectively which is an encouraging result,” the statement further indicated.

The company’s board of directors did not recommend an interim dividend.

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