Rainbow Tourism Group has good news for investors - they're paying out $2.5 million in dividends for 2024, which beats last year's $1.5 million payout. Their board just approved a final dividend of $1.5 million as tourism bounces back from those tough pandemic years. Zimbabwe's tourism sector has recovered nicely, hitting the government's target of becoming a $5 billion industry during 2024. Many countries saw tourism collapse after 2019 when COVID-19 forced lockdowns and travel restrictions worldwide.
RTG plans to distribute $500,000 (that's 0.020 US cents per share) in foreign currency to shareholders. The rest - $1 million (or 1.057 ZiG cents per share) - will come in local Zimbabwe currency. Board chairman Douglas Hoto explained that RTG's strong performance came from better hotel occupancy rates, which grew by four percent, plus a 15 percent jump in money earned from foreign visitors. The company managed costs carefully, pushing their earnings before interest, taxes, depreciation, and amortization up by 52 percent to $9.7 million.
Despite economic problems and global conflicts, Hoto feels confident about Zimbabwe's tourism future. He believes RTG can keep growing thanks to solid business basics and smart adaptability. A major win for RTG was buying Montclair Hotel and Casino, which expanded its market reach and added new services. Hoto said this purchase created opportunities for making more money, running more efficient operations, and improving its brand position in the market.
The company spent $5 million in 2024 to buy all shares of Briolette Services, which previously owned Montclair Hotel and Casino in Juliasdale, Nyanga. This resort belonged to 23 indigenous shareholders before the sale and features 85 rooms, a nine-hole golf course, and a casino right inside the hotel. RTG reached 54 percent occupancy last year, up from 52 percent in 2023, with growth coming from both people staying at their hotels and using their conference facilities.
Resort hotels did especially well, exceeding the guest numbers they had before COVID-19 hit. City hotels also grew steadily despite some headwinds caused by government policy changes. Total revenue increased by two percent to $44.4 million compared to $43.6 million the previous year. Profit margins improved slightly from 69 percent to 70 percent. One impressive stat shows foreign currency revenue jumped 15 percent from $16.4 million to $19 million, proving RTG effectively attracts international business.
RTG formed a strategic partnership with Grand Metropolitan Hotels BV last year, a Dutch hospitality company based in Switzerland. GMH operates under Dutch law and has its headquarters in Roermond, the Netherlands. This team-up aims to make RTG one of Africa's largest hospitality companies through management contracts, franchises, leases, and online business opportunities. The partnership creates joint venture companies to pursue various hospitality and technology projects across Africa.
RTG plans to distribute $500,000 (that's 0.020 US cents per share) in foreign currency to shareholders. The rest - $1 million (or 1.057 ZiG cents per share) - will come in local Zimbabwe currency. Board chairman Douglas Hoto explained that RTG's strong performance came from better hotel occupancy rates, which grew by four percent, plus a 15 percent jump in money earned from foreign visitors. The company managed costs carefully, pushing their earnings before interest, taxes, depreciation, and amortization up by 52 percent to $9.7 million.
Despite economic problems and global conflicts, Hoto feels confident about Zimbabwe's tourism future. He believes RTG can keep growing thanks to solid business basics and smart adaptability. A major win for RTG was buying Montclair Hotel and Casino, which expanded its market reach and added new services. Hoto said this purchase created opportunities for making more money, running more efficient operations, and improving its brand position in the market.
The company spent $5 million in 2024 to buy all shares of Briolette Services, which previously owned Montclair Hotel and Casino in Juliasdale, Nyanga. This resort belonged to 23 indigenous shareholders before the sale and features 85 rooms, a nine-hole golf course, and a casino right inside the hotel. RTG reached 54 percent occupancy last year, up from 52 percent in 2023, with growth coming from both people staying at their hotels and using their conference facilities.
Resort hotels did especially well, exceeding the guest numbers they had before COVID-19 hit. City hotels also grew steadily despite some headwinds caused by government policy changes. Total revenue increased by two percent to $44.4 million compared to $43.6 million the previous year. Profit margins improved slightly from 69 percent to 70 percent. One impressive stat shows foreign currency revenue jumped 15 percent from $16.4 million to $19 million, proving RTG effectively attracts international business.
RTG formed a strategic partnership with Grand Metropolitan Hotels BV last year, a Dutch hospitality company based in Switzerland. GMH operates under Dutch law and has its headquarters in Roermond, the Netherlands. This team-up aims to make RTG one of Africa's largest hospitality companies through management contracts, franchises, leases, and online business opportunities. The partnership creates joint venture companies to pursue various hospitality and technology projects across Africa.
