Zimbabwe’s Rainbow Tourism Group (RTG) is defying the odds, reporting a 75% revenue increase in the first five months of 2024. This impressive performance comes despite ongoing economic challenges in the country.
Hotels across the RTG chain averaged a 60% occupancy rate, exceeding industry standards. This translates to a 128% surge in Revenue Per Available Room (RevPAR), reaching US$58.
The group attributes its success to strategic investments in property refurbishment totaling US$21 million since 2018.
RTG CEO Tendayi Madziwanyika highlighted the company’s resilience at the recent annual general meeting. He pointed to their ability to adapt, optimize efficiency, and prioritize exceptional customer experiences as key factors in their positive performance.
Despite global economic headwinds, including inflation, supply chain issues, and geopolitical tensions, RTG’s hotels, resorts, and tourism ventures continue to thrive.
The company remains optimistic about the future. They paid out a final dividend for 2023, totaling US$510,000 (combined USD and ZIG equivalent). Additionally, since 2018, they’ve declared a cumulative US$6 million in dividends while also investing heavily in property upgrades.
Looking ahead, RTG acknowledges ongoing economic challenges but expresses confidence in navigating these uncertainties and delivering continued value to stakeholders.
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