Chobe pays dividends to workers
Keikantse Lesemela | Thursday November 13, 2014 11:03
Chobe Holdings Limited Finance manager, Rodney Gerrard, said the qualification was based on the length of the employees’ stay with the company. “All employees who have been with us throughout this year were qualified to get a share of this money,” said Gerrard. The scheme was introduced last year February to allow the group’s employees to participate in the dividend distributions of the group. The scheme allows all qualifying staff to share equally in a bonus, which is calculated to be equal to the value of dividends, attaching to three million shares in the company.
The group recorded 19 percent increase in profits to over P35 million for the half year ended 31 August 2014 compared to P29,764 recorded in the same period last year.
During the period, bednights sales increased from 25,994 to 30,390 and the revenue rose by 24 percent. A weakening of the pula against the US dollar also boosted earnings and increased capacity following the addition of Xakanaxa Camp. Commenting on the published financial results, Chobe Holdings Chief Executive and Deputy Chairman, Jonathan Gibson said an operating cost increase of 23 percent was considered satisfactory in light of increased business volume, current inflation levels and the impact of expensing future lease rentals amounting to P664,000. “Synergies in marketing, operating and administrative structures following the acquisition of Moremi Safaris have been realised during the period under review,” said Gibson. The group also spent P12.1 million financed from internally generated cash flows, on significantly improving existing equipment buildings, as well as the purchase of additional equipment and new aircraft.
In December 2013, two of the Company’s subsidiaries submitted tenders for the lease, utilisation and management of Camp Okavango and Shinde Camp for non-consumptive tourism purposes. “The tender results are yet to be announced. Leases for the two camps have in the meantime been extended to 31st December 2014,” stated the company. Chobe has informed shareholders that non-renewal of leases would have a negative impact on the Group’s profitability.