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Send  Share  RSS  Twitter  28 Aug 2012

EMPOWERMENT: Grand Parade's Revenue Leap

 



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CAPE TOWN-based empowerment group Grand Parade Investments (GPI), a major player in the South African tourism, leisure and gaming industry, has reported a 33% increase in revenues to R435,7 million for the year ended 30 June 2012.

Headline earning per share (HEPS) increased by 82% while adjusted HEPS increased by 30% to 29.09 cents per share.  The increase primarily arises from the returns on available cash, the decreased finance charges due to lower debt levels as well as the improved performance of its  LPM operations. .

GPI’s results are pleasing, we had a successful year and continue to show solid growth,” says Alan Keet, CEO of GPI.

The board declared a final dividend of 20 cents per share, representing a 100% increase and paid a special dividend of 60 cents per share earlier in the year.

The effects of the restructuring transaction with Sun International in December 2011 were removed from the adjusted HEPS to normalise earnings.  In terms of the Sun International agreement, GPI has reduced its investment stakes in both SunWest (GrandWest Casino and the Table Bay Hotel in Cape Town) and Worcester Casino (Golden Valley Casino in Worcester) to a 25.1% shareholding in each, and disposed of its entire  30.6% interest in Real Africa Holdings.

A review of GPI’s jointly-controlled entities with Sun International show satisfactory increases.

Despite the challenging economic environment in the Western Cape over the last year, GrandWest’s revenue increased by 7.9% and its attributable earnings, after the once-off cancellation fee, increased by 5.9%.  GrandWest’s EBITDA margin recovered by 19.8% to R751,7 million.

The Table Bay Hotel achieved a 4% increase in revenue while its attributable loss increased by 37.2% due to a 5.3% drop in the average room rate from R2060 to R1956 year-on-year and an occupancy rate decrease from 48.1% to 47.5%.



 
 
 
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