The Windhoek Country Club Resort and Casino (WCCR) posted strong results which culminated in a Net Profit of N$28.4m for the year ended 30 April 2014.
The results area continuation of the good performance in the preceding year and are also a consolidation of the hotels strategic turn around under the guidance of Sven Thieme.
The revenue also rose by 32.8% and the Chairman of the Board of Directors, Thieme said this attributed to an increase of 39.3% in hotel turnover and a growth of 29.3% in casino revenues. Gross margin strength also increased from N$60m to N$89m an increase of 47.7%.
“When looking at the financials, the year 2013/2014 had been the best year ever, not only in terms of financial results, but also with regard to room occupancy and conference/event bookings. Operating profit was up from N$12.6m to N$28.8m and this can be mainly attributed to well manage expense control,” he said.
Net profit for the period under review improved from N$9.2m to N$28.4m and income tax increased from N$4.5m to N$10.5m.
“Income tax increased as a result of the deferred tax asset provision. Total operations for the period under review resulted in an increase of total comprehensive income from N$4.6m to N$17.9m,” Thieme said.
Thieme also said that the WCCR met their target of N$50 million gross operating profit set by the Board over and above the budget.
“The aim for the N$50m had been on the cards as part of the last strategic plan and had been achieved within the envisaged timeline. I congratulate the whole team on a variety of challenges they had faced head-on during 2013/2014 year, such as COP 11, the hosting of the National planning commission as well as being part of the successful eight edition of the Southern African Regional Police Chiefs Co-Operation Organisation (SARPCCO) in which around 1800 athletes and officials from 14 countries within the Southern African Development Community part,” he said.
Thieme said despite the achievements WCCR could not finalise renovations due to the fact the hotel was almost fully booked all the time.
“We have also embarked on a number of energy-saving initiatives, something which we are extremely proud of. Thus far LED lighting has been installed as well as heat pumps which regulate the room temperatures. We are furthermore committed to recycling and the separation of glass, tins, paper and plastic has become extremely important. Much more is to come in future with regard to energy saving and our commitment to this country and its environment,” he said.
He added that, “A new strategic plan had been proposed and presented to the Board and one main focus area will always remain service and the guest experience and we pledge to keep focusing on these and enhancing them at all times.”