City Lodge expects to report a full-year profit for its financial year ending June 2023 compared to a loss the previous year.
- Headline earnings per share are expected to improve by more than 100% from the 8.7c loss in 2022.
- City Lodge operated 59 hotels and over 7,000 rooms at the end of its 2022 financial year.
- The company swung back to a profit in the first half of 2023, reporting headline earnings of R97.9 million.
- Travel demand continues to recover and is returning to pre-pandemic patterns.
- Group occupancies since January have been steadily improving and exceeded 2019 levels, peaking at 63% in March 2023.
- May 2023 monthly occupancy of 56% was 4 percentage points higher than in 2019.
- Group average occupancies for the first 11 months of 2023 were 56%, up 18 percentage points from 2022.
- City Lodge reported average occupancies of 55% and earnings of R205 million in 2019.
- City Lodge shares were down about 1% on Tuesday but have risen more than 17% over the past year.