Southern Sun declares maiden dividend as wealthy tourists help deliver record results

Hotel operator Southern Sun said on Wednesday a buoyant Western Cape tourism market and a series of large conferences have helped it book record results as well as pay a final dividend after about a four-year hiatus.

Group revenue jumped 19% to R6 billion to end March, the owner of the Sandton Convention Centre reported on Wednesday, with group adjusted headline profit jumping 77% to R783 million. Luxury hotel guests have proven more resilient to prevailing economic pressures such as inflation and rising interest rates, being influenced more by location and personal preference rather than price, it said. Cost efficiencies put in place during Covid-19 helped significantly. At the same time, it saw strong inbound tourism to the Western Cape along with strong demand for conferencing generally, including in Gauteng.

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