TPS Eastern Africa, which operates Serena Hotels, has reported a KSh557.3 million loss after tax for H1 2021, reducing the KSh640.9 million loss reported for the same period last year.
The firm’s revenue from contracts with customers declined to KSh1.07 billion, compared to KSh1.1 billion for the same period last year. Operating loss closed at KSh254.8 million.
According to the Tourism Research Institute data, Kenya received 305,635 international arrivals between January and June this year.
In FY 2020, Serena Hotels reported a net loss of KSh1.2 billion, its biggest loss ever. The loss was a big shift from KSh181.7 million profit after tax posted in December 2019.
Serena’s revenue in 2020 fell to KSh2.03 billion from KSh6.82 billion in 2019, a 70% drop due to the disruptions in the hospitality sector. The company’s finance expenses jumped to KSh586 million at the end of 2020 from KSh178 million in December 2019.
See Also:
