(Last Updated On: April 29, 2015)
TPS Eastern Africa, the operator of Serena brand of hotels, has posted a 39.2% drop in net profit for the year ended December 2014. This was mainly due to lower sales and higher expenses.
Net profit stood at Ksh274.4 million as compared to Ksh451 million a year earlier. Dividend however remained the same at Ksh1.35 per share. Due to the challenges facing the tourism industry in Kenya, sales declined by 7% to Ksh6.3 billion . Introduction of VAT on tourism services, travel advisories after terrorist attacks etc have made Kenya less competitive as compared to other countries.
TPS is set to begin extension and refurbishment of Nairobi Serena Hotel, Kampala Serena Hotel and Dar es Salaam Serena Hotel.