HY Results – City Lodge Hotels reported interim results for the six months ending December 2022. The group’s revenue increased 94% to R848m, earnings per share were 17c, compared to a loss of 6c the previous year, and average group occupancies reached 57%, up from 30% in 2021. The group generated EBITDAR of R304m, up from R125m in 2021, and declared dividends of 5c per share. The results were driven by the steady return of guests and a renewed fervour for travel and hospitality in both the leisure and business markets, with the roll-out of new food and beverage offerings contributing to a 132% increase in food and beverage revenue.
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