In its 2024 results, Southern Sun has reported growth in adjusted headline earnings per share of 88% (to 56.4c per share), along with EBITDAR (earnings before interest, income, tax, depreciation, amortisation, rent, long-term incentives and exceptional items) of R1.9 billion (€94.9m), a 32% increase over last year.
Revenue grew by a record 19%.
“Our significant exposure to the Western Cape, and Cape Town specifically, which enjoyed a strong tourism, business travel and event-related year, contributed to revenue growth,” said Southern Sun CEO, Marcel von Aulock.
Demand from local and international travellers for conferencing and events was recovering, as the group’s occupancy rate increased by 7.1 percentage points compared with March 2023. However, occupancy remains 0.7 percentage points below the pre-pandemic results of 59.3% in March 2020.
Speaking to Tourism Update, Von Aulock said the group aimed for occupancy in the mid 60% range, and the lower than desired…
