Southern Sun out of the pandemic woods

JOHANNESBURG – SOUTHERN Sun Limited expects revenues for the past year to at least double to between R5,34 billion (US$284,34 million) and R5,61 billion.

The figures for the year ended March 31 would be comparable to R2,7 billion in the same period in 2022.

Excluding the once-off payment of R399 million received by the group from Tsogo Sun Gaming on implementation of the Separation Agreement on September 30, 2022, revenue is expected to be between R4,95 billion and R5,2 billion.

Earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) is projected to be between R1,39 billion and R1,48 billion compared to the prior comparative period EBITDAR of R590 million.

Earnings per share (EPS) is expected to be between 62,9 cents and 74,5 cents compared to the prior comparative period loss per share of 10,6 cents.

Trading levels continued to recover, particularly during the second half of the year, as local and international travel patterns normalised and demand for conferencing and events increased.

Southern Sun reports that all regions performed well and exceeded pre-COVID levels, except the Sandton node, reflecting the delayed recovery in corporate transient travel exacerbated by many companies in the node still operating a hybrid remote working model.

The company successfully implemented the refinancing of its debt package, closing the year ended March 31 on a net debt balance of R1,3 billion.

– CAJ News

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