• September 21st, 2020

Great results enable WCCR to repay GIPF loan early


WINDHOEK - Excellent financial results posted by the Windhoek Country Club and Resort (WCCR) in the fiscal year 2012/2013 has enabled the resort to repay a loan of N$40 million to the Government Institutions Pension Fund (GIPF) ahead of schedule. The hotel also recorded buoyant results during the month of September, thanks to the just ended COP11 on desertification, which was held at the state-owned luxurious hotel establishment. The hotel says its revenues for September doubled when compared to the performance of September 2012. However, the financial statements for 2012/13 do not include the month September, since the financial year ended in June. “We are in a very strong position to take this company forward. We have been blessed with lots of government business and the COP 11 has been a wonderful experience for us and a boost to our financial coffers,” said the WCCR board chairman, Sven Thieme, when announcing the hotel’s latest financial results. Revenue rose by 11.2 percent, which he noted was mainly attributable to an increase of 4.6 percent in hotel turnover and growth of 15.4 percent in casino revenues. The company’s gross margin strength increased from N$57 million to N$60 million, representing a 6 percent increase. The company’s operating profit was down from N$13.6 million to N$12.6 million and this was mainly as a result of increased property valuation from N$7.1 million to N$8.7 million. “We are taking extreme precautions to reinvest in the property,” said Thieme. According to the the last year had once again not been without challenges. “The ongoing global crisis still affects the tourism industry and it is therefore even more laudable that we can look back at strong results. We are further faced with increased competition in the market. We welcome competition and it has spurred us on to greater heights. Our performance is testimony to this,” he added. Nevertheless, the challenges over the past year were due to the fact that the hotel had to slow down its upgrading process since the venue was almost fully booked for most of the year. “In order not to disrupt our clients peaceful stay we opted to continue with the renovations once we have a slower period in the next year,” explained the resort’s general manager, Tony Boucher. Thieme meanwhile added that more great achievements include the current positive cash position and the continuation of improving on performance management with regard to the top-level management structure. “Thus far we have retiled the kitchen and the server room also has to be completely redone. Our gardens are also looking beautiful as new landscaping added some new colour and vibrancy to them. Next up, with regard to big upgrades, we are looking at the refurbishment of all our bathrooms. This will be an exciting project and we cannot wait for them to be done and to hear what our customers have to say. "We also hope to do the public areas of the conference centre before the end of this financial year,” noted Thieme. By Edgar Brandt
New Era Reporter
2013-11-22 11:20:43 | 6 years ago

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