Serena Hotels profits plunged 47.6 percent drop to Ksh.632 million for the full year results ended December 31, 2021, from Ksh.1.2 billion recorded same period in 2020.
Loss before tax stood at Ksh.703 million from Ksh.1.6 billion loss recorded in 2020.
Serena Hotels, which trades as TPS East Africa on the Nairobi Securities Exchange (NSE) said its poor performance was due to the coronavirus pandemic that has affected its business.
“TPS East Africa passed through a challenging business landscape due to the coronavirus pandemic.” Said the Group in a statement.
For the review period, however, the Group achieved Ksh.3.3 billion turnover compared to Ksh.2 billion turnover in 2020, due to “brand presence” said TPS.
The Group contributed in aggregate Ksh.783 million to Kenya, Tanzania and Uganda governments in taxes from a total of Ksh.591 in 2020.
Total royalties and rents in these markets stood at Ksh.105 million from Ksh.112 million a year before.
Losses in the Hotel Industry hit upwards of Ksh.150 billion, as businesses continue to real from the effects of the pandemic.
More than 250,000 jobs have been lost in the industry, a survey by Bar, Hotel and Liquor Traders Association (BAHLITA) indicates, with more than 15,000 establishments still closed since the pandemic hit the country in March 2020.
Government data in collaboration with the Kenya Private Sector Alliance (KEPSA) indicates the hospitality and tourism industry was the most hit with 3.1 million jobs affected in the first year of the pandemic.
This includes hotel employees, pubs and restaurants, tour operators, airlines, travel agents and their related suppliers and support services.
