By Tatenda Mujeyi
The Rainbow Tourism Group, RTG, is in a positive trajectory following the payment of the first dividend and a positive first quarter performance, the Chief Executive Officer, Tendai Madziwanyika said at the Annual General Meeting (AGM) held at the Rainbow Towers Hotel yesterday.
The group paid its first dividend of $1.000.000.00 in 13 years, which will be paid as 30% USD and 70% in RTGS currency.
“The first dividend of 1 million dollars will be paid in foreign currency and RTGS as 300 000.00 has been reserved for foreign currency payments and 700 000 will be paid in RTGS accounts,” Madziwanyika said.
The group was also experiencing positive growth trends in its technological based business, line the gateway stream application, as well as other virtual platforms.
“The first quarter profit before tax for the first quarter on our virtual platforms has been up 141% to 323 609 RTGS dollars for the first quarter and this shows how embracing technology has facilitated for new profit retaining avenues,” Mr Madziwanyika said.
The Hotelier has also realised positive growth trends in terms of face lifting and maintaining its assets as it is almost completing the Bulawayo Hotel renovations and has streamlined plans to renovate most of its hotels.
“The renovation of Bulawayo Rainbow is almost complete as we have turned it into a world standard facility after a 1.8 million investment in the renovation, 180 rooms are going to be renovated here at the Towers, 54 at Kadoma will be completed soon and we shall be closing down the Ambassador Hotel this year for renovation,” he said.
The hotelier and resort management has also stroke positive performance in shareholder value retention as the shareholder value has grown eight fold.
“Whilst we had not paid a dividend in the past 13 years it is important to note that the first dividend pay-out shows that we have begun to retain shareholder value. Also bearing in mind that our share value has increased by 800%. The shareholders should be happy,” Mr Madziwannyika said.
RTG also positively ventured into the international market through its Exotic Travel International brand which markets Zimbabwe and the Hoteliers brands in Zimbabwe.
“The Exotic Travel International brand has positively marketed the Brand Zimbabwe in USA as we have successfully opened offices in Manhattan, Delaware and Colorado,” the CEO added.
The Rainbow Tourism Group (RTG) has six hotels Rainbow Towers, Ambassador Hotel, Kadoma Hotel and Conference Centre, A’Zambezi River Lodge, Victoria Falls Rainbow Hotel and the Bulawayo Rainbow Hotel as well as virtual hotelier and resort management platforms and agencies Gateway Stream, Exotic Travel International and Heritage Expeditions Africa.