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N$5 million dividend paid by Windhoek Country Club Resort

N$5 million dividend paid by Windhoek Country Club Resort

07 December 2016, Windhoek – The chairman of the board of the Windhoek Country Club Resort, Sven Thieme said “we can once again smile about overall satisfying and solid results” when he announced the hotels financial results. At the same event, the hotel presented a N$5 million cheque to its only shareholder, the Namibian Government.

“It gives me great pleasure to advise that the past financial year for the Windhoek Country Club Resort and Casino has been a challenging but satisfying one. When looking back at 2015/16 we can once again smile about overall satisfying and solid results” said Thieme while thanking all stakeholders for the part they played in the success story of the Windhoek Country Club Resort.

Naming the financial highlights, he said “Hotel turnover growth year on year was 4.26%. Food and beverages department increased their turnover by 8% and F&B operating profit were extremely strong at N$9.9 million. Rooms turnover year on year was static at N$32 million, average room rate rose by 7% and occupancy remained flat even though a rooms refurbishment commenced during the current year under review.”

“Gaming turnover dropped slightly by 5% year on year and this can mainly be ascribed to the smoking laws in Namibia which prohibit smoking inside the venue, new competitors entering the gaming market and high inflation rates in 2015/2016 which have led to a reduction in customer spending. Overall turnover showed a slight drop of 1.2% year on year. Gross margins for the year is N$80 million. Gross operating profit for the year is N$43 million, slightly down on last year’s amount of N$44 million, mainly due to higher operational costs” Thieme elaborated.

The Windhoek Country Club Resort announced that is currently doing a full refurbishment of all 152 rooms which started in April 2016 and scheduled for completion by the end of April next year.

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Musa Carter

Musa Carter is a long-standing freelance contributor to the editorial team and also an active reporter. He gathers and verifies factual information regarding stories through interviews, observation and research. For the digital Economist, he promotes targeted content through various social networking sites such as the Economist facebook page (/Nameconomist/) and Twitter.