RTG eyes 2023 elections opportunity, tables’ aggressive expansion strategy – NewZimbabwe.com

By Alois Vinga

TOP hotelier, Rainbow Tourism Group (RTG) is eyeing lucrative business opportunities during the impending 2023 elections due next month amid plans to implement an aggressive expansion strategy coming on the back of a yearly bullish performance.

Presenting performance for the year 2022, RTG Chief Executive Officer, Tendai Madziwanyika said the group will not spare the opportunities presented by the forthcoming polls.

The hotel has sustained a record of offering world-class services to the country’s elections officials over the past years hence the intention to capitalise on such a reputation this year.

“Heritage Expeditions Africa will provide transfers and activities while hotels are geared to meet the accommodation and meal requirements of institutions and individuals alike that will be involved in the elections.

“Over the years the Rainbow Towers Hotel and Conference Centre has been used as the National Command Centre for the elections and these elections will be no exception. The Group anticipates a total rebound to pre-COVID-19 levels in 2023 with positive performance across all key indices,” he said.

During the year 2022, RTG revenues grew by 131% to ZW$ 24,5 billion from the prior year also ahead of 2021 and 2019, and we have been able to grow the dividend to shareholders by 150% to the equivalent of US$1.5 million.

This strong performance was posted notwithstanding the COVID-19 travel restrictions which were in place contending with varied challenges in the environment including the COVID-19 pandemic, and supply chain challenges driven.

“Pressures from the inflationary environment which remained predominant during the first half of the year significantly improved during the course of the year following several measures that were taken by the government.

“The uncertainty in the international commodity markets together with the consequence of the conflict in Eastern Europe negatively affected the local business operating environment,” said Madziwanyika.

Going forward, the group is pursuing several strategic initiatives as defined in its five-year strategic plan that runs up to the end of 2027 aimed at propelling the business to greater heights.

Added Madziwanyika, “The focus is on the expansion of the existing rooms stock in Zimbabwe and beyond, Investment in tour operation activities and the promotion of various destinations around Zimbabwe and an earnest drive to penetrate Africa using the Gateway Stream platform.”