Transcending from a Legacy to a Legend
The Nuwara Eliya Hotels Company PLC (Grand Hotel) recently published its annual report and financial results showing the Company’s impressive financial performance for the year ended 31st March 2016 by posting Rs.988 Million in revenues which reflects an 18 % growth over the previous year. The profit before tax grew by 9% over the corresponding year, reflecting a major achievement for the Company. The Company’s pre-tax profit and post-tax profits stood robustly at Rs. 358 Million and Rs. 297 Million respectively, increased by 15% and 9 % respectively from last financial year.
Company’s Earnings Per Share for the period under review was Rs 147.89 as against Rs. 136.04 in the previous year. The Company maintained a consistent dividend policy during this year as well. Accordingly, the Company paid a final dividend of Rs 30.00 per share, compared to previous year’s dividend of Rs 22.50 per share. The Dividend Pay-out Ratio is 17.34% compared to previous year’s ratio of 16.53%.
Commenting on the Company’s outstanding financial performance and the operations, Gerard Ondaatjie, Managing Director of The Nuwara Eliya Hotels Company PLC, said, “We are proud to achieve this strong financial growth as a result of focused strategic initiatives deployed during the
We are proud to achieve this strong financial growth as a result of focused strategic initiatives deployed during the year. The strategies undertaken included repositioning and rationalization of hotel portfolio, identifying and targeting high potential market segments with constant customer-engagements and new value propositions
year. The strategies undertaken included repositioning and rationalisation of hotel portfolio, identifying and targeting high potential market segments with constant customer-engagements and new value propositions. It is true that economies in the world are still showing a slow recovery. However, many are looking towards brighter horizons. Above all, the surge of global travel continues unabated with new markets opening up with opportunities that would have been unimaginable only a few years back. As I look ahead, I see good prospects on which to further develop our hotel business”.
As a fitting proof to Grand Hotel’s high standards of culinary expertise service, it should be proudly mentioned that in January this year, the Australian High Commission in Colombo invited the Grand Hotel to handle the Catering at the then Australian High Commissioner’s farewell function which was attended by the entire Diplomatic Community and the Cream of Business Community and State Officials in Sri Lanka!
The Nuwara Eliya hotels Company PLC emerged victorious once again walking away with the Bronze Award in the Hospitality Sector category at the prestigious CA Sri Lanka (The Institute of Chartered Accountants of Sri Lanka) Annual Report Awards Competition which covers 22 sectors and a total of 130 organisations from small business categories to large conglomerates.