Five-year results at a glance Year end - March
	2003	2002	2001	2000	1999
	$ millions	$ millions	$ millions	$ millions	$ millions
Turnover	8 616	2 237	1 204	1 723	1 209
Operating profit	2 148	136	-191	326	264
Net profit	3 144	2 234	-745	162	633

Latest results
The Insider - December 2003/January 2004 Tour operators softening up on Zimbabwe? Tour operators are beginning to soften their attitude towards Zimbabwe. There is now an improvement in arrivals from travellers from the Middle and Far East who had cut down on their holiday trips following the outbreak of SARS and the Iraq war. Zimbabwe Sun, one of the country's largest hotel and leisure groups, says in its half year report for September that though global tourism had slumped from 7 percent in 2001 to 2.9 percent, its revenue from international tourism had improved from 26 percent to 27 percent. There was also a significant increase in tourists from new markets such as Spain, Italy and France. The government had posted tourism attaches in South Africa, France and the Far East but the impact of this new development was only likely to be felt during the second half. It says the strengthening of the rand had resulted in South Africa being 30 percent more expensive, thus reducing in-bound traffic to Southern Africa but Zimbabwe had become a cheaper destination for South Africans. But like all other companies benefiting from the spiraling inflation, the hotel group saw its turnover for the six months shoot up from $2.9 billion last year to $12.7 billion. Total revenue for the year ending March was $8.6 billion. Operating profit increased from $887.5 million to $8.7 billion. Net profit was $8.8 billion, almost 10 times the $892.6 million the company realised last year. The company demerged its properties to form Dawn Properties, which was also listed on the Zimbabwe Stock Exchange. It says the demerger should enable it to prudently pursue viable regional opportunities. © Insider Publications 2003. This story is available for syndication. Contact the publisher at insider@ecoweb.co.zw or charlesrukuni@yahoo.com
The Insider - August 2003 Domestic tourism now backbone of Zimsun The international isolation Zimbabwe has been experiencing for the past three years could turn out to be a blessing in disguise, at least for the tourism industry, once one of the fastest growing sectors of the country's economy. According to the country's largest hotel chain, Zimbabwe Sun, domestic tourism has now become the backbone of the group which runs 13 hotels and resorts in Zimbabwe and one hotel in Mozambique. The hotel group, which employs 1 400, says this is the case in mature tourist destinations. And the group has every reason to smile. It has just "emerged from the doldrums" to regain its status as the country's premier tourism and hospitality entity. And it is now gunning to become a continental hotel and leisure group. Its turnover increased from $2.3 billion last year to $8.6 billion this year. Operating profit shot up from $136.2 million to $2.1 billion while net profit increased from $2.2 billion to $3.1 billion. Last year's net profit was boosted by insurance proceeds of $2.7 billion for Elephant Hills which was gutted by fire on 24 July 2001,otherwise the group had made a loss of $507.6 million. The group says the tourism industry has suffered from negative publicity over the past three years. The international media, it says, has been portraying the country as an unsafe destination with travel warnings from major source markets which refuse to insure those intending to travel to the country which has the Victoria Falls, the seventh wonder of the world. It says though the September 11 bombing and the terrorist bombings in Indonesia had made Southern Africa a preferred destination with arrivals in South Africa growing by 22 percent, the expected trickle in Zimbabwe had not materialised mainly because of moral objections rather than safety considerations. Though the country had cultivated new markets in Asia, the Iraq war and the outbreak of the Severe Acute Respiratory Syndrome (SARS) had negatively impacted on this market. A new market had, however, been established in Southern Europe from countries like Spain and Italy. Foreign earnings accounted for slightly more than half of the group's revenue. They grew by 350 percent to $4.8 billion. The group says it is now gunning to become a continental hotel group and has registered a new company African Sun, in Mauritius, to drive all continental initiatives. It is already evaluating opportunities in Angola, Botswana, Kenya, Mozambique, Ghana and South Africa. It is envisaging the management and operation of one hotel in Mombasa and another in Nairobi in Kenya. It has signed a memorandum of understanding with a leading corporation in Angola whose portfolio includes hotels. Zimsun will be the managing partner for the hotel operations. Zimsun has also a right of first refusal to manage a proposed "state-of-the-art" development in Francistown. © Insider Publications 2003. This story is available for syndication. Contact the publisher at insider@ecoweb.co.zw or charlesrukuni@yahoo.com