TPSEA (Serena) the only listed Kenya tourism chain had sales of Kshs. 3.2 billion ($40 million) and profit of 223 million (~$3 million) for the year ended September 2008 both down 12% and 54% respectively from 3.7 billion and 416 million in 2007.
Saved by Tanzania?: Serena was a beneficiary of diversification as the group integrated its east Africa operations in 2006. For comparison, in 2007 Kenya accounted for 2/3 of sales and profit, but in 2008, Kenya provided 59% of revenue and just 25% of profit, while Tanzania had 41% of sales (1.34 billion) and 75% of profit (167m)
Unfortunately there’s no breakdown of income of properties they manage in Mozambique, Rwanda or Uganda. Serena owns or manages 8 properties in Kenya, 6 in Tanzania, 2 in Rwanda (Kigali serena, lake kivu serena), 1 each in Uganda (kampala serena), zanibar (serena inn) and mozambique (polana serena)
Invest in tough times: At a time when some banks have sworn off new tourism projects, Serena is using the downtime in the sector to expand. Serena will invest 400 million in Jaja Limited a to develop properties in Nanyuki and Elementaita once it gets shareholder approval. Shareholders will also get the same 1.25 shilling dividend as for the year 2007
No beef: The Farmer’s Choice chain, a related company, supplied 26 million shillings worth of meats & sausages to Serena in 2008, down from 33 million in 2007