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Tsogo Sun posts profit fall as diesel costs bite
South African gaming, hotels and entertainment group Tsogo Sun on Thursday, 23 May 2024, posted a 6% fall in full-year adjusted headline earnings, with margins eroded by the cost of diesel used to combat rolling blackouts imposed by state utility Eskom.
Source: Tsogo Sun.
The owner of Montecasino posted adjusted headline earnings of R1.7bn ($92.6m) for the year to Sunday, 31 March 2024 and said it spent R100m on diesel over the period.
South Africa suffered the most frequent blackouts on record last year, leaving businesses and households in the dark for up at 10 hours on some days, though Eskom has managed to keep the lights on for almost two months as the country prepares for an election next week.
Tsogo Sun said the benefits of solar energy projects it has launched to contend with the blackouts have yet to offset power price inflation, adding that substantial investment will continue throughout the 2025 financial year.
The company declared a final cash dividend of 40 cents per share.
Source: Reuters
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