Eco-tourism giant, Chobe Holdings Limited, beat economic headwinds and operational setbacks to post an 18 percent increase in revenue to P638.76 million for the financial year ended February 28, 2025.
Revenue for the Botswana Stock Exchange-quoted group was driven by strong marketing efforts and improved yields across the group’s hospitality brands, Desert & Delta Safaris and Ker & Downey Botswana. However, profit before tax declined by 4 percent to P194.3 million, down from P202.3 million in 2024. Profit after tax also fell to P138.3 million, compared to P148.1 million the previous year.
The decline in profitability was attributed to several operational and investment-related factors. These included reduced foreign exchange gains, increased operating costs tied to revenue growth, and salary adjustments across the group aimed at maintaining competitiveness. Depreciation and amortization charges also rose significantly following the full reconstruction of key properties such as Savute Safari Lodge and KananaCamp, as well as major upgrades at Nxamaseri Island Lodge and Okuti Camp.
Savute Safari Lodge alone was rebuilt at a cost of P36 million. The group also acquired Caravan Ex for P35 million to ease aircraft availability constraints affecting Safari Air, its in-house air transport provider. Other major developments included the construction of Maxa Camp and geographic expansion into Zambia, signaling Chobe’s intention to diversify its tourism footprint in Southern Africa.
Occupancy levels remained stable, rising slightly to 61 percent from 60 percent, with bed nights sold increasing to 68,991 from 66,987. Chobe Holdings attributed these gains to sustained investment in marketing, which also improved revenue per available room.
Looking ahead, management expressed confidence that recent capital investments will yield higher returns. The newly opened Maxa Camp and the post-year-end reopening of Xugana Island Lodge are expected to boost revenue in the 2026 financial year.
“We expect to see the continued maintenance of the strong occupancies achieved during this year into Financial Year 2026,” said CEO John Gibson in a statement accompanying the results.
Despite rising global geopolitical instability and concerns over a potential recession, forward bookings have shown no signs of weakening. Still, the group noted that ongoing uncertainty could affect medium-term demand.
Aircraft availability is also improving as international supply chain pressures ease. Chobe said it is now confident its air transport services can meet current demand.
The group has maintained its dividend policy, declaring a final net dividend of 60 thebe per share, payable on June 25, 2025. Management emphasised that dividend decisions continue to be guided by earnings coverage and prudent liquidity management.
Chobe Holdings remains the only ecotourism firm listed on the BSE, offering Batswana a unique opportunity to invest directly in one of the country’s key economic sectors.
