For the year ending December 31, 2024, Sun International has reported a nett profit of R1,86 billion, representing a 35% increase on 2023’s profit of R1,21 billion.
Resorts and hotels income rose 7,6% to R3,3 billion, driven by a 10,9% increase in rooms and food and beverage revenue. Adjusted Ebitda for this segment grew 11,8% to R788 million, with a margin of 24,2%, up from 23,3% in 2023.
The group said, "The resorts and hotels sector in South Africa has experienced a strong recovery, driven by robust domestic leisure demand, conferencing and a resurgence in international tourism. The booming local tourism market has played a pivotal role in this recovery while South Africa’s favourable currency exchange rates and attractions have made it a highly sought-after destination for foreign visitors."
Sun International said the proposed R7,3 billion acquisition of Peermont Holdings Proprietary, approved by shareholders on March 4, 2024, had hit a regulatory snag. On October 25, 2024, the Competition Commission recommended prohibition of the transaction, citing risks to competition in South Africa’s casino market, particularly in central Gauteng. A hearing is scheduled for May 19, with Sun International preparing to defend the transaction.
