DUBAI-OWNED tourism developer IFA Hotels & Resorts has released R5.56m loss for the year ending June 2008, a significant drop from its 2007-audited R20.3m profit. According to the group’s financials, revenue also declined from R120m in the 2007 results to R118m in 2008.
IFA’s interests in South Africa have expanded extensively over the year in question. The group now owns IFA Zimbali, including the Fairmont Zimbali Lodge and the Zimbali Coastal Resort, as well as a stake in Boschendal, three hotels in Namibia and Botswana (The Strand Hotel, Kings Den Lodge and Mokuti Lodge) with a fourth site in for a five-star hotel in Windhoek in the pipeline. Meanwhile, IFA Legends is involved in a new Big 5 / championship golf initiative in the Waterberg’s Entabeni Conservancy.
IFA is 85% owned by IFA Hotels & Resorts Kuwait, which is investing profits back into the business to “enable future growth”.
A key focus for IFA remains the development of the next phase of the Zimbali Coastal Resort, namely Zimbali Lakes.
