During Sunbird plc’s virtual annual general meeting, the hospitality firm’s Board Chairperson, Phillip Madinga, revealed that an after-tax profit of K2.595 billion was recorded in 2019,  up from K2.562 billion in 2018.

Sunbird Chief Executive Officer, Yusuf Olela, said that the growth in profit is a sign that the company has maintained its position as a market leader despite increased competition and challenging operating environment hampered by an extended political tension. Looking into the performance for 2020, Madinga outlined that volatility is likely to affect key macroeconomic variables due to Covid-19.

According to a preliminary study by the Malawi Tourism Council (MTC), the tourism sector has lost about K40.5 billion in potential revenue, since Malawi registered her first coronavirus cases in Malawi. MTC board chairperson Tim Van Der Linden is insisting on requesting a bailout package by the Ministry of Environment and Tourism, as he has written to the ministry, outlining that the industry can rebound quicker if the package is provided for.