Serena Hotels, owned by TPS Eastern Africa, has recorded a Ksh1.2 billion loss for the year ending December 2020.
The loss was attributed to Covid-19 restrictions imposed last year, which saw several hospitality outlets closed, or experience reduced business.
In 2019, Serena Hotels recorded a Ksh181.7 million profit.
Revenue from contracts with customers fell by 71 percent in 2020 to Ks.2 billion from Ksh6.8 billion in 2019.
Financial costs rose by more than three times to Ksh586.1 million from Ksh177.8 million in 2019.
Serena received a State relief on income tax earning amounting to Ksh448.9 million tax credit to limit the Group’s losses in the year.
In the year under review, Serena’s peers such as the Intercontinental Hotel and Fairmont hotels shut their doors due to adverse effects of the Covid-19 pandemic.