TRAVEL AND TOURISM
Cullinan gains from upswing in foreign visitors
Cullinan Holdings enjoyed a resurgent performance from its core travel and tourism operations to post a 13% rise in interim profit before tax to R73m. In commentary accompanying results for the six months to March, CEO Michael Tollman said there was a good performance from Cullinan’s inbound tourism businesses after a poor 2016 financial year. He said that the coach transport and touring business units — which were closely aligned with inbound tourism — also performed well. Cullinan is controlled by international conglomerate the Travel Corporation and boasts services giant Bidvest as a significant minority shareholder. The broader tourism division increased turnover 27% to R460m, while trading profit was lifted 24% to R92m. Tollman said the company continued to reinvest in improvements to the business – including expanding the coach fleet and depots with R48m invested in the interim period. "A further R45m is planned to end-September 2017. This will assist in ensuring that the bran...
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