TPS Eastern Africa PLC

TPS Eastern Africa PLC (operator of the Serena Hotels group in East Africa) is a Kenyan hospitality and tourism company listed on the Nairobi Securities Exchange, operating a portfolio of hotels, lodges, and resorts across Kenya, Tanzania, Uganda, and the wider region. The business was severely impacted by the COVID-19 pandemic, posting steep operating and net losses in FY2020-2021 as international tourism collapsed, before staging a strong recovery from FY2022 onward as travel demand rebounded, with revenue climbing from KES 2.0 billion in FY2020 to KES 9.7 billion by FY2023 and profitability turning solidly positive. The company holds a meaningful equity stake in an associate and carries minority interests reflecting partial ownership of certain hotel subsidiaries, with the balance sheet dominated by property, plant & equipment across its hotel estate.