Singha Estate PCL’s hospitality arm S Hotels and Resorts reported robust second-quarter 2024 results, with a total revenue of 2,469.1 million baht.
Strong tourism demand across all its regions of operation spurred growth during this period.
Likewise, positive reception of newly renovated rooms at hotels in both Thailand and the Republic of Fiji also contributed to a 15 percent increase in the portfolio’s average daily rate (ADR).
As a result, the company reported a net profit of 40 million baht in the first half of 2024, a significant increase of over fourfold from 7.7 million baht in the same period last year.
Innovation drives growth
Beyond the global uptick in tourism, the introduction of innovative accommodation concepts tailored to the burgeoning experiential travel market has propelled exceptional 46 percent growth for two hotels in Fiji.
This, combined with a proactive marketing strategy and the effective implementation of dynamic pricing, helped develop a more balanced guest profile.
Consequently, the average revenue per available room (RevPAR) for the two CROSSROADS Maldives properties and three company-managed Thai hotels increased by 12 percent and 17 percent respectively.
These achievements successfully mitigated the impact of the temporary closure of 173 rooms at the SAii Laguna Phuket for renovations beginning in mid-April this year.
As a result, overall, second-quarter revenue surged by 8 percent, while EBITDA demonstrated robust year-on-year growth of 27 percent, reaching 563.7 million baht.
Quality and resilience
S Hotels and Resorts CEO Michael Marshall remarked; “This quarter’s results underscore the quality and resilience of our hotel portfolio, as evidenced by our success in attracting a more diverse range of customer base, including tourists from China, the United States, South Korea, and the Middle East.”
Marshall added that the diversification helped mitigate the impact of a slowdown in Indian arrivals.
Likewise, the company portfolio demonstrated its capacity to increase revenue and EBITDA year-on-year, despite temporary challenges such as room renovations and the initial operations of SO/ Maldives.
