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BANGKOK, March 4, 2025 /PRNewswire/ -- S Hotels and Resorts PCL (SET: SHR), the global hospitality company announced its 2024 financial results, revealing a record revenue of 10.352 billion baht, reflecting the ongoing expansion in global tourism demand. Notably, the company's fourth-quarter net profit surged to 147 million baht, more than double the previous period's result. This substantial growth was attributed to the accelerated completion of the SAii Laguna Phuket renovation and the robust recovery of its property in the Republic of Mauritius. These results also underscore the company's enhanced efficiency in financial cost management.
SAii Laguna Phuket -Newly renovated Suite
During the fourth quarter of 2024, the company recorded revenue of 2,606.7 million baht. This growth was driven by the successful launch of new vacation experiences at SAii Laguna Phuket, which effectively catered to target tourist segments, resulting in a room rate increase exceeding 30%, and the full operational recovery of Outrigger Mauritius Beach Resort. Furthermore, a commitment to improve operating efficiency and cost management, particularly a reduction of over 20% in finance cost compared to the fourth quarter of the preceding year, significantly contributed to a net profit increase exceeding 130% during this period.
SHR's 2024 revenue reached a record high of 10,352 million baht, representing a 7% YoY increase. This impressive growth was driven by the robust performance of the company's hotel and resort portfolio, which demonstrated impressive growth across most locations. This success underscores the efficacy of a flexible business strategy, encompassing proactive marketing initiatives to optimize the market mix in the Maldives, alongside the ongoing enhancement of asset quality and service standards under the SAii brand, thereby strengthening core operations. As a result, SHR's 2024 core operating profit surged 25% to 1,246 million baht, while net profit rose 55% to 134 million baht. In recognition of these strong results, the Board of Directors has resolved to propose a dividend payment of 0.03 baht per share from 2024 earnings, doubling the 2023 payout.
Additionally, in early February 2025, the Company successfully issued debentures in the amount of 1.7 billion baht, further optimizing its finance costs as well as preparing for further business expansion.
Mr. Michael Marshall, Chief Executive Officer of SHR, reported, "The substantial performance growth this quarter reflects the resilience and potential of SHR's portfolio, and validates the company's robust business development approach. In addition to the exceptional performance of our Thai properties and Outrigger hotels, we have successfully increased RevPAR at the CROSSROADS Maldives project, amidst heightened competitive pricing in the Maldives. Looking forward to 2025, we aim to complete the renovation plans of three additional hotels in the United Kingdom. This initiative aims to uplift the asset quality, enhance service standards, rebrand and reposition while maintaining stringent cost and expense management, thereby maximising the portfolio's revenue and profit potential."
