SINGAPORE, 9 August 2024: Minor Hotels announced its financial results for the second quarter of 2024, this week, indicating a robust performance that saw quarterly revenues climb 11% year-on-year and consolidated core first-half profit rise 16% versus 2023.
In a press statement, the group said that the “continued run of double-digit growth for the Bangkok-based group, which operates more than 550 hotels globally, was driven by sustained demand for both business and leisure travel across all markets, particularly Europe.”
In the second quarter of 2024, Minor Hotels reported a consolidated core net profit of THB2.6 billion (USD72 million), surpassing last year’s figure by 3%. Consolidated core profit in 1H24 was THB1.7 billion, marking a growth of 17% versus 2023 figures, off the back of THB66.1 billion in core revenue (+14% y-y).
The group reported strong year-on-year increases in occupancy across Asia, Indian Ocean and MEA, gaining six percentage points to 61% in 1H24, and four percentage points to 56% for 2Q24. Worldwide, occupancy results were positive but more modest, rising one percentage point for the quarter and two percentage points for the half.
The average daily rate (ADR) across the global portfolio rose 11% year-on-year for the quarter, driving a 12% increase in revenue per available room (RevPAR). Similar ADR growth of 11% for the first half pushed RevPAR up 15% versus 2023.
Minor’s owned hotels in Thailand experienced significant growth, with RevPAR in Q2 increasing 14% year-on-year. This reflects the strong rebound in international tourist arrivals from key markets such as the US, China, Europe, India, and Australia. The year-on-year occupancy increase of five percentage points and a 4% rise in ADR underline Thailand’s enduring appeal as a top travel destination and the strength of Minor Hotels’ asset portfolio. Hotels in Samui, Phuket, and Bangkok outperformed expectations, with RevPAR growth of 32%, 10%, and 11%, respectively.
