Banyan Tree (B58) H1 2024 earnings summary

Executive summary

• 1H2024 revenue rose 25% YoY to S$179.7m; operating profit (EBITDA) increased 92% to S$35.9m and PATMI reached S$6.2m.

• Growth reflected stronger hotel trading, residence handovers and fee-based expansion; owned-hotel same-store RevPAR rose 17% and residence sales reached a record S$197.5m.

Financial highlights

• Revenue increased S$36.0m to S$179.7m; total costs and expenses rose S$20.1m to S$146.2m.

• Operating profit (EBITDA) was S$35.9m versus S$18.7m; profit before tax was S$9.2m versus S$0.1m, and PATMI rose to S$6.2m from S$1.0m.

• Profit after tax was S$7.6m versus S$1.4m; gains were partly offset by higher depreciation, finance costs, associate losses and tax.

• Net cash used in operating activities was S$4.3m; investing and financing cash outflows were S$11.3m and S$17.1m, respectively.

Outlook and guidance

• At least 12 property openings were planned over the next 12 months, including six for the remainder of 2024.

• Six additional spa openings and two Banyan Gallery outlets were projected by year-end 2024.

• Phuket residence launches were planned; Banyan Living, a short- and long-term villa and residence rental-marketing platform, was set to launch later in the quarter.