Banyan Tree (B58) H2 2024 earnings summary

Executive summary

• FY24 revenue rose 16% to S$380.6m; Operating Profit increased 15% to S$103.2m and PATMI rose 33% to S$42.1m.

• Core Operating Profit rose 43% to S$69.0m, with growth across Hotel Investments, Fee-Based and Residences.

Financial highlights

• Revenue increased S$52.7m YoY to S$380.6m; Operating Profit, defined as EBITDA, rose to S$103.2m from S$90.1m.

• Core Operating Profit, excluding one-off gains or losses, rose S$20.8m to S$69.0m; PATMI was S$42.1m versus S$31.7m.

Segment performance

• Hotel Investments revenue increased S$16.2m to S$196.9m and Core Operating Profit rose S$12.9m to S$45.5m, led by Thailand hotels.

• Residences revenue grew S$16.8m to S$104.1m; Core Operating Profit rose S$3.3m to S$22.4m, supported by 218 unit recognitions versus 198 in FY23.

• Fee-Based revenue increased S$19.7m to S$79.6m and Core Operating Profit rose S$6.8m to S$17.7m, driven by China consolidation, new hotels and higher branded residence fees.

• Residence gross sales rose 23% to a record S$328.8m; 408 units sold versus 432 in FY23, with higher sales at Laguna Lakelands and Laguna Bayside.