Hotel Properties (H15) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 7.9% to $692.9m, with openings at Six Senses Kanuhura and Four Seasons Hotel Osaka contributing to growth; net profit attributable to shareholders fell to $27.2m from $561.0m.

• Operating profit before associates’ results, depreciation, amortisation, fair-value changes and finance costs increased 23.0% to $180.4m.

Financial highlights

• Revenue was $692.9m versus $642.1m; gross profit was $143.7m versus $146.7m, while other operating income rose to $51.3m from $25.8m.

• Net profit attributable to shareholders was $27.2m versus $561.0m; reported EPS was 3.86 cents versus 106.27 cents basic and 106.08 cents diluted.

• A $38.7m distribution from the completed Brillia Tower Dojima residential apartments was recorded in Other Operating Income.

• Singapore investment-property fair-value gain fell to $96.6m from $645.0m; long-term investment mark-to-market loss narrowed to $1.5m from $11.9m.

Outlook and guidance

• International tourism had recovered to pre-pandemic levels; UNWTO forecast continued growth of 3%–5%.

• Interest-rate reductions were expected to continue, with pace and scale uncertain; lower rates could benefit financing costs.

• A London rooftop bar and restaurant at Paddington Square is scheduled to open in 2025; Bankside Yards’ 249-apartment tower is planned for global launch in 2025.