Marketing – “Minor Group” shows above the hotel and food business, growing well continuously. Revealing the second quarter Doubled profits, surpassing 3 billion baht, moving forward with continuous plans The second half of the year is expected to go well.
when the opening of the country is fully complete The situation of COVID-19 is at a stage that can be called light. It will have a positive effect on tourism and various businesses both directly and indirectly, whether it is hotel accommodation, restaurants, various travel services.
Minor Group is one of the many operators that receive direct benefits. Because there are both hotel businesses, accommodation and restaurants, as well as lifestyle products for shopping as well.
Referring to the company’s results for the second half of 2023 and 2024, MINT’s Group Chief Executive Officer, Dillip Rajakarier, said that the second quarter 2023 results were the result of dedication and commitment. team effort Seizing market opportunities as consumer demand continues to recover remains strong. As a result, profits increased to a record high.
The business outlook remains strong. This indicates that MINT’s performance in the second half of 2023 and 2024 continues to be good. The increase in the number of flights results in travel to various destinations. In Europe, the number of foreign tourists traveling to the continent was higher than the number of foreign tourists traveling to Europe before the COVID-19 outbreak.
Minor Hotels in Europe will benefit from the trip. Strategic hotel locations and loyalty programs that offer exclusive membership benefits also support the growth of business and leisure travel for late summer and early spring in Europe.
In addition, the fourth quarter was a good season for the hotel industry in Asia. Resulting in the travel demand of tourists, especially from the United States, Europe and the upper market customers from the Middle East as well.
Minor International Public Company Limited (“MINT”) reported its operating results for the second quarter of 2023, stating that the company had a net operating profit of 3.0 billion baht, a strong recovery from the same period of the year. Before and during the same period of the year, the COVID-19 outbreak rate was 148% and 52%, respectively, reflecting the continued recovery of hotel and restaurant businesses around the world after the COVID-19 outbreak.
While the first quarter of last year had a profit of about 1.5 billion baht, meaning an increase of 108%.
This means that Minor Hotels’ net operating profit grew more than twice as much as travel demand recovered across all regions.
Strong growth in travel activity across all of the company’s key regions resulted in a 120% increase in net operating profit in Q2 2023 from the same period last year to THB 2.6 billion. From being the season of travel in Europe Especially the demand for travel for tourism and business in all customer groups. As a result, the average occupancy rate was 72% and the average room rate was 18% higher than the same period last year for its owned hotels in Europe and Latin America.
Meanwhile, hotels in other regions performed well as a result of recovery in travel demand as well. Leading by Thailand, average revenue per room per night growth was 62% from the same period last year. Driven by strong global travel growth, as well as MINT’s marketing and pricing strategies, resulted in 21% YoY growth in average nightly revenue per room.
If looking back at the performance in the first quarter of 2023, the hotel group Minor’s total revenue was 24,171 million baht, a 76% increase from the same period last year, which was 13,760 million baht, with the highest increase in revenue in Thailand, 213% in Europe, up 77%, in Australia and New Zealand, up 22%. Maldives and the Middle East, an increase of 3%, in America, an increase of 30%. For the share of revenue in the first quarter this year, 16% come from Thailand, 84% abroad, while in 2021 for the whole year, the proportion of revenue comes from Thailand 9% and the proportion of revenue from Overseas 91%
The ongoing work plan according to Mr. Dillip Rajakaria, Chief Executive Officer of Minor International Group. and Chief Executive Officer of Minor Hotels has said in the past that it is still moving forward with its 3-year plan (2023-2025) to expand its entire global hotel network across all existing brands. Open for service by the year 2025, a total of 65 hotels, more than 13,000 rooms, divided into 7 investment-owned hotels and another 58 hotels in management style. Of these, there are 3 new markets that Minor has expanded into new markets in terms of management, namely Egypt, Peru and Bahrain.
As of ending May 31, 2023, Minor Hotels operates 530 hotels, serviced suites, both owned, managed and joint ventures in 56 countries, totaling more than 76,000 rooms. 8 brands above Other brands include Marriott, Four Seasons, St. Regis, Radisson Blu and Minor hotels. international in Asia-Pacific, Middle East, Africa, Indian Ocean, Europe, South America and North America
Mr Dillip also said shortly earlier that From the analysis of the overall situation and trends of the tourism and hotel business from now on especially in the 3rd and 4th quarters Should be better respectively than the past. Although the Chinese tourist market has not returned to perfection in Thailand. But there are other markets that can replace each other. Whether it is a market for tourists from India, Russia, Saudi Arabia. Including many other European markets that have traveled more and more After not having traveled for a long time during the COVID-19 pandemic, All of them are markets that have the same potential as China.
Not the only hotel business However, Minor Food’s food and beverage business continued to grow well and net profit from operations increased. Including total sales of all stores and sales per store grew more than 2 digits as well.
Minor Food posted a strong operating profit of 427 million baht in the second quarter of 2023, compared to 4 million baht in the same period last year. The restaurant’s sales performance per outlet in Thailand grew by more than 12% over the same period last year. It comes from the invention of a viral marketing strategy. and new products with continuous
While the significant recovery of restaurants in China from the lifting of lockdown measures and the ability to dine-in has resulted in a 40% increase in sales per outlet in China in the second quarter of 2023 from 2nd quarter of 2022
MINT is a leader in the restaurant business. which is one of the largest in Asia There are more than 2,500 restaurants in 23 countries under the brands The Pizza Company, The Coffee Club, Riverside, Benihana, Thai Express, Bonchon, Swensen’s, Sizzler. Diner, Dairy Queen, Burger King, Coffee Genie and Gaga, in addition to more than 1000 strategic partner restaurants (such as S&P and BreadTalk), is also a leading lifestyle and contract distributor. manufacture which is one of the largest in Thailand under the brands Anello, Berghoff, Bossini, Charles & Keith, Joseph Joseph, Zwilling J. A. Heng Köl’s and Minor Smart Kids. For more information visit their website. www.minor.com
All of the strong operating income growth and commitment to cost management contributed to earnings growth.
However, the company’s strong operating profit in the second quarter of 2023 was not only a result of hotel revenue growth driven by higher average room rates. and from the growth of sales per outlet in the restaurant group
But there are also contributions from successful management to increase efficiency and performance in all business groups such as hotels, restaurants and offices. As a result, the net profit margin in the second quarter of 2023 grew 7.4% from 3.7% in the same period last year. or almost as much as ever
The strong financial position supports the company’s growth and expansion.
The company remains committed to strengthening its financial position, resulting in MINT’s strong financial position with strong cash on hand and credit facilities at strong levels of Bt22bn and Bt31bn respectively. As of June 2023, in terms of financial position, MINT had a net interest-bearing debt ratio of 1.09 times, lower than MINT’s internal benchmark of 1.30 times and lower than the covenant covenant of 1.75 times.
This strategy will enable MINT to maximize the benefits of financial costs and increase its ability to expand its business for future financial sustainability.
2023-08-13 15:22:00
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