S Hotels & Resorts reports post-Covid profit

BANGKOK, 17 November 2022: S Hotels and Resorts PCL, the hospitality arm of Singha Estate PCL, reported revenue of THB 2,362 million in Q3 2022, a quarter-on-quarter rise, and a net profit of THB208 million.

The group called it a “significant rebound from the previous quarter and year-on-year,” adding that the outlook for Q4 remains positive with strong confidence in exceeding the revenue target of THB8,500 million.

S Hotels & Resorts has announced its financial results to the Stocke Exchange of Thailand, reporting revenue of THB 6,123 million for the first nine months of 2022, doubling the performance of the same period in 2021.

Crossroads Maldives, Hard Rock Hotel Maldives and  SAii Lagoon Maldives were the key performers driving the January to September revenue growth. Meanwhile, the company saw strong pent-up demand in Fiji, Mauritius and Thailand, increasing revenue to THB1,012 million – 22 times higher than in the same period last year.

S Hotels & Resorts forecasts a strong Q4, driven by the robust recovery of its Thai hotels, which is reflected by a 44% increase in international tourism arrivals in October 2022 compared to the previous month, to reach 3.1 million – almost the same level as average monthly tourist arrivals in 2019.

The company saw its average occupancy in Thailand reach 71% in October 2022, led by SAii Phi Phi Island Village and SAii Laguna Phuket, which registered occupancy of 81% and 77%, respectively. Occupancy is expected to continue its upward trend in Q4 2022 and Q1 2023, with strong ADR surpassing pre-Covid levels.

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