MINT’S QUARTERLY PROFIT SURGES TO RECORD 3 BILLION BAHT

Editorial Staff

MINT’S QUARTERLY PROFIT SURGES TO RECORD 3 BILLION BAHT
ON THE BACK OF CONTINUED STRONG TRAVEL REBOUND

Minor International Plc(“MINT”) announced its financial results for the second quarter of 2023, reporting record core profit of three billion baht. This represented a 148% y-y increase from 2Q22 and was 52% above pre-COVID 2Q19. The results reflected continued global recovery momentum in both hotel and restaurant sectors post-COVID.

Sustained increase in travel activities across the geographies in which MINT operates drove a strong y-y core profit growth of 120% for Minor Hotels, resulting in core profit of 2.6 billion baht for 2Q23. A robust start of high travel season in Europe also contributed to the strong result, as leisure and business travel demand across all key customer segments led to an average occupancy of 72% and a 18% y-y surge in ADR for Minor Hotel’s owned hotels in Europe and Latin America.

MINT’s restaurant business also recorded strong growth in 2Q23, with core profit of 427 million baht in 2Q23 compared with 4 million baht in 2Q22. In Thailand, same-store sales recorded an 12% y-y increase, primarily due to Minor Food’s continued initiatives to capture returning footfall through viral marketing campaigns and new product launches. China, in particular, saw a significant rebound in 2Q23 with the lifting of lockdowns and dine-in restrictions, resulting in a 40% growth in same-store sales compared to 2Q22.

MINT’s strong profitability in 2Q23 was not only the result of positive top-line growth trends through hotel and restaurant same-store sales but was also enhanced by successful initiatives to increase efficiencies and productivity across hotel and restaurant portfolios as well as at its corporate offices. As a result, MINT’s core net profit margin grew to 7.4% in 2Q23 from 3.7% in 2Q22.

Mr. Dillip Rajakarier, Group CEO of MINT said “Looking ahead, the company is poised to continue its strong momentum in 2H23 and throughout 2024. Increased airline capacity has led many European destinations to surpass pre-pandemic levels of foreign arrivals, benefiting Minor Hotels in Europe.”