SHR reported a triple revenue in Q1/2022


SHR reveals strong business recovery with the total revenue in the first quarter of 2022 (Q1/2022) at Bt. 1.69 billion. The growth momentum is expected to continue to improve quarter-on-quarter towards 2022 on the back of the relaxation of travel policy across the world, brought up the estimated 2022 revenue to hit Bt. 8.50 billion or doubling the YoY growth.

S Hotels and Resorts PCL (SHR), the flagship hospitality arm of Singha Estate PCL, announced its financial results, showing revenue from sales and services during Q1/2022 at Bt. 1,690 million, tripled the revenue over the same period last year. Adjusted EBITDA in the said quarter stood at Bt. 261 million which was the third consecutive quarter of positive adjusted EBITDA, reflecting the performance recovery of the Company.

In Q1/2022, the revenue from the UK and Maldives hotels portfolio made up to 78% of total revenue. The lift in Covid-19 restrictions, the borders reopening to international travelers together with the rise in travel demand in Thailand, Fiji, and Mauritius brought up the revenue from Thailand and Outrigger hotels in Q1/2022. This reflects a positive signal for future revenue growth when tourism sector recovers to surpass pre-pandemic level and the international flights resumes to its normal schedule.


The reopening borders policy and the government’s economic stimulus measures in several countries have allowed the travel demand to recover, starting from the second quarter this year onwards. The Company foresee the positive trend which reflected by the operation performance in April 2022, showing an increase in average occupancy of the overall portfolio of 60%. The growth performance is projected to keep its momentum towards 2022 in accordance with the entering into high travel season of each county. Given the aforesaid positive factors, the well-diversified hospitality portfolios, upgraded services and offerings to reach high tourist demands, and enhanced direct booking channels are the elements driving the Company performance to achieve its target of Bt. 8,500 million, pushing SHR to become the No. 2 highest revenue Thai hotel operator.

Mr. Dirk De Cuyper, Chief Executive Officer of S Hotels and Resorts PCL, revealed that “We foresee the increasing demands in the hospitality business, including our properties in the five top leisure destinations, particularly in the UK and Maldives. Moreover, SHR’s strategy in driving the business using digital marketing to create customized platforms for the wider implementation of direct booking has given the company more resilience and adaptability. The property renovation and the creation of value-added features in all identified potential properties to cater to guests’ various preferences and lifestyle needs is another key factor that will drive 2022 revenue.”

Performance of CROSSROADS Phase 1 Hotels in Maldives for Q1/2022 continued to recover, accomplished the occupancy rate of 74%, well above the industry average. This was mainly from its outstanding design and composition of the project which are different from other typical resorts in Maldives.  CROSSROADS project is the first and only fully integrated leisure lifestyle destination in Maldives that serves variety types of guests. Thanks to the fast recovery in tourism, its unique selling points, and the proactive marketing strategy to attract customers from several regions across the globe, CROSSROADS Phase 1 Hotels are predicted to maintain favorable occupancy rate throughout the year 2022 and able to enhance ADR by the Company’s strategies on product upgrades and high spending customer concentration, for example tourists from Europe, America, and Middle East. Regardless, SHR is confident that once the tourists from Asian countries such as China, Korea and Japan, which used to be one of the key source markets in Maldives, have their borders fully reopen, the performance of CROSSROADS Phase 1 Hotels will grow even stronger and become a dream destination of travelers from all over the world.

The resumption of travel demand in UK and a solid performance are expected to continue starting from April to year end, in accordance with the high travel season. SHR projects the performance to return to the pre-pandemic level of 2019 as the hotels in UK portfolio are regional hotels, located in key leisure and economic destinations which gain more popularity from pent-up domestic travel demand. In addition, SHR intended to enhance the efficiency and return of UK hotels portfolio with the plan to further invest in the potential hotels to increase ADR and improve the profitability from Q3/2022 onwards.

Mr. Dirk De Cuyper, Chief Executive Officer of S Hotels and Resorts PCL

Moreover, with the optimistic view on the recovery of MICE (Meetings, Incentive Travel, Conventions, Exhibitions) business in the UK, Maldives, and Thailand, especially SAii Laguna Phuket, this is another upside to boost up the 2022 performance.

“Amidst the most challenging environment. SHR will continue the long-term growth to continuously improve efficiency and returns of our hotel portfolio. A total budget of Bt. 2,800 million has been set aside for a three-year-plan to enhance its asset rotation strategy for existing properties and the construction of SO/Maldives, which is targeted to launch in 2023. The other earmarked budget is set for the merger and acquisition plan for new properties. We also aim to focus on being a hotel operator, either through a flagship homegrown brand or partnership with leading international brands for business expansion to gear up for accelerated growth and enhance competitiveness.” added Mr. Dirk De Cuyper.

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