Banyan Tree Holdings has reported earnings for the FY2024 ended Dec 31, 2024 of $42.1 million, up 33% y-o-y.
For the 2HFY2024, the hotel operator’s earnings came in 17% y-o-y higher at $35.9 million.
This increase is largely driven by an increase in revenue across all its business segments — Hotels Investments, Fee-based, and Residences, according to the group.
Revenue for FY2024 came in at $380.6 million, up 16% y-o-y from the $327.9 million reported in the same period a year ago.
Other income declined to $30.8 million in 2HFY2024 mainly due to the absence of a one-off $33.5 million gain from the remeasurement of CHMC’s previously held equity interest and a $9.6 million net gain on the disposal of Angsana House in 2HFY2024.
Core operating profit grew to $69 million in FY2024, while operating profit grew to $103.2 million in the reporting period.
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The group saw total costs and expenses increase to $164.4 million in 2HFY2024, in which cost of operating supplies, salaries and related expenses among others increased. Administrative expenses and cost of properties sold decreased.
The group says that overall profit after tax grew mainly due to shareholders associates’ profit compared to share of losses, lower net finance costs and lower income tax expense, partially offset by higher depreciation and amortization expenses.
The group says that these achievements are bolstered by its $328.8 million in residences sales, and 18 new agreements signed in FY2024.
As at Dec 31, 2024, Banyan Group operates 91 hotels and resorts worldwide, with 17 new openings in FY2024.
The group has proposed a first and final one-tier tax exempt cash dividend of 1.3 cents per ordinary share.
Shares in Banyan Tree Holdings closed flat at 34.5 cents on Feb 25.
