Banyan Tree Group's 1H23 Core Operating Profit Increases 68% YoY to S$18.7 Million

Highlights 1H2023

  • Revenue per available room (RevPAR) increased 64% (on a same-store basis) vs 1H22.
  • In 1H23, Group Property sales achieved S$170 million in sales, on track to surpass the record-breaking sales of FY22.
  • The Group debuted the first Folio micro-hotel collection in Osaka, Japan.
  • As of 1H23, The Group operates 72 hotels and anticipates 3 more openings for 2H23.
  • In 1H23, The Group signed 9 Hotel & Residence Management Agreements.
  • In 1H23, The Group received over 50 media awards & recognition.

Key Financial Highlights

1H2023 Results (in S$’ million):

Banyan Tree Group's 1H23 Core Operating Profit.jpg
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[1] Core Operating Loss = Operating Loss before one-off gains or losses. This is an alternative performance measure and do not have a standardised meaning prescribed by Singapore Financial Reporting Standards (International).  (Operating Loss = EBITDA (Earnings before interests, taxes, depreciation & amortisation).

Banyan Tree Holdings Limited (“the Group”) achieved 68% increase in Core Operating Profit for the first half ended 30 June 2023 compared to the same period last year. This is largely due to a 21% increase in revenue.

Portfolio Review

The Group's hotels have shown a good recovery from the impact of the Covid-19 pandemic, surpassing all pre-covid 2019 metrics across various regional markets. The Group’s RevPAR for 1H23 showed a significant upsurge of 64% compared to 1H22 and 27% compared to 1H19 (pre-covid) on a same-store basis.

Branded residences and extended stays (Property Sales) segment is on track for a record year with 77% increase in new sales compared to same period last year.

Pipeline and Outlook

In 1H23, Banyan Tree Group reports 72 operational hotels in total:

New openings this year include:

  • Chura Samui, Thailand
  • Le Champ Tu Le Resort Hot Spring & Spa

For the remainder of 2023, Banyan Tree Group will introduce 3 new properties in Zhuhai - China, Yogyakarta - Indonesia and Koh Samui - Thailand.

In 1H23, The Group signed 8 hotel management agreements and 1 pure residence agreement in China, Indonesia, Japan, Korea, Thailand and Vietnam.

In 1H2023, The Group received over 50 awards and accolades from esteemed media and institutions, including Condé Nast Traveler USA, Travel + Leisure USA, DestinAsian, National Geographic Traveler China, and Forbes Travel Guide. This remarkable achievement adds to a total of 3,096 awards and recognitions since the Group's inception.

About Banyan Group

Banyan Group (“Banyan Tree Holdings Limited” or the “Group” - SGX: B58) is an independent, global hospitality company with purpose. The Group prides itself on its pioneering spirit, design-led experiences and commitment to responsible stewardship. Its extensive portfolio spans over 80 hotels and resorts, over 60 spas and galleries, and 14 branded residences in over 20 countries. Comprising 12 global brands, including the flagship brand Banyan Tree, each distinct yet united under the experiential membership programme withBanyan. The founding ethos of “Embracing the Environment, Empowering People” is embodied through the Banyan Global Foundation and Banyan Academy. Banyan Group is committed to remaining the leading advocate of sustainable travel, with a focus on regenerative tourism and innovative programmes that elevate the guest experience.

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