Shangrila. Photo: Unsplash.
Hong Kong: Shangrila Asia recorded a net profit of USD184.1 million for the full year ended December 31, 2023, reversing a loss of USD158.5 million in 2022.
Quoted from Business Times, Sunday, March 24 2024, Shangrila Asia’s revenue in 2023 increased 46.5 percent to USD 2.1 billion, from USD 1.5 billion in the previous year. The hospitality group said its outperformance was driven by a strong recovery in its hotel business.
The recovery was primarily led by mainland China and Hong Kong, after borders reopened in early 2023. Chinese hotels around the world continue to experience strong demand from the travel sector.
Earnings per share came in at 5.17 cents for the full year, compared with a loss per share of 4.44 cents in fiscal 2022.
A final dividend of 15 Hong Kong cents per share is proposed for the full year, subject to shareholder approval at the group’s upcoming annual general meeting. The dividend will be paid on June 14, following book closure on June 4, 2024.
performance returned to pre-Covid-19 pandemic levels
The company said the economy rebounds in 2023 with the return of global travel. “Our profits returned to pre-pandemic levels, while margins exceeded pre-pandemic levels,” explained Shangrila’s official statement.
The return of leisure-driven travel activities and changing consumer landscape also underscores the group’s strategy to grow our offering to serve our guests and customers in a more holistic way. .
As of December 31, 2023, the group had equity interests in 80 operating hotels, and three hotels under operating leases, representing a room inventory of 35,135 in Asia-Pacific, Europe and Africa.