S Hotel and Resort Public Company Limited is pleased to announce that its operating profit for the first 9 months of 2019 reached 783 million baht, growing over 9%. The company is confident that after the IPO, its capital structure and performance will become even stronger.

           Mr. Dirk Andre Lina Kueber, CEO of S Hotel and Resort Public Company Limited, or 'SHR', revealed that the revenue and operating profit, or EBITDA, for the 9-month period in 2019 grew in line with the set targets, with total revenue of 2,639 million baht, a 66% increase, and EBITDA at 783 million baht, reflecting a growth of over 9%. This growth is attributed to the full 9-month revenue recognition from 6 hotels in the Outrigger group and partial revenue recognition from 2 hotels in the CROSSROADS project, which the company opened to tourists on September 1st.

           Overall, the results are satisfactory as the company incurred non-recurring expenses of over 260 million baht in the past 9 months, primarily related to the opening of 2 hotels in CROSSROADS early on, which is typical in the hotel business, as well as expenses related to the company's listing on the stock market. Additionally, the company has financial costs from bank loans exceeding 150 million baht used to acquire Outrigger hotels in June 2018, which are non-recurring expenses occurring only this year.

           “We are confident that after raising funds from this IPO, the strengthened capital will allow us to repay the loans used for this acquisition, thus reducing our financial burden. Furthermore, the 2 hotels in CROSSROADS will operate for a full year next year, and initial feedback from tourists has been positive. We are confident that with a solid EBITDA profit base from the existing 8 operational hotels and these positive factors, our performance will surely grow strongly next year,” said Mr. Dirk.

           SHR is a holding company focused on investing in upscale hotels and resorts at accessible prices located in popular global tourist destinations. Currently, SHR has a total of 4,647 rooms across 39 hotels and resorts in 5 countries: Thailand, the Maldives, Fiji, Mauritius, and the United Kingdom. Over the past 3 years, SHR has been the hotel company with the highest growth rate in revenue and room count compared to its peers in the industry listed in Thailand.

Thank you for the information from SHR.