Veranda Resort Public Company Limited, or VRANDA, has showcased its operational results for Q1 2024, reporting total revenue of 421 million baht, an increase of 10%. EBITDA stands at 124 million baht, growing by 33%, and net profit reached 36 million baht, soaring 411% compared to the same period last year (YoY). This growth aligns with the ongoing recovery in the tourism sector, which is expected to thrive this year due to various positive factors such as government tourism promotion measures, increased flight routes and direct flights to major tourist destinations, and a weaker baht attracting more tourists. The company is confident that the hotel and resort business will continue to recover throughout 2024.

Mr. Phawat Ongwasit, CEO of Veranda Resort Public Company Limited (VRANDA), a leader in the hotel, resort, and real estate development industry, stated that the operational recovery and growth factors stem from increased hotel revenue, with both average occupancy rates and average room rates rising. As a result, the company achieved total revenue of 421 million baht in Q1 2024, a 10% increase from the same period last year (YoY), and a net profit of 36 million baht, up 411% YoY. The EBITDA was recorded at 124 million baht, a 33% increase from the previous year. Specifically, revenue from VRANDA's hotel operations grew by 11% YoY, in line with the increase in foreign tourists benefiting from government measures such as visa fee exemptions for tourists from certain countries visiting Thailand. Additionally, the company has boosted sales through various communication channels both domestically and internationally, and has begun transferring ownership of the Veranda Pool Villas Hua-Hin Cha-am project while ceasing operations of the Gram pancake and Pablo cheesetart restaurants, resulting in no operational losses from these businesses in this quarter.

Currently, the customer base for VRANDA's hotels and resorts consists of 24% Thai guests, 9% Chinese, 7% South Korean, 5% German, 6% British, and 40% from other nationalities. The proportion of Chinese and British customers has significantly increased due to the overall growth in foreign tourists, with 9 million foreign visitors traveling to Thailand in the first quarter, and it is expected that the Tourism Authority of Thailand's target of over 35 million visitors this year will be achieved.

Overall, the Thai hotel and resort business in Q1 2024 has clearly recovered with the reopening to foreign tourists, resulting in increased guest numbers, occupancy rates, and revenue per available room (RevPAR) compared to the same period last year (YoY). This growth is primarily driven by visitors from Europe, the Middle East, and Asia. The hotel and resort markets that performed well in the first quarter of 2024 include Phuket, Pattaya, and Koh Samui. It is believed that the Thai hotel and resort business will continue to recover throughout the remainder of 2024, with an increase in Chinese tourists visiting Thailand and a growing long-stay tourist market.

The CEO of VRANDA further stated that the positive factors supporting the tourism market's continuous growth give confidence that VRANDA's revenue this year will meet the target of a 15% growth in hotel business revenue. Additionally, the real estate development business is expected to continue generating revenue from ownership transfers, with projections of over 200% revenue growth from the Veranda Villa and Suite Phuket project, which has already received over 50% in bookings and is expected to transfer ownership in the fourth quarter of this year.