Veranda Resort Public Company Limited (VRANDA) has showcased its performance for the first half of 2024, reporting total revenue of 770 million baht, a 10% increase, and EBITDA of 198 million baht, growing by 24%. The company achieved a net profit of 37 million baht, recovering from a net loss of 8 million baht compared to the same period last year (YoY). In Q2/2024, the hotel business generated an operating profit before interest, taxes, and depreciation (EBITDA) of 69 million baht, reflecting a 15% growth from pre-COVID-19 levels. The company anticipates continued growth in the tourism and hotel sectors for the second half of the year, bolstered by strong bookings from MICE (Meetings, Incentives, Conventions, Exhibitions) travelers for the end of the year, which is expected to drive hotel and resort revenue growth of 20% for 2024. Meanwhile, the real estate development business is projected to grow by 200%, potentially creating a new high in 2025.

Mr. Phawat Ongwasit, CEO of Veranda Resort Public Company Limited (VRANDA), a leader in the hotel, resort, and real estate development sectors, revealed that the group's performance for the first half of 2024 (January-June) saw total revenue of 770 million baht, a 10% increase from the same period last year (YoY), with a net profit of 37 million baht, recovering from a net loss of 8 million baht from the previous year (YoY). EBITDA stood at 198 million baht, growing by 24% YoY, driven by the continuous increase in international tourist arrivals to Thailand. In the first seven months of 2024 (January-July), over 20 million tourists have visited Thailand, generating approximately 950 billion baht in spending. As a result, in July, VRANDA's hotels in Bangkok and Samui surpassed their performance from 2019 (pre-COVID-19). In Q2/2024, the hotel business also reported an EBITDA of 69 million baht, reflecting a 15% growth from pre-COVID-19 levels.

For the tourism and hotel industry in the second half of the year, it is believed that strong growth will continue, as evidenced by the significant increase in room bookings from MICE travelers for the end of the year, alongside an expected 35 million international tourists visiting Thailand. By the end of Q4, VRANDA is set to open a new hotel in Phuket, located in the 'Phanwa-Aoyon' area, named “Veranda Resort Phuket, Autograph Collection,” featuring 159 rooms on over 10 rai of land, with a project value of over 1.3 billion baht, managed under the premium hotel chain 'Autograph Collection' by Marriott International, which will help expand its customer base in Europe, America, and Asia. Clear revenue growth is anticipated in the second and third years after the hotel opens.

Additionally, VRANDA is preparing to expand its hotel offerings with 20 new rooms at Veranda Collection Samui - Rocky's Resort, bringing the total to 70 rooms by the end of this year to accommodate the increasing number of tourists visiting Koh Samui. Overall, VRANDA will have a total of 856 rooms across its hotels and resorts. The company is also moving forward with the transfer of ownership for the Veranda Villas & Suites Phuket project, comprising 17 units, including 6 villas and 11 condos, with a total project value of approximately 870 million baht. The transfer of ownership for the Veranda Pool Villas Hua-Hin Cha-am project, featuring 13 luxury holiday homes with private pools, is also ongoing.

“With the opening of the new hotel in Phuket at the end of Q4, coinciding with the high season, we expect to drive revenue growth of around 20% from the hotel and resort business, which will grow both from existing hotels and the new hotel. Meanwhile, the real estate development business is projected to grow over 200% this year, and we anticipate that this new hotel will create a new high for VRANDA in 2025,” Mr. Phawat stated.