Minor Hotels makes major progress

At a time when many hotel industry businesses are struggling, other operators are still reporting positive figures. 

The Minor Hotels group has just posted its strongest full-year results on record, reporting a 16% jump in net profit and a 9% rise in total revenue for 2024.

The record-breaking numbers for the Thai-based business underscore heightened global tourism demand, particularly in the group's home market, as well as in Europe where it operates over 280 properties.

The global hotel owner and operator, which has a portfolio of more than 560 properties in 58 countries, ended the year on a strong note with fourth-quarter profit of THB 2.2 billion (102 million AUD), representing a 14% year-on-year increase.

The results reflected what the group said was disciplined pricing strategy, strong operating leverage, and continued expansion under the group’s ‘asset-right’ strategy – a deliberate balance between asset-heavy and asset-light models – while setting the stage for further gains in 2025.

In 2024, Minor Hotels’ group-wide occupancy reached 68%, marking a two percentage-point uptick from the previous year, with Thailand leading the way with a five-point gain to 70%. 

Average daily rate (ADR) across the global portfolio also rose 6% year-on-year, while revenue per available room (RevPar) climbed 9% overall.

The group’s portfolio in Thailand, where it has 30 properties, was a standout performer with a 17% RevPar increase driven by expanded airline routes and targeted marketing efforts, which attracted high-spending travellers from North America, Asia, Europe, and the Middle East.

“Minor Hotels is well positioned to capitalise on the ongoing global travel rebound and accelerate growth in 2025 and beyond,” said Dillip Rajakarier, CEO of Minor Hotels and Group CEO of Minor International. 

“Our asset-right strategy and disciplined financial management will continue to drive growth and create value for our stakeholders. With a reinforced financial position, we are set to innovate, expand profitably, and capture new opportunities - mostly capital-free - as we continue to scale our global footprint.”

Minor operates hotel brands including Anantara, Avani, Elewana Collection, NH, NH Collection, nhow, Oaks and Tivoli. 

The company expects a further boost in Thailand tourism following the much-anticipated airing of the third season of the HBO series The White Lotus, which was filmed in Thailand – including at several properties owned or operated by Minor Hotels (top image) – and premiered on February 16.

By the end of 2027, Minor Hotels aims to expand its worldwide portfolio to 850 properties. 

For more info see minorhotels.com. 

Singapore Airlines records record profits

International air travel has bounced back in a major way post pandemic, with Singapore Airlines parent SIA Group reporting record profits this week.

Record load factors supported highest-ever half-year operating and net profits, the airline said in a statement.

But it warned that growing competition, macroeconomic uncertainties, and inflationary cost pressures pose challenges to the airline industry going forward.

SIA Group said: "robust demand for air travel continued into the northern summer travel season, led by the rebound in passenger traffic to north Asia with the full reopening of China, Hong Kong, Japan, and Taiwan".

This resulted in record half-year operating and net profits for the SIA Group.

SIA and Scoot carried 17.4 million passengers in the first six months of 2023-24, an increase of 52.3% year-on-year.

Passenger traffic grew 38% from a year before.

Individually, SIA and Scoot achieved record passenger loads of 88.0% and 91.3% respectively.

Overall, the group recorded an operating airline profit of $S1.554 billion ($AU1.78 billion), $S320 million higher than a year earlier.

The group posted a net profit of $S1,441 million.

SIA also added three aircraft to its operating fleet in the second quarter: one Airbus A350-900 and two Boeing 787-10s.

The combined fleet is now 202 aircraft with another 96 aircraft on order.

The group’s passenger network now covers 119 destinations in 36 countries and territories.

"While the demand for air travel is expected to remain healthy leading up to the end of the financial year, significant capacity restoration across the industry, especially in the Asia-Pacific region, could put pressure on passenger yields," the airline said.

"The group will closely monitor market conditions and adjust its operations as necessary. The demand for air freight is expected to remain soft in the traditional peak third quarter of FY2023-24, dampened by excess inventories, geopolitical tensions, and macroeconomic headwinds".