Minor International Public Company Limited (SET: MINT) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
149.40 | 2,143.76 |
| Earning Per Share (Baht) |
-0.0600 | 0.3100 |
| % Change | -93.03 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
4,118.69 | 4,422.99 |
| Earning Per Share (Baht) | 0.5000 | 0.5700 |
| % Change | -6.88 | |
MINT reported a net profit of Baht 149 million in 3Q24, representing a decrease by 93% from the same period of last year. This decline was primarily from non-cash accounting impacts from the marked-to-market valuation of derivative hedging instruments amid significant foreign exchange fluctuations, with the Thai Baht swinging 12% against the USD and 9% against the EUR within the quarter. This non-core FX loss, resulting from currency hedges, does not affect core operational performance or actual cash profitability, as these gains and losses are expected to be neutralized upon the settlement of derivative contracts.
Meanwhile, MINT’s core net profit for 3Q24 reached Baht 2,636 million, a 16% y-y increase, with a net profit margin of 6.3%. This growth reflects MINT’s strategic ability to capitalize on RevPAR and ADR expansion in the hotel segment, along with operational gains for both businesses, positioning the company to benefit from favorable industry dynamics.
In 3Q24, MINT’s core revenue increased by 5% y-y to Baht 42,028 million. This growth was primarily driven by sustained momentum in its hotel portfolio, with notable RevPAR (Revenue per Available Room) and ADR (Average Daily Rate) gains in Europe during its high season and in Thailand despite the rainy season.
Core EBITDA in 3Q24 increased by 9% y-y to Baht 12,036 million, lifting the EBITDA margin to 28.6%, up from 27.8% in the prior year.
As for MINT’s owned & leased hotels performance, the company’s owned and leased hotels portfolio contributed approximately 83% of core hotel & mixed-use revenues in 3Q24. The portfolio reported a y-y increase of 9% in system-wide RevPAR, reflecting solid demand and the strength of Minor Hotels’ pricing strategy as well as operational enhancements. Compared to pre-pandemic levels, RevPAR outperformed by 42%, indicating continued recovery and growth in demand.
Additionally, MINT disclosed that its hotel portfolio in Asia is positioned to capture high-season demand in 4Q24, with booking volumes up year-over-year and surpassing last year’s festive season levels. The recovery in flight and airport capacity has been robust, with air traffic operated by Asia Pacific airlines climbing 18.5% y-y in the first nine months of 2024.
In Europe, business and leisure travel remains robust, with corporate bookings strengthening in October and November and continued leisure demand expected through December. On-the-books reservations indicate high single-digit year-over-year growth for 4Q24.
