Minor International Public Company Limited (SET: MINT) has delivered its strongest financial performance to date, with net profit surging 43% year-on-year to THB 7,750 million in 2024. This outstanding result reflects exceptional operational execution, sustained global travel demand and improved financial position.
Continued strength in the hospitality sector was driven by RevPar growth and market expansion, alongside robust restaurant performance supported by brand innovation and growing customer traffics. The Company also successfully enhanced operating leverage, benefitting from its growing asset-light business model, while demonstrating financial discipline through debt reduction.
Closing the year on a high note, MINT delivered a 269% year-on-year increase in 4Q24 net profit to THB 3,632 million, positioning itself for another year of strong growth and strategic investments in 2025.
Hospitality: Strong RevPar Growth & Market Expansion Propel Performance
MINT’s hotel business continued its strong momentum, benefitting from sustained global travel recovery and successful strategic execution across key markets:
- Europe & Americas: RevPar grew 9% year-on-year, led by a 6% increase in ADR, supported by pricing discipline and steady regional travel. Spain was the strongest performer, followed by Central Europe, Benelux, and Italy.
- Thailand: RevPar surged 17% year-on-year, fueled by increased international arrivals, expanded airline routes, and targeted sales strategies attracting high-value travelers from the US, Europe, and Asia.
MINT’s strategic expansion continued, with the addition of 30 new hotels with over 3,000 rooms in 2024, primarily under an asset-light model, strengthening its footprint in key gateway cities across Asia, the Middle East, Europe, and Oceania. Landmark openings included NH Collection Helsinki Grand Hansa in Finland, Anantara Stanley & Livingstone Victoria Falls Hotel in Zimbabwe and Anantara Jewel Bagh Jaipur Hotel in Rajasthan, India, reinforcing MINT’s leadership in high-growth and emerging markets.
Restaurants: Innovation & Franchising Drive Growth
Minor Food achieved another year of strong growth, with Thailand total system sales increasing 8% and Singapore posting 12% system sales growth, driven by same-store-sales and store network expansion.
The Company’s focus on innovation and consumer-driven concepts led to the successful launch of new brands and formats such as Steak & More (Thailand) for accessible premium dining options and BatterCatch (Singapore), a modernized fish & chips concept appealing to urban consumers.
Meanwhile, Minor Food accelerates its asset-light expansion through franchising success of its owned acquired global IPs, including Benihana, Sizzler and GAGA, with an opening in Paris for Benihana, multiple openings in Japan and Vietnam for Sizzler, and across Thailand for GAGA.
Strengthened Financial Position Supports Growth Acceleration
MINT’s commitment to financial discipline enabled a significant reduction in leverage, achieving key targets:
- Net interest-bearing debt to equity improved from 1.0x in 2023 to 0.8x in 2024
- Net interest-bearing debt to EBITDA decreased from 4.9x to 4.3x
This debt reduction of THB 10 billion in 2024 enhances financial flexibility, reducing interest costs and providing the capacity to fund high-return growth initiatives.
Looking Ahead: 2025 and Beyond – A Clear Path for Value Creation
MINT is poised for another strong year in 2025, leveraging continued global tourism momentum, with Thailand set to benefit from heightened visibility due to The White Lotus Season 3. Additionally, MINT is preparing for strategic hotel launches in Singapore, Japan and Saudi Arabia, expanding presence in key high-growth markets as well as restaurant growth via brand innovation, format diversification and expanded franchising.
As part of its ambitious 2024–2027 strategic roadmap, MINT is targeting:
- Annual revenue CAGR of 6-8%
- Core net profit growth of 15-20%
- Core ROIC of over 12%
- Global portfolio expansion to 850 hotels and 4,000 restaurants by 2027
CEO Statement
MINT’s Group CEO, Dillip Rajakarier, expressed his confidence in the Company’s growth momentum, stating, “MINT’s record performance underscores the strength of our business model and strategic execution. With a significantly stronger balance sheet, we are well-positioned to accelerate growth in 2025 and beyond. We will continue to capitalize on global tourism trends, expand our asset-light model, and drive innovation across our hospitality and restaurant businesses. Our focus remains on delivering sustained profitability and maximizing long-term shareholder value as we scale our global footprint.”
