A global company focused on two core businesses: hospitality and
restaurants. MINT is a hotel owner, operator and investor with a portfolio of over 560 hotels in 58 countries and also one of Asia’s largest restaurant companies with nearly 2,700 outlets system-wide in 24 countries.
| 2024 | 2023 | 2022 | 2021 |
|---|
| Revenues | 165,362.27 | 153,049.24 | 124,205.85 | 76,211.26 |
| Expenses | 142,145.54 | 131,319.57 | 109,942.55 | 86,299.02 |
| Net Profit (Loss) | 7,750.22 | 5,407.06 | 4,286.37 | -13,166.51 |
| Assets | 346,844.93 | 359,195.92 | 358,209.76 | 369,632.89 |
| Liabilities | 247,708.10 | 271,901.37 | 275,600.79 | 290,140.46 |
| Shareholders' Equity | 87,833.74 | 76,637.22 | 71,058.94 | 68,022.67 |
| Operating | 40,790.70 | 38,017.10 | 30,139.17 | 13,025.67 |
| Investing | -8,643.56 | -8,264.06 | -111.83 | 9,209.86 |
| Financing | -32,366.64 | -38,918.26 | -31,881.52 | -23,710.57 |
| EPS (Baht) | 1.06 | 0.65 | 0.54 | -2.83 |
| GP Margin (%) | 43.79 | 44.60 | 43.51 | 31.76 |
| NP Margin (%) | 5.20 | 3.98 | 3.64 | -18.60 |
| D/E Ratio (x) | 2.50 | 3.11 | 3.34 | 3.65 |
| ROE (%) | 9.42 | 7.32 | 6.16 | -19.51 |
| ROA (%) | 6.51 | 5.81 | 4.38 | -2.41 |
MINT targets 6-8% annual revenue growth and 15-20% core net profit growth. We aim to achieve core ROIC above 12% and accelerate the asset-light expansion to surpass 850 hotels and 4,000 restaurants globally by 2027.
Scaling for Growth: MINT prioritizes asset-light expansion through hotel management and restaurant franchise agreements, unlocking new opportunities while minimizing capital expenditure for enhanced return on invested capital.
Minor Hotels plans to open close to 300 new hotels by 2027, focusing on gateway cities and high-growth emerging markets and shifting its portfolio from a Europe-heavy concentration to a more balanced global presence, with significant growth in Asia, the Middle East & Africa as well as Australia & New Zealand. Expansion into North Asia, India, Morocco, Egypt and Turkey is underway, along with branded residences under Anantara and NH Collection brands in the Middle East.
Minor Food is accelerating growth in existing and new markets, including Thailand and Indonesia, while laying the foundation for India’s restaurant industry. Strategic partnerships with local leaders will enhance scalability, leveraging MINT’s global expertise to drive success in new markets.
Maximizing Profitability: MINT is enhancing profitability through an asset-light model, direct sales channels and debt reduction. Strengthened financial discipline has lowered interest costs, improving financial flexibility for high-return growth initiatives. Minor Hotels and Minor Food are strengthening direct channels to drive brand loyalty, enhance cross-brand synergies as well as improve customer journey and retention.
Please visit https://www.minor.com/th/downloads/our-reporting, for more information of Sustainability Development Plan.
MINT delivered an outstanding profit growth in 2024, demonstrating robust business momentum and improved financial strength. In 2024, core revenue grew by 8% y-y, driven by hotel and restaurant performance improvement. Core EBITDA increased by 4% y-y to Baht 44,572 million. Core profit reached Baht 8,390 million, 18% y-y increase with an improved core profit margin of 5.1%, from operating leverage and tax loss carry forward utilization. Note that interest expenses on borrowings and debentures, as well as on lease liabilities (excluding other financial costs) increased only slightly by 4% and 4% to Baht 5,888 million and Baht 4,274 million, respectively. This was a result of MINT’s efforts to lower leverage.
Reported revenue and EBITDA in 2024 saw 8%, profit surged 43% y-y to Baht 7,750 million as a result of significantly lower foreign exchange losses from hedging and derivatives. Minor Hotels remained the primary contributor, accounting for 70% of core profit in 2024.
Overall Hotel & Mixed-Use In 2024, hotel & mixed-use core revenue grew by 9% y-y to Baht 133,901 million, showcasing strong performance across all segments. Core EBITDA increased by 3% y-y to Baht 37,249 million with a lower core EBITDA margin of 27.8% in 2024 compared to 29.4% in 2023. The slower pace of EBITDA growth was due to positive adjustments including cost allocation for Oaks according to IFRS16 in the last quarter of previous year.
Minor Food In 2024, Minor Food’s total core revenue grew by 4% y-y to Baht 32,132 million, driven by sales growth in Thailand, Singapore and Australia, together with better performance from joint ventures. Franchise income saw an increase of 2% y-y to Baht 1,626 million, supported by an expanding franchised stores network and stronger performance of franchised restaurants in Thailand. Core EBITDA grew at a faster pace, increasing by 9% y-y to Baht 7,323 million, benefiting from higher operating efficiency and cost optimization, particularly in Thailand. As a result, core EBITDA margin improved to 22.8% in 2024, compared to 21.8% in 2023.
Major Developments in 4Q24
Restaurant
- Opened 38 outlets, net q-q, primarily Dairy Queen, GAGA, Swensen's, and The Pizza Company in Thailand
- Launched the first The Steak & More in Thailand, Jiang Jiang Hao in China, and five new brands in Singapore
- Introduced the first franchise stores for Bonchon and GAGA in Thailand
Hotel & Mixed-Use Opened a total of 5 hotels q-q
Anantara: Two managed hotels in India and Zimbabwe
Tivoli: One managed hotel in Portugal
Oaks: One management letting right hotel in Australia
NH: One leased hotel in Brazil
Please visit Form 56-1 One Report on https://www.minor.com/en/investor-relations/downloads/yearly-report
Please visit https://www.minor.com/en/about-us/awards-and-rankings/corporate, for more information of Awards of and Recognitions.
| as of 30/12/24 | MINT | TOURISM | SET |
|---|---|---|---|
| P/E (X) | 28.89 | 32.96 | 19.33 |
| P/BV (X) | 1.88 | 1.53 | 1.40 |
| Dividend yield (%) | 2.18 | 1.70 | 3.23 |
| 30/12/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 147,419.40 | 165,076.04 | 170,119.23 |
| Price (B/Share) | 26.00 | 29.50 | 32.25 |
| P/E (X) | 28.89 | 26.06 | 207.87 |
| P/BV (X) | 1.88 | 2.14 | 2.35 |
Note: As at 11 June 2024: A/ Positive Outlook by TRIS