REG - FIVE Holdings (BVI) - FIVE Holdings Delivers Robust Performance in Q2'24

Booking HoldingsAnnouncement

28/08/2024 08:15

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RNS Number : 8967B  FIVE Holdings (BVI) Limited  27 August 2024

 

FIVE Holdings Delivers Robust Performance in Second Quarter 2024

August 27, 2024, Dubai, UAE - FIVE Holdings (BVI) Limited ("Company")
continues to demonstrate consistent financial performance, achieving revenue
of AED 546 million and an EBITDA of AED 186 million for the three months ended
June 2024. Year-to-date revenue for the six months ended June 2024 stands at
AED 901 million, with an EBITDA of AED 311 million, underscoring the Company's
steady growth trajectory.

As of the end of Q2 2024, the liquidity position of the Company continued to
remain robust, with cash and bank balances totalling AED 612 million
(including an escrow balance of AED 223 million), an undrawn Revolving Credit
Facility of AED 734.5 million available and AED 40 million of bonds bought
back, available to enhance liquidity if required. As of June 30, 2024 total
borrowings stood at AED 1,451 million, with total assets reaching AED 10,735
million and total equity at AED 6,399 million.

 

          Revenue          Gross Profit     EBITDA
 Q2 2024  AED 546 million  AED 196 million  AED 186 million
 Q2 2023  AED 401 million  AED 186 million  AED 166 million

 

Hospitality:

In Q2 2024, our hospitality segment achieved remarkable results with revenue
reaching AED 448 million and EBITDA totalling AED 159 million. This represents
a substantial 99% increase in revenue and a 72% rise in EBITDA compared to Q2
2023, when revenue was AED 225 million and EBITDA was AED 92 million. Even on
a like-for-like basis, comparing to Q2 2023 pro forma(*) figures of AED 339
million in revenue and AED 135 million in EBITDA, the current quarter shows a
notable 32% revenue increase and a 17% improvement in EBITDA. These outcomes
underscore significant growth and improved operational performance, driven by
effective management strategies and execution.

 

                  Hospitality Revenue  HOSPITALITY EBITDA
 Q2 2024          AED 448 million      AED  159 million
 Q2 2023          AED 225 million      AED 92 million
 Q2 2023          AED 339 million      AED 135 million

 (Pro forma)(*)

*Pro forma statement of Profit or Loss includes the effect of acquisition of
Universo Pacha S.A as if the business combination was effective for three
months ended June 2023.

 

Performance of The Pacha Group:

In Q2 2024, the first complete quarter in which Pacha properties were fully
operational following the acquisition, the Company achieved a total revenue of
AED 139 million, marking a robust 23% increase compared to AED 113 million in
Q2 2023. EATertainment revenue stood out, generating AED 105 million, up by
28% from AED 82 million in the corresponding period in the previous year. The
EBITDA amounted to AED 50 million, representing a 19% improvement from AED 42
million in Q2 2023.

 

FIVE LUXE Debuts with Strong Financial Performance and High Guest Ratings

FIVE LUXE, which opened on March 31, 2024, has swiftly made its mark. It
currently holds an excellent rating of 9.4 on Booking.com from over 3,000
reviews. In Q2 2024, its first quarter of operations, FIVE LUXE generated AED
78 million in revenue, accompanied by a robust EBITDA of AED 20 million. The
hotel's average occupancy was 76% in Q2 2024, highlighting its notable market
presence and appeal.

 

Real Estate Development:

Revenue from the real estate development segment amounted to AED 98 million in
Q2 2024, compared to AED 177 million in Q2 2023. The decrease primarily
reflects the completion of FIVE LUXE (hotel and residences) in 2023. This
shift aligns with the Company's strategic emphasis on enhancing hospitality
EBITDA to increase recurring cash flow.

 

 

The Company will hold a conference call for the investor community on Monday,
September 2(nd), 2024 at 5 p.m. (UAE Time). FIVE Holdings' Founder and
Executive Chairman, Kabir Mulchandani will discuss the Company's consolidated
performance. Please pre-register via the following link:

FIVE Holdings Q2 2024 Results Update call
(https://finsight.zoom.us/webinar/register/WN__ucUxCV4QKWpQAo-pA1Itw)

 

The interim condensed consolidated financial statements of the Company can be
found at FIVE Holdings (BVI) Limited - Financial Statements
(https://www.fiveglobalholdings.com/investor-relations/)

For investor-related inquiries, please contact
investor.relations@fiveglobalholdings.com
(mailto:investor.relations@fiveglobalholdings.com)

For media inquiries, please contact Director of Public Relations, Farah Palia
at farah.palia@fiveglobalholdings.com
(mailto:farah.palia@fiveglobalholdings.com)

 

ABOUT FIVE HOLDINGS

FIVE Holdings is a vertically integrated group, and its current portfolio
includes 3 luxury hotels in the UAE, FIVE Palm Jumeirah, FIVE Jumeirah Village
and FIVE LUXE, a hotel in Switzerland, FIVE Zurich, 2 hotels in Spain, Destino
Pacha Ibiza and El Hotel Pacha, a nightclub in Spain, Pacha Ibiza, 2 eponymous
Fashion Lines, FIVE Mode and The Pacha Collection in the UAE and Spain; as
well as a range of assets that include Toy Room, and WooMoon Storytellers
(Globally).

FIVE has emerged with the highest ESG rating in the world to date, as the only
company to receive an 'A' grade across all sectors from global rating agency,
ISS. This highlights FIVE's focus on a 'Global Sustainable Entertainment
Ecosystem,' which is the integration of immersive entertainment with homegrown
F&B concepts that results in a distinctive guest experience for an
international and affluent audience of luxury-loving, eco-conscious Millennial
and Gen-Z customers.

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