SHANGRI-LA GROUP RELEASES 2024 FULL YEAR RESULTS (China)
Shangri-La Asia Limited (HKSE stock code: 00069/SGX stock code: S07) today reported the financial results of the Company and its subsidiaries (“Group”), and associates, for the year ended 31 December 2024. |
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SHANGRI-LA GROUP RELEASES 2024 FULL YEAR RESULTS (China)
Shangri-La Asia Limited (HKSE stock code: 00069/SGX stock code: S07) today reported the financial results of the Company and its subsidiaries (“Group”), and associates, for the year ended 31 December 2024. |
Category: Asia Pacific - China - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2025-04-08
Highlights of the report include:
- Consolidated revenue of the Group increased by 2.0% to USD2.2 billion
- Consolidated Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) declined by 3.5% to USD503.9 million, as costs normalised at our hotel operations
- Profit attributable to owners of the Company before non-operating items decreased by 10.2% to USD115.9 million
- Operating Cash Flow increased by 7.8% to USD392.7 million
- Free Cash Flow increased by 88.7% to USD272.8 million
- Final dividend of HK 10 cents per ordinary share, resulting in full year dividend of HK 15 cents per ordinary share, totalling approximately USD70 million
Commenting on the results, Shangri-La Group’s Chief Financial Officer, Chua Chee Wui, said, “We've successfully maintained revenue growth while implementing a disciplined approach to capital allocation. By diversifying our funding sources, including tapping into lower cost RMB onshore and offshore CNH loans, and accessing the China onshore capital market with panda bonds for the first time, we've effectively managed our interest costs despite the challenging rate environment. Looking ahead, we remain committed to strategic growth without stretching our balance sheet, while maintaining our focus on strong cash generation and prudent debt management.”
Shangri-La Group’s Chairman, Hui Kuok, said, “In 2024, we navigated a changing landscape as the initial surge of 'revenge travel' gave way to more stabilised growth in the second half of the year. Despite these shifts, our performance remained resilient, demonstrating the strength of our diversified business model, which enhances our ability to withstand market fluctuations and thrive through various business cycles.
Our greatest strength continues to be our people. I extend my deepest gratitude to our colleagues, whose passion and commitment have driven our recovery and positioned us for future growth. Their dedication to our signature Asian hospitality remains the foundation of our success."
The unveiling of JEN Kunming by Shangri-La in April 2024 marked the introduction of the Group's dual-brand strategy, which will include Shangri-La Kunming – set to open in the fourth quarter of 2025 – in the same building. Meanwhile, BaFunHui by Shangri-La, a shopping mall in Fuzhou, Mainland China, opened its doors in April 2024 as the pilot for the Group’s integrated experience strategy at Shangri-La Fuzhou.
The Group further expanded its managed portfolio with the opening of Shangri-La Nanshan in January 2024 – its fourth property in Shenzhen – and the debut of Shangri-La Phnom Penh in Cambodia in December 2024.
Despite a rising rate environment, the Group maintained its effective gross interest cost at 4.45% (compared with 4.4% in 2023) by diversifying its funding sources. This not only contained its interest rates and costs, but also better aligned its asset and liability exposure.
The Group’s sustainability initiatives continued to gain momentum under its enhanced ESG framework. Through the 'Stay, Savour, Shine' approach, the Group has delivered progress in mitigating environmental and climate impact, supporting traditional Asian arts and culture, strengthening responsible sourcing, and supporting local communities.
Looking ahead, the Group maintains a cautiously optimistic outlook for 2025, with a continued focus on strategic growth opportunities, operational excellence, and delivering exceptional guest experiences across its diverse portfolio.
About Shangri-La Group
Shangri-La Group is one of the world’s premier developers, owners and managers of hotel and investment properties which comprises office buildings, commercial real estate and serviced apartments/residences. The Group’s other principal activities include hotel management services as well as property development for sale. It currently owns and/or manages over 100 hotels globally in more than 75 destinations under the Shangri-La, Kerry, JEN by Shangri-La and Traders brands. Prominently positioned in Asia, the Group has a substantial pipeline of upcoming hotel and mixed-use development projects in Australia, Mainland China, and Japan.
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