BANGKOK, THAILAND: S Hotels and Resorts PCL (SET: SHR), the international hospitality company from Singha Estate PCL (SET: S), held its “2024 Annual General Meeting” on 25 April 2024, led by Mr Apisak Tantivorawong, Chairman of the Board of Directors; Mr Naris Cheyklin, Chairman of the Executive Committee; Mrs Thitima Rungkwansiriroj, Vice Chairman of the Executive Committee and Mr Michael David Marshall, Chief Executive Officer, along with Board of Directors, Executive Committees and Management of S Hotels and Resorts Public Company Limited (SHR). The main agendas were to acknowledge the Company's operating results for 2023 and to hold a vote to approve the first-ever dividend payment based on the 2023 fiscal year performance.
Mr Michael Marshall, Chief Executive Officer of S Hotels & Resorts, revealed that the company achieved its highest-ever sales and service revenue target in 2023, reaching 9,701 million baht, which represents a growth of 12%, with net profit growing fivefold from the previous year, totalling 86.4 million baht.
Equally important on the agenda was the approval of a dividend payment of 0.015 baht per share based on the 2023 fiscal year performance, totalling not more than 53,904,600 baht. This represents 47.11% of the net profit according to the separate financial statements and 62.38% of the net profit according to the consolidated financial statements, in line with the company's dividend policy. The company's board of directors has set the record date for shareholders entitled to receive dividends on March 7, 2024, and designated the dividend payment date as 10 May 2024.
In 2024, SHR’s consolidated revenue target is set at a total value of THB 11,000 million baht. To elevate its profitability capabilities, the Company is steadfastly pursuing its four business strategies. 1) To earn a 3-5% increase in EBITDA margins by placing greater focus on operational efficiency, which will maximise the bottom line. 2) To enhance the portfolio through room renovation and repositioning of core assets in prime locations. 3) To uplift the SAii brand and continue to offer exceptional customer experiences. 4) To pursue an asset-light platform and expansion through M&A opportunities.
"We are proud to announce our first dividend payment since being registered in the stock market and to show our commitment to creating value for our shareholders,” said Mr Marshall. “SHR will continue to uplift its products and service standards. We are steadfast in executing our business strategies to build upon the significant success achieved in the fiscal year 2023 across all key performance indicators, ensuring sustainable growth and delivering even greater returns in 2024.”
