FIVE Holdings Reports First
Quarter 2024 Results
May
24, 2024, Dubai, UAE - FIVE Holdings
(BVI) Limited's ("Company") revenue reached AED 355 million with an
EBITDA of AED 125 million for three months ended March 2024. Pro
forma LTM revenue for the period ended March 2024 was AED 2,028
million, with a net profit of AED 309 million.
Cash and bank balances totalled AED
443 million, including an escrow balance of AED 253 million. Total
borrowings amounted to AED 1,466 million, while total assets stood
at AED 10,509 million with total equity at AED 6,259 million by the
end of Q1 2024.
|
|
Revenue
|
Gross Profit
|
EBITDA
|
|
LTM
Q1 2024
(Pro forma)*
|
AED 2,028 million
|
AED 894 million
|
AED 776 million
|
|
Q1 2024
|
AED 355 million
|
AED 132 million
|
AED 125 million
|
|
Q1 2023
|
AED 406 million
|
AED 194 million
|
AED 169 million
|
*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 LTM ended March 2024.
Hospitality:
For the three-month period ended
March 31, 2024, the hospitality segment witnessed a notable 9%
increase in revenue, reaching AED 261 million compared to AED 239
million in the same period last year. This growth was driven by
robust occupancy rates and strong revenue per available room
(RevPAR) at key properties. FIVE Palm Jumeirah maintained a high
occupancy rate of 90% and achieved a RevPAR of AED 1,392, while
FIVE Jumeirah Village reported an impressive 94% occupancy and a
RevPAR of AED 887. Hospitality EBITDA (excl. The Pacha Group) also
saw a 5% increase, rising to AED 101 million from AED 97 million in
Q1 2023, underscoring the segment's strong operational
performance.
Real Estate Development:
In the real estate development
segment, revenue amounted to AED 95 million, down from AED 168
million in Q1 2023. This decline was primarily due to the
completion of FIVE LUXE (hotel and residences) in 2023.
Liquidity:
The liquidity position remains
strong with USD 121 million in cash and bank balances as of
31st March 2024. As of Q1 2024, the Revolving Credit
Facility has been fully repaid, resulting in an available undrawn
credit facility of USD 200 million. Additionally, around USD 11
million of the Swiss facility was also repaid in Q1
2024.
The
Company will hold a conference call for the investor community on
Monday, June 3rd, 2024 at 4 p.m. (UAE Time). FIVE
Holdings' Founder and Chairman, Kabir Mulchandani will discuss the
Company's consolidated performance. Please pre-register via the
following link:
https://finsight.zoom.us/webinar/register/WN_ma5QYrfeReCKIzht4rhNdA
The interim condensed consolidated financial statements of the
Company can be found at FIVE
Holdings (BVI) Limited - Financial Statements
For
investor-related inquiries, please contact
investor.relations@fiveglobalholdings.com
For
media inquiries, please contact Director of Public Relations, Farah
Palia at 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.