Shangri-La Group Releases 2023 Interim Results
- EDITOR
- Aug 30, 2023
- 2 min read
Shangri-La Group’s Chairman, Hui Kuok, said, “Over the past three years, we have steered the company through challenging times. During the pandemic, we executed a series of cost-management measures to drive efficiency. At the same time, our management team never lost sight of the fact that our success ultimately depends on our ability to identify and anticipate our customer’s needs, as well as our ongoing passion to innovate and enhance our brand. As travel rebounds, our continued deliberate and disciplined approach to cost management coupled with stronger topline performance lays a firm foundation for our Group as we move forward to a brighter future.” “I would also like to take this opportunity to thank our colleagues for their dedication, as well as our valued guests, business partners and shareholders for their steadfast support during these testing times,” she added.
Commenting on the interim results, Shangri-La Group’s Chief Financial Officer and Chief Investment Officer, Chua Chee Wui, said, “We achieved robust recovery in topline performance and growth across all markets where we operate during the first half of 2023. Our key markets of Mainland China and Hong Kong experienced a swift rebound after borders reopened in early 2023. Other major markets, particularly Singapore, have maintained strong momentum since 2022. We are encouraged by the increasing demand for luxury leisure travel in the post-Covid era, whilst also maintaining our leading position in corporate travel and MICE business. EBITDA and PATMI margins have improved compared to pre-Covid levels, despite rising interest rates as we derived operating leverage from our cost-saving measures initiated during the Covid period. Whilst we will continue to grow our revenue and margins, our focus remains on driving cash flow and managing debt.”
In terms of expanding our footprint and enhancing our product offering, the Group opened JEN Shenzhen Qianhai by Shangri-La in February 2023, our third hotel in this thriving Chinese city.
In addition, the Group’s commitment to sustainability has been recognised and reinforced through the signing of multiple Green Loan and Sustainability Linked Loan agreements, amounting to approximately USD3.5 billion (as of 31 July 2023). In July 2023, Shangri-La reached a new milestone in sustainable finance by drawing the Group’s first Sustainability Linked Dual-Currency Fixed Rate Loan.
As at 30 June 2023, the Group has maintained a healthy balance sheet with cash and bank balances of USD764.9 million and total committed undrawn facilities of USD975.0 million.
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