Central Plaza Hotel Plc (Centel), the operator of Centara Hotels and Resorts and its food business, reported 3.7 billion baht in total revenue for the fourth quarter of 2021, an increase of 15% year-on-year.
The growth was supported by both the food and hotel businesses following Thailand's reopening and easing of pandemic restrictions.
The company's earnings before interest, taxes, depreciation and amortisation (Ebitda) of 977 million baht in the fourth quarter meant an increase of 519 million baht, or a 113% boost compared to last year.
Centel said the improvement in Ebitda was the result of its efficient cost controls and the recovery of its hotel business in Thailand and overseas, with a particularly strong recovery trend in the Maldives. The company posted a net profit of 152 million baht, an increase of 330 million baht, or 185% year-on-year.
Centel said the Omicron variant had made it cautiously optimistic about the hotel business in 2022. Nonetheless, the company expected the impact to be less severe than in the previous year because of the high vaccination rate, the adoption of a new normal lifestyle, and the easing of the government's pandemic measures.
In line with the global tourism recovery trend, Centel anticipates its full-year average occupancy rate (including joint ventures) to be between 40% and 50%, with revenue per available room to be approximately 1,700 to 1,900 baht. Key business drivers are the continuing outperformance of hotels in the Maldives and Dubai, and the rebound of Thai tourism, particularly in the second half of 2022.
On the other hand, for the food business, Centel targets growth for the same store sale and total system sale to be between 10% to 15% and 20% to 25%, respectively, in 2022.
For outlet expansion, the company forecasts a net increase of 180 to 200.
In the 2021 financial year, Centel reported total revenue of 11.63 billion baht, a decrease of 1.6 billion baht or a 12% drop year-on-year. Its Ebitda of 2 billion baht means an increase of 23 million baht, or a 1% rise year-on-year.
Centel also posted a net loss from operations of 1.7 billion baht, an increased loss of 228 million baht, or 15% year-on-year, for the 2021 financial year.
