Minor International (MINT) Q4 2024 earnings summary

Executive summary

• Achieved record profit in 2024: THB 7.8 billion reported (+43% YoY), THB 8.4 billion core profit (+18% YoY), on 10% sales growth.

• Expanded with 30 new hotels (3,000+ rooms) and 80 new restaurants in 2024, strengthening global footprint.

• Delivered all 2024 commitments, including profit growth, balance sheet strengthening, and enhanced ROIC.

• Premiumization and asset-light strategy drive growth and profitability.

• Global expansion in key markets, leveraging strong brands and franchise opportunities.

Financial highlights

• Revenue reached THB 166,034 million (+8% YoY), with 81% from hotels and 19% from food.

• Core net profit up 18% YoY to THB 8.39 billion; reported profit up 43% YoY.

• ROIC improved to 10.5% in 2024, targeting >12% by 2027.

• Net interest-bearing debt to equity reduced from 1.01x to 0.8x; net IBD to EBITDA at 4.3x.

• Interest expenses rose 4% to THB 5,888 million, with deleveraging mitigating higher rates.

Outlook and guidance

• Targeting 9% revenue growth and 15%-20% profit growth in 2025.

• Net interest-bearing debt to equity targeted at 0.75x, with further reductions via REIT and asset rotation.

• Plan to open 54 new hotels in 2025 and reach 850 hotels/4,000 restaurants by 2027.

• Asset-light model to comprise over 50% of new rooms/restaurants, driving scalability and returns.

• CAPEX to normalize at THB 10–12 billion annually from 2025–2027, focused on upgrades and expansion.