Lusa - Business News - Portugal: Pestana Hotel Group profits fall 4% to €105M in 2023

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Lusa - Business News - Portugal: Pestana Hotel Group profits fall 4% to €105M in 2023

Lisbon,April.23,2024(Lusa)-Portugal's Pestana Hotel Group made a net profit of €105 million in 2023, 4% less than the previous year, its chief executive announced on Tuesday, pointing out that in 2022 the group had benefited from an extraordinary capital gain.
At a meeting with journalists in Lisbon, José Theotónio said that Pestana Hotel Group's recurring profit, i.e. not taking into account the extraordinary capital gain obtained in 2022, rose by 30% last year.
During 2022, the Group sold the Pestana Blue Alvor to the Azora fund for €75 million.
The group posted a profit before tax, interest, depreciation and amortisation (EBITDA) of €189 million, an increase of 5%. In recurring terms, this indicator rose by 25%.
Revenues rose by 23% in 2023, to €557 million, benefiting essentially from a 9.5% increase in the average price of overnight stays. The overall average price was €144.20. In Portugal it was €142.10, up by 8.9%.
The group's average occupancy rate was almost 67.7%, up 3.9%. In Portugal it was 68.8%, 3.4% more than in 2022.
"This is a positive aspect, since it's more important to grow when we add value, which is through price, than when it's by occupancy, by volume," he said.
José Theotónio said that the hotel business represents 67% of the group's total revenue, followed by the property area, which operates under the Pestana Residences brand, and which 'weighs' 16%. The group's other activities - golf, Pestana Vacation Club and Empresa de Cervejas da Madeira - contributed 1 % of revenue.
According to the CEO, "the 2023 results reflect the strong investment" that the group has been making "in teams, in people, but also in reducing the carbon footprint and improving energy efficiency".
The CEO highlighted the 20% growth in remuneration and staff costs in 2023, representing an increase of more than €19 million compared to 2022, which "reflects the group's policy of recognising and rewarding the commitment of its employees".
He pointed out that the group implemented the minimum wage of €1,100this year and that in 2023 the average increase in basic salaries was 12%. In addition, according to the group, profit sharing also resulted in an average of two extra salaries per employee, totalling €7.5 million.
In another area, the "importance of sustainability in the hotel sector" has led to an investment of €12 million by 2025 to reduce the impact of operations on the environment and develop an integrated strategy based on five pillars - energy, water, waste, suppliers and mobility.
In terms of digital transformation, the group maintained its investment strategy driven by the introduction and updating of systems, having invested a total of more than €11 million.
José Theotónio also pointed out that the renovation of hotels or the acquisition of developments represented a group investment of €85 million in 2023.
PHG renovated the Pestana Vila Lido Madeira and Pestana Blue Alvor Beach hotels and acquired the Vila Sol holiday resort in Vilamoura, where it had operational management of the hotel and its golf course.
In Lisbon, the group completed construction and opened the Pousada Alfama and the Pestana Rua Augusta. Real estate projects in the Algarve, Costa Alentejana and Madeira also contributed to this figure.
In 2023, the group amortised loans with variable interest rates in advance, maintaining the fixed rate strategy, resulting in a net debt/EBITDA ratio of less than 1. "This ratio is at 0.9%," said the CEO.
As early as 2024, the group acquired the Pestana Orlando Suites - Lake Buena Vista in the USA and is building the Pestana Dunas eco-resort in Porto Santo and the Pestana CR7 Paris.
The group manages more than 100 hotels in Portugal and abroad, in 16 countries, with more than 12,500 rooms.
MSF/ADB // ADB.
Lusa

Agency : LUSA
Date : 2024-04-24 11:11:00

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