MAGNIFICENT, SHUNHO PROPERTY, and SHUNHO HOLDINGS expect the annual net profit attributable to shareholders after tax, excluding revaluation and depreciation, to increase year-on-year
MAGNIFICENT, SHUNHO PROPERTY, and SHUNHO HOLDINGS are expected to see significant growth in net profit for the fiscal year 2024. MAGNIFICENT expects a net profit of no less than HKD 103 million, an increase of over 151% year-on-year; SHUNHO PROPERTY expects a net profit of no less than HKD 145 million, an increase of over 49% year-on-year; SHUNHO HOLDINGS expects a net profit of no less than HKD 70 million, an increase of over 49% year-on-year. The average occupancy rate of the hotel exceeds 90%, with revenues increasing by no less than 16%, 13%, and 13%, respectively
According to the Zhitong Finance APP, MAGNIFICENT (00201), SHUNHO PROPERTY (00219), and SHUNHO HOLDINGS (00253) jointly announced that they expect the changes in net profit for the fiscal year 2024 compared to the fiscal year ending December 31, 2023, to be as follows:
MAGNIFICENT expects that the net profit attributable to the owners of the company after tax, excluding revaluation and depreciation, will be no less than HKD 103 million for 2024, compared to a net profit of HKD 41 million in the same period of 2023, an increase of over 151%.
SHUNHO PROPERTY expects that the net profit attributable to the owners of the company after tax, excluding revaluation and depreciation, will be no less than HKD 145 million for 2024, compared to a net profit of HKD 97 million in the same period of 2023, an increase of over 49%.
SHUNHO HOLDINGS expects that the net profit attributable to the owners of the company after tax, excluding revaluation and depreciation, will be no less than HKD 70 million for 2024, compared to a net profit of HKD 47 million in the same period of 2023, an increase of over 49%.
The group's average hotel occupancy rate for the fiscal year 2024 is expected to exceed 90%. Compared to the fiscal year 2023, the hotel revenues of MAGNIFICENT, SHUNHO PROPERTY, and SHUNHO HOLDINGS for the fiscal year 2024 are expected to increase by no less than 16%, 13%, and 13%, respectively.
The expected increase in net profit attributable to the owners of the company after tax, excluding revaluation and non-cash depreciation for the fiscal year 2024, is mainly due to the increase in hotel revenue; the absence of new acquisition costs for the Glamorous Bay Hotel's opening and renovation in the fiscal year 2024; and no additional tax expenses in the fiscal year 2024. The expected decrease in net profit attributable to the owners of the company after tax, including revaluation and non-cash depreciation for the fiscal year 2024, is attributed to the decline in non-cash valuations due to a weak property market
