MINT Reports Another Strong Quarterly Performance in 1Q22 as Revenue Surges 66%

Minor International Public Company Limited (SET: MINT) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
-3,793.73 -7,249.72
Earning Per Share
-0.800 -1.470
% Change 47.67

MINT reported a net loss of Baht 3,793 million in 1Q22, improved from a net loss of Baht 7,249 million in 1Q21.

In 1Q22, hotel & mixed-use business had 66% core revenue contribution, while 31% were from restaurant services and 3% from retail trading. During this period, MINT had opened a total of four hotels worldwide and also closed four hotels.

MINT reported 1Q22 core revenue of Baht 20,701 million, a surge of 66% compared to the same period last year. Excluding the impact of internal business restructuring to relocate contract manufacturing unit to under Minor Food from Minor Lifestyle, all three business units posted a y-y revenue performance recovery given the relaxation of COVID-19 restrictions in most of the key regions which resulted in higher travel activities, increasing dining traffic and improving operating environment of retail trading.

Core EBITDA in 1Q22 grew at a much faster rate than revenue, particularly at Minor Hotels and Minor Lifestyle, surging more than five-fold y-y to Baht 2,737 million. This was driven by higher flow-through from revenue increase and MINT’s increasingly productive and efficient operating platform. Notably, core EBITDA of hotel operations bounced back to positive territory, while those of restaurant and lifestyle businesses continued to be in the black and improved, compared to the same quarter prior year.

As a result of the above, core loss narrowed down from Baht 5,211 million in 1Q21 to core loss of Baht 3,582 million in 1Q22, attributable to notable recovery of Minor Hotels and profit turnaround of Minor Lifestyle while Minor Food extended its streak to seven consecutive quarters of profit. The bottom-line recovery would have been greater if excluding adverse impact from lockdowns in China and foreign exchange loss from revaluation of Sri Lanka hotels’ loans amidst the economic crisis in the country.


1Q22 system-wide RevPar of owned and leased hotel portfolio in Europe and Latin America nearly quadrupled y-y. The y-y increase was driven by improved performance of both leisure and corporate segments and successful solid pricing strategy, as well as reopening of temporary closed hotels in Europe. Operating activities in January were impacted by the Omicron variant and the low seasonality but as COVID-19 cases subsided later in the quarter, hotel performance in the quarter posted m-m recovery. Average occupancy climbed up from 28% in January to 41% in February and 52% in March. Meanwhile, average room rate in Euro term surged by 32% y-y to EUR 92 in the quarter, reaching 2019 pre-COVID level of EUR 95. Particularly in March, average room rate was already on par with the pre- pandemic level.

In the Maldives, robust operational performance continued to be seen in 1Q22. System-wide RevPar jumped by 78%, compared to the same period previous year. Strong demand drove average occupancy rate to 72%, coupled with soaring average room rate, resulting in RevPar surpassing the pre-pandemic level for three consecutive quarters by 25% in USD currency in 1Q22.

1Q22 system-wide RevPar of owned hotels in Thailand improved immensely by 147% y-y, attributable to stronger demand from both domestic and international markets, together with Minor Hotels’ ability to ramp up average room rates. Thailand reopened its border to international tourists since 1 November 2021 and international arrivals accelerated in March as the Test & Go scheme was further relaxed, where the second RT-PCR test for overseas arrivals was no longer required. Hotels in the upcountry saw relatively stronger rebound than Bangkok hotels.