NH Hotel Group announced the best 2Q results in its history with a strong turnaround amidst an ongoing pandemic in Europe.
Held by Minor International Public Company Limited (SET: MINT) at a proportion of 94.13%, NH Hotel is the main contributor for the performance of its Thai parent company.
Its €509 million revenue in the quarter was 9% higher than 2Q19 and 231% compared to the second quarter last year.
Occupancy shows a continuous improvement from 40% in Q1 to 69% in Q2 reaching 54.5% in the first half and ADR reached €114 due to the strong growth in Q2 (€90 in Q1 and €128 in Q2).The significant upturn in key cities due to the reactivation of the business traveller during Q2 explains this outstanding performance.
Net recurring profit finally turned positive to €64 million in 2Q22, compared to €51 million loss in the same period last year. The figure also surpassed its pre-Covid level in 2Q19 of €53 million.
NH Hotel stated that it took advantage of the accelerated reactivation of both leisure and business travellers allowing it to exceed all metrics of Q2 2019 by implementing a solid pricing strategy and preserving a strict cost control. This is helping to partially offset an increasing pressure in cost, higher in energy and externalized services as housekeeping and laundry.
The company noted that it continues to foresee a robust operating trend next autumn.