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Bangkok Post
Bangkok Post
Business

SHR to invest B7.3bn to triple revenue by 2024

SHR De Cuyper United Kingdom SET Maldives

SET-listed S Hotels & Resorts (SHR) will invest 7.3 billion baht to triple its revenue by 2024, starting with a target of 8.5 billion baht this year, driven by hotel operations in the UK and the Maldives.

Dirk De Cuyper, SHR chief executive, said 2021 represented a milestone for revenue growth at 188%, derived from strong pent-up demand in the UK and the Maldives. This demand has continued into 2022 which, along with border reopenings, could drive total revenue to 8.5 billion baht.

Last year, the company earned revenue of 4.51 billion baht, compared to 1.56 billion baht in 2020, thanks to tourism improvements in the UK. The UK saw revenue per available room grow 166%, while the Maldives enjoyed 135% growth.

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