SHR Starts 2026 Strong with Record-High Q1 Net Profit Driven by Peak Season Performance in Thailand and the Maldives
S Hotels & Resorts Public Company Limited (SHR), a leading international hotel and resort management company under Singha Estate PCL (SET: S), reported the financial results of the first quarter of 2026 with net profit THB 264 million, increased 51% from the same period last year. The continued growth was driven by outstanding performance across its properties during the peak tourism season in Thailand and the Maldives.
For the first quarter of 2026, SHR reported total revenue from hotel business and services of THB 2,634 million, strongly driven by hotels in Thailand. During the quarter, the portfolio maintained a robust overall occupancy rate of 87%, while successfully increasing its average daily rate (ADR) by 9% YoY to THB 13,951.
Meanwhile, SAii Laguna Phuket continued to deliver outstanding performance, with revenue per available room (RevPAR) increasing by 19% to THB 13,114 and consistently maintained the No.1 ranking in the Revenue Generation Index (RGI). The Maldives portfolio also maintained a high overall occupancy rate of 89% in the first quarter of 2026 with ADR rising by 18% YoY to USD 532, despite the escalation of the conflict in the Middle East since late February 2026, which impacted travel sentiment and raised concerns among global travellers during March.
In addition to strong performance across its core hotel portfolio during the peak travel season, the Company has also implemented targeted marketing strategies for properties operating in the low season. As a result, Castaway Island, Fiji, successfully expanded its Chinese customer base, leading to a 5% increase in revenue per available room (RevPAR) to FJD 740 despite the monsoon season.
Mr. Michael Marshall, CEO of S Hotels & Resorts, stated that “For the first quarter, our performance reflected strong growth in line with our strategic plan. This was driven by effective branding and marketing initiatives that successfully attracted high-spending tourists, alongside efforts to further diversify our customer base. Operational efficiency also continued to improve, as reflected in the increase in gross profit margin to 40.9% from 39.6% in the previous year. In addition, our financial expenses decreased by 16% YoY, supported by ongoing cost management and continuous negotiations with financial institutions. As a result, we recorded a new quarterly profit high of THB 264 million in the first quarter.
Regarding the impact of the Middle East conflict, the effects are expected to vary across the regions in which we operate. In the second quarter, there may be increasing pressure on travel demand and higher travel-related expenses in certain markets. However, for hotel portfolios in peak seasons during the second quarter, such as those in Fiji and the United Kingdom, the impact is expected to be relatively limited. This is supported by a strong base of short-haul and domestic travellers. Therefore, we expect to continue sustaining growth in RevPAR going forward.”
In February, The Grand Hotel Leicester by The Unlimited Collection resumed operations following renovation works and rebranding efforts aimed at elevating its market positioning. The Company expects performance to return to a satisfactory level as the hotel has resumed normal operations. Similarly, Mount Royal Hotel Edinburgh by The Unlimited Collection continued to deliver strong performance in the first quarter, with revenue per available room (RevPAR) increasing by over 50% to GBP 73. In addition, hotels in Manchester and Glasgow are currently undergoing renovation and rebranding into the lyf brand, a lifestyle hotel concept designed to cater to modern travellers and well-aligned with their central city locations. These properties remain partially open while refurbishment works continue in accordance with the planned schedule.
“The Middle East conflict remains a key factor exerting pressure on the Company’s overall operating performance. In response, we have adopted a more prudent approach to operations, alongside proactive marketing strategies to identify and capture alternative markets. We also continue to focus on efficient cost management and believe that these strategies will help maintain business stability and support overall 2026 performance growth as targeted” concluded Mr Marshall.
