DUBAI - FIVE Holdings (BVI) Limited reported a robust financial performance for the third quarter of 2024, with a revenue of AED 630 million and EBITDA of AED 214 million. Compared to the same period last year, the company witnessed a significant increase in revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA).
The company's year-to-date figures also reflected a consistent upward trend, with revenue reaching AED 1,531 million and EBITDA at AED 525 million for the nine months ended in September 2024. FIVE Holdings maintained a strong liquidity position, with cash and bank balances totaling AED 604 million, including an escrow balance of AED 181 million. An undrawn Revolving Credit Facility of AED 734.5 million is available, alongside AED 47 million of repurchased bonds, which could further enhance liquidity if necessary. Total (EPA:TTEF) borrowings stood at AED 1,463 million, with total assets reaching AED 10,879 million and total equity at AED 6,556 million as of September 30, 2024.
The hospitality segment was a standout performer in the third quarter, achieving a revenue of AED 507 million and an EBITDA of AED 187 million. This marked a 156% increase in both revenue and EBITDA compared to the third quarter of 2023. Even when compared to the pro forma figures from the previous year, revenue saw a 17% increase and EBITDA improved by 5%.
The Pacha Group, following its acquisition, completed its first full season under FIVE Holdings' operation. It reported a total revenue of AED 409 million for the nine months ended September 30, 2024, a 14% increase from the previous year. The EBITDA for this period was AED 155 million, an 11% improvement year-over-year.
In contrast, the real estate development segment experienced a decrease in revenue, recording AED 123 million for the third quarter of 2024 compared to AED 148 million in the same quarter of the previous year. This decline was attributed to the completion of the FIVE LUXE project in 2023 and the company's strategic shift towards enhancing hospitality EBITDA for increased recurring cash flow.
FIVE Holdings will host a conference call for investors on Wednesday to discuss the company's consolidated performance, led by Founder and Executive Chairman Kabir Mulchandani.
This report is based on a press release statement.
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