Minor International Public Company Limited (MINT) has announced its most impressive financial results to date, reporting a staggering 43% year-on-year surge in net profit, reaching THB 7,750 million in 2024. This remarkable achievement reflects the company’s exceptional operational performance, the sustained resurgence of global travel, and a significantly strengthened financial position, paving the way for accelerated expansion in 2025.
MINT’s stellar performance was propelled by the continued robust growth of its hospitality sector, driven by significant RevPar (Revenue Per Available Room) growth and strategic market expansion. This success was coupled with the strong performance of its restaurant division, fueled by innovative brand concepts and increasing customer traffic. Furthermore, the company successfully leveraged its growing asset-light business model to enhance operating leverage, while simultaneously demonstrating financial discipline through substantial debt reduction.
The fourth quarter of 2024 proved particularly fruitful, with MINT delivering a remarkable 269% year-on-year increase in net profit, reaching THB 3,632 million. This impressive finish sets the stage for another year of robust growth and strategic investments in 2025.
Hospitality Sector Soars on RevPar Growth and Strategic Expansion
MINT’s hotel business maintained its strong upward trajectory, capitalizing on the sustained global travel recovery and the successful implementation of strategic initiatives across key markets:
- Europe & Americas: RevPar experienced a 9% year-on-year increase, driven by a 6% rise in Average Daily Rate (ADR). This growth was underpinned by disciplined pricing strategies and consistent regional travel demand. Spain emerged as the top performer, followed by strong results in Central Europe, Benelux, and Italy.
- Thailand: RevPar witnessed a dramatic 17% year-on-year surge, fueled by a surge in international arrivals, the expansion of airline routes, and targeted sales strategies that successfully attracted high-value travelers from the US, Europe, and Asia.
MINT’s strategic expansion efforts continued apace, with the addition of 30 new hotels comprising over 3,000 rooms in 2024. This expansion, primarily through an asset-light model, has solidified MINT’s presence in key gateway cities across Asia, the Middle East, Europe, and Oceania. Notable additions to the portfolio include the NH Collection Helsinki Grand Hansa in Finland, the Anantara Stanley & Livingstone Victoria Falls Hotel in Zimbabwe, and the Anantara Jewel Bagh Jaipur Hotel in Rajasthan, India. These additions underscore MINT’s commitment to expanding its footprint in high-growth and emerging markets.
Restaurant Division Thrives on Innovation and Franchising
Minor Food also delivered another year of impressive growth, with Thailand reporting an 8% increase in total system sales and Singapore achieving a 12% rise in system sales. These results were driven by strong same-store-sales performance and strategic store network expansion.
The company’s focus on innovation and consumer-centric concepts led to the successful launch of new brands and formats. These include Steak & More in Thailand, offering accessible premium dining options, and BatterCatch in Singapore, a modernized fish & chips concept catering to urban consumers.
Furthermore, Minor Food is accelerating its asset-light expansion strategy through the successful franchising of its owned and acquired global intellectual properties. This includes Benihana, Sizzler, and GAGA, with a recent Benihana opening in Paris, multiple Sizzler openings in Japan and Vietnam, and continued expansion of GAGA across Thailand.
Strengthened Financial Position Fuels Growth Acceleration
MINT’s commitment to financial discipline has resulted in a significant reduction in leverage, achieving key financial targets:
- Net interest-bearing debt to equity improved from 1.0x in 2023 to 0.8x in 2024.
- Net interest-bearing debt to EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) decreased from 4.9x to 4.3x.
This THB 10 billion reduction in debt in 2024 has significantly enhanced MINT’s financial flexibility, reducing interest costs and providing the necessary capital to fund high-return growth initiatives.
Looking Ahead: 2025 and Beyond – A Roadmap for Value Creation
MINT is well-positioned for another year of strong performance in 2025. The company expects to capitalize on continued global tourism momentum, with Thailand poised to benefit from increased international visibility due to the filming of The White Lotus Season 3. In addition, MINT is preparing for strategic hotel launches in Singapore, Japan, and Saudi Arabia, further expanding its presence in key high-growth markets. The restaurant division will continue to drive growth through brand innovation, format diversification, and expanded franchising activities.
As part of its ambitious 2024–2027 strategic roadmap, MINT has set the following key targets:
- Annual revenue Compound Annual Growth Rate (CAGR) of 6-8%.
- Core net profit growth of 15-20%.
- Core Return on Invested Capital (ROIC) of over 12%.
- Expansion of its global portfolio to 850 hotels and 4,000 restaurants by 2027.
Dillip Rajakarier, Group CEO of MINT, expressed his confidence in the company’s growth trajectory, stating, “MINT’s record performance underscores the strength of our business model and the effectiveness of our strategic execution. With a significantly stronger balance sheet, we are ideally positioned to accelerate growth in 2025 and beyond. We will continue to capitalize on global tourism trends, expand our asset-light model, and drive innovation across both our hospitality and restaurant businesses. Our unwavering focus remains on delivering sustained profitability and maximizing long-term shareholder value as we continue to scale our global footprint.”
