Accor Group revenues top $5.87bln in 2024, up 11%
Accor Group reported a revenue of €5.606 billion ($5.873 billion) in 2024, up 11% from 2023, while consolidated recurring EBITDA came to €1.12 billion, a new record for Accor and up 12% versus FY 2023.
This performance is due to the resilience of RevPAR, portfolio growth, margin improvement in the M&F business, strict cost discipline in Services to Owners and the development of the Hotel Assets & Other business (particularly in the Luxury & Lifestyle division) combined with a number of acquisitions (Rikas and Potel & Chabot), the hospitlaity major said.
Net profit, group share, was €610 million in 2024, compared with €633 million in 2023. Diluted earnings per share rose to €2.33 from €2.22 in 2023, thanks to a lower average number of shares outstanding following share buybacks.
The revenue growth breaks down into a 5% increase for the Premium, Midscale and Economy (PM&E) division and 19% for the Luxury & Lifestyle division, it said.
Scope effects, linked mainly to the full-year effect of Potel & Chabot (takeover in October 2023) and the acquisition of Rikas (in March 2024) in the Luxury & Lifestyle division (the Hotel Assets & Other activity), positively contributed for €223 million.
Currency effects had a negative impact of €117 million, stemming mainly from the Turkish lira ((28)%), the Egyptian pound ((32)%) and the Brazilian real ((7)%), it said.
Throughout 2024, including a very strong fourth quarter, the hospitality sector proved resilient in a contrasting consumer environment. The group's diversification in terms of both geography and segment enabled it to post even stronger activity. As a result, both divisions - Premium, Midscale and Economy (PM&E) and Luxury & Lifestyle (L&L) - reported results well in line with the outlook presented at the June 2023 Investor Day.
In 2024, Accor opened 293 hotels, corresponding to more than 50,000 rooms, i.e., net network growth of 3.5% in the last 12 months. At end-December 2024, the Group had a hotel portfolio of 850,285 rooms (5,682 hotels) and a pipeline of more than 233,000 rooms (1,381 hotels).
Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: 'Ambition, discipline and high standards are the three pillars that have guided Accor's actions in 2024. They have once again enabled us to post record results, in line with each of the objectives we have set for the Group. This performance reflects the extraordinary commitment of our teams, the strength of our brands and our digital tools, the renewed confidence of our partners and the efficiency of our organization based on two autonomous and complementary divisions. Thanks to this vigorous growth, we will propose an increased return to shareholders at the next general meeting.
"On these solid foundations, and by continuing to control our destiny, we are approaching 2025 with confidence and the ambition to once again deliver excellent results,' he said.
Fourth quarter RevPAR
The Premium, Midscale and Economy (PM&E) division posted a 4% increase in RevPAR compared with the fourth quarter of 2023, driven equally by prices and occupancy.
The Europe, North Africa (ENA) region posted a 2% increase in RevPAR compared with Q4 2023, driven by higher occupancy rates. The three main countries pursued the momentum seen in the first 9 months of the year, with Germany outperforming France and the UK.
The Middle East, Africa and Asia-Pacific region rebounded in the quarter, posting a 5% increase in RevPAR compared with the fourth quarter of 2023. Two-thirds of this increase in RevPAR was driven by prices, and one-third by occupancy rates.
In the Middle East-Africa region, which accounts for 24% of the region's room revenue, Saudi Arabia explains the rebound in RevPAR. In the third quarter of 2024, Saudi Arabia had to deal with a difficult basis of comparison linked to religious pilgrimages. This country is benefiting from strong demand, reflected in an occupancy rate now at 70%, 10 points above the pre-crisis level.
The Luxury & Lifestyle (L&L) division posted its best performance for the year with a 10% increase in RevPAR compared with Q4 2023, driven by both prices and occupancy.
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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