Five Holdings reports 1Q results

Hospitality group Five Holdings recorded a net loss of AED 3.7 mn in 1Q 2024, compared to a bottom line of AED 94.1 mn during the same period last year, according to its financial statements (pdf). The hospitality group’s revenues fell 12.6% y-o-y to AED 355.2 mn during the quarter. On a pro forma basis, reflecting its acquisition of Universo Pacha SA, the company saw revenues of AED 2.03 bn, marking a five-fold y-o-y increase, while net income reached AED 309 mn, up 228% y-o-y, according to a separate earnings release.

Revenues across segments: Five’s hospitality segment saw revenues increase 9% y-o-y to AED 261 mn, driven by “robust occupancy rates and strong revenue per available room at key properties.” Revenues in the group’s real estate development segment stood at AED 95 mn, down 43.5% y-o-y.