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Dubai-based hospitality and real estate developer Five Holding’s net income after tax attributable to owners fell 56% y-o-y to AED 40 mn in 2Q 2024 on the back of an increase in hospitality revenues, according to a its financials (pdf). Adjusted net income for the period also fell 26.4% y-o-y to AED 87.4 mn. Meanwhile, revenues grew 36% y-o-y to AED 545.8 mn.
Hospitality revenues drove growth: The company saw hospitality revenues double to AED 448 mn in 2Q 2024, according to a disclosure on Nasdaq.
New units also helped boost revenues: The second quarter of the year marked the first in which all of the Pacha properties in Five’s portfolio became operational following its acquisition of the group and its assets. The properties yielded a total revenue of AED 139 mn, marking a 23% y-o-y increase. Meanwhile, its newly launched Five Luxe hotel in JBR also generated AED 78 mn in revenue.
On a 1H basis: Net income attributable to owners showed an 81% y-o-y decrease to AED 35 mn in 1H 2024, while adjusted net income fell 51.9% y-o-y to AED 115.8 mn Revenues for 1H 2024 grew 11.5% y-o-y to AED 901 mn.
