06/03/2024 - Grupo Piñero | Bahia Principe Hotels & Resorts

Grupo Piñero reports revenues in excess of 280 million euros in Q1 2024

  • The Group's consolidated EBITDA reached 82 million euros, 12% higher than in Q1 2023. 
  • Its hotel division, Bahia Principe Hotels & Resorts, recorded the largest growth in earnings over the previous year, with an increase of 21% in terms of EBITDA.

Palma, June 3th, 2024.- Grupo Piñero closed the first quarter of 2024 improving on the results obtained in the same period last year and surpassing the targets set for the first months of this year. Specifically, Grupo Piñero achieved a turnover of more than 280 million euros and a 12% improvement in terms of EBITDA, which places the Group's EBITDA at 82 million euros.  

These figures reinforce the Group's sound and solvent financial position, while demonstrating the good performance of its business units. 

Bahia Principe Hotels & Resorts: constantly growing results 

Specifically, as of March, Bahia Principe Hotels & Resorts, the hotel division of Grupo Piñero, posted a 21% increase in EBITDA and a 15% increase in revenues compared to 2023 results. This improvement benefited from the comprehensive renovation plan for its hotels, focused on providing the Group's hotel assets with sustainable elements that are aligned with the trends and needs of its clients. This plan was initiated last year. 

The hotel division also improved its occupancy rate during the first three months of the year, increasing to 85%. Likewise, the average rate has improved by 13%, a remarkable achievement due to the difficulties caused by the changes in exchange rates that have penalized prices in recent months, especially as a result of the appreciation of the Mexican peso.

Marked increase in sales in the rest of the divisions 

Grupo Piñero is also showing continued growth in its residential division, Bahia Principe Residences, which continues to trend positively year after year, posting a 10% increase in its commercial operations in the first quarter compared to the year's forecast

Finally, the consolidation of the Air Canada Vacation operation launched in 2023 in the Group's Travel division, which has allowed it to increase its sales volume, is also noteworthy. 

This good performance of all business units has allowed Grupo Piñero to exceed its expectations for Q1 2024, allowing it to be optimistic about achieving the overall goals set for the current year. 

Positive outlook for the 2024 summer season 

Looking ahead to the 2024 summer period, Grupo Piñero presents good prospects in terms of occupancy and revenue forecasts, which are supported by the improved results of its tour operator, Soltour. 

As of April, Bahia Principe Hotels & Resorts presents very positive results, with a 90% overall occupancy rate in Spain and a remarkable 85% in the global market. The Group also recorded 13% growth in average rates and a 15% increase in sales in all countries (Spain, Dominican Republic, Mexico and Jamaica). Forecasting a continuation of these good results, the Group anticipates that some destinations will see further growth compared to 2023, specifically Bavaro (Dominican Republic), the Canary Islands (Spain) and Mexico, and will maintain this positive trend through the summer of 2024. 

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