RENEWAL: Martı Hotel Operations Boosts Net Profit by 214%

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RENEWAL: Martı Hotel Operations Boosts Net Profit by 214%

Foreks - Martı Otel İşletmeleri A.Ş. has released its consolidated financial statements for the first six months of the special accounting period for the 2024 financial year, showing an impressive increase in sales by 86% year-on-year, reaching 905.4 million TL, and a net profit surge of 214% to 427.8 million TL.

The well-established player in Turkey's tourism sector, Martı Otel İşletmeleri A.Ş., announced its consolidated financial statements for the special accounting period from April 1, 2024, to September 30, 2024. The company’s statement included the following assessments regarding this period:

  • A season characterized by an increase in accommodation numbers.

  • The summer season of 2024 saw an increase in visitor numbers from key source markets such as Germany, the UK, and Russia. Despite cost pressures from the inflationary environment and the strong position of the Turkish Lira against foreign currencies, the sector successfully wrapped up a strong year, while the intensity continued until the end of the season. In marine tourism, the upward trend in prices continued in line with the rising demand for port calls.

  • Increases in overnight stays and revenue persisted.

  • During this busy season, the company's revenue increased by 35% year-on-year in Euro terms, with a 22% rise in overnight stays at our accommodation facilities, exceeding last year’s projections. Demand growth from the UK and Germany played a significant role in this increase, while online channels and direct sales saw nearly a 50% rise compared to 2023.

  • In the first six months, revenue rose by 86%, and net profit increased by 214%.

  • According to the consolidated financial statements for the special accounting period covering April 1, 2024, to September 30, 2024, Martı Otel İşletmeleri A.Ş. reported the following developments: Martı Otel İşletmeleri A.Ş. increased its consolidated revenue to 905.4 million TL, an 86% rise from 486.2 million TL in the same period last year. During the same period, EBITDA grew by 160% to reach 394.4 million TL from 151.5 million TL last year. The company's gross profitability rose by 31% to 354.2 million TL, while operating profit increased by 146% to 204.1 million TL. In this operationally successful period, the company's consolidated net profitability reached 427.8 million TL, up by 214%.

  • Equity increased by 70%, and total assets rose by 53%.

  • The company's consolidated equity grew by 70% from 6.5 billion TL in the same period last year to 11.1 billion TL for the period from April 1, 2024, to September 30, 2024, (Second Quarter). Total assets also rose by 53% from 10.2 billion TL to 15.7 billion TL.

  • Debt-to-equity ratio improved by 27%, and liquidity increased by 105%.

  • In the first six-month period from April 1, 2024, to September 30, 2024, it was noted that Martı Otel İşletmeleri A.Ş. continued to see a decline in short-term liabilities compared to the same period last year, with company liquidity up by 105%. Additionally, the debt-to-equity ratio showed a positive improvement of 27%.

  • Fixed assets increased by 50% to reach 15.1 billion TL.

  • The company's consolidated fixed assets during the period from April 1, 2024, to September 30, 2024 (Second Quarter) showed a 50% increase compared to the same period last year, reaching 15.1 billion TL.

  • Future projections.

  • In its announcement via KAP, Martı Otel İşletmeleri A.Ş. included future evaluations. The company predicted a growth of more than 15% in overnight stays in its facilities for the 2025 season. The assessment continued: “Anticipated demand growth, particularly in the German, British, and Polish markets, as well as the continuation of the momentum captured in the Russian market this year, combined with the early booking dynamism observed in the domestic market, suggests that if geopolitical conditions remain stable, we expect the growth momentum in the sector and our company to continue. Plans include diversifying market sources and continuing to increase online channels and direct sales. In line with these plans, an overall increase of more than 15% in overnight stays at our facilities is expected for the 2025 season compared to the 2024 season. The renovations planned for this winter in our facilities and the increase in direct sales are also expected to positively impact sales prices in the upcoming season. The winter operations of our year-round Martı Resort Hotel are expected to positively influence company revenues due to corporate market activities and stays from guests sourced from the UK, Germany, and domestic markets. To ensure that our expected increase in trade volume reflects positively on profitability, procurement planning will be done to minimize the effects of the inflationary environment. An increase in demand for marina operations is also anticipated. The recent years have shown a demand increase in our marina operations, which is expected to continue positively reflected in pricing."

At the end of the announcement, it was emphasized that the expectations for the upcoming period reflect management's outlook based on current data, and that actual results could differ significantly from expectations due to macroeconomic, financial, geopolitical, and political risks, as well as other future events and uncertainties.