SBM Achieves “exceptional economic performance” over 2023/2024 Financial Year
With a turnover up +6% compared to the 2022/2023 financial year, the Société des Bains de Mer (SBM) and its subsidiaries have generated an increased profit of €1.4 million for the 2023/2024 financial year (73.6 million euros compared to 72.2 million euros). The SBM’s economic report was published on 4 July 2024.
“The S.B.M. Group has achieved, over the 2023/2024 financial year, an exceptional economic performance, driven by all sectors of activity,” Stephane Valeri, SBM Deputy Chairman.
Gaming and rental sector up, while the hotel sector is down…
In this context of positive developments in operational performance, the gaming and rental sectors show significant increases in their operating income, respectively +3.8 million euros and +8.5 million euros, despite a difficult economic situation and unstable global economy. These good results more than compensate for the drop in operating income of the hotel sector of 5.8 million euros. According to the report, this drop was impacted by non-recurring costs linked to pre-opening expenses for Café de Paris and Amazónico, as well as an increase in personnel costs “linked to the increase in activity and the search for excellence in the quality of service”.
Major investments…
Over the past financial year, the SBM notably invested 193.6 million euros in the acquisition of the Palace des Neiges in Courchevel and the renovation of the Café of Paris, its boutiques and the Amazónico restaurant.
On 30 June 2022, the entire 47.30% stake that the SBM held in the Betclic Everest Group was transferred to the Dutch company, FL Entertainment. This transaction allowed the SBM International S.àr.l. to hold 4.95% of the voting rights and 10.39% of the economic rights of the company, which has been listed on the Euronext Amsterdam regulated market. Dividends of 15.3 million euros make up the consolidated accounts of the SBM Group for the 2023/2024 financial year.
“This (investment) operation therefore gives the financial means to the SBM Group to pursue its development strategy in the Principality of Monaco, as well as internationally,” said Stephan Valeri.
