Société des Bains de Mer’s general meeting of shareholders took place at the Monte-Carlo Bay Hotel on 20 September to go over the past financial year and green light new projects for the near-future. The morning of the meeting, the SBM saw a record share price of 112.50 euros.
Thanks to a particularly successful summer season, the SBM’s consolidated turnover for the 2023/2024 financial year amounted to 704 million euros, an increase of 37 million euros, or 6%. Profit for the 2023/2024 financial year was €30.3 million, compared to a loss of €5.1 million for the previous financial year. (This change is mainly explained by an increase in income related to financial assets, including dividends received from a stake in Banijay Group, for an amount of €15.3 million.)
Some of the growth has been attributed to the opening of the Amazónico restaurant on 4 April 2024 and the reopening of the Café de Paris Monte-Carlo brasserie in November 2023. The SBM’s finances over the first five months of the new 2024/2025 financial year are already experiencing dynamic growth compared to the previous financial year.
“The SBM Group’s economic model is solid and diversified. However, the gaming activity is dependent… on its random nature. This randomness does not allow us to make forecasts for the entire 2024/2025 financial year,” stated the SBM’s General Meeting of Shareholders on 20 September 2024.
The General Meeting of Shareholders approved the statutory and consolidated accounts for the 2023/2024 financial year, as well as the allocation of funds.
“A dividend of €1.50 per share will be paid out. The last trading day with attached rights is set for 7 October 2024,” stated the SBM’s General Meeting of Shareholders on 20 September 2024.
Projects on the Horizon
The New Moods music and comedy bar is set to be inaugurated by Prince Albert II at the end of November. The new British-inspired Marlow on Mareterra is scheduled to open in January. Work on the newly acquired Monte-Carlo One Courchevel will begin in April or May for delivery in late 2026 or early 2027.
A new restaurant in Dubai called “Monte-Carlo Club 1863” created with SBM partner, D.ream International, is in the works in a yet-to-be-determined location, and should be ready by this time next year.
The Hermitage and the Monte-Carlo Bay will undergo major renovations in the same spirit as the Hôtel de Paris, with larger rooms and new suites. Work will be done in the low-seasons of October to March, over five years.
Renewal of Director Christophe Navarre
The General Meeting of Shareholders renewed the term of office of Christophe Navarre as Director. The meeting also renewed the authorization given to the Board of Directors to buy back the Company’s shares, up to 5% of the amount of the share capital, with a maximum purchase price not exceeding 130 euros per share and for a total maximum amount of 40 million euros.
