During the first quarter, Société des Bains de Mer and its subsidiaries achieved a sharp increase in sales compared to the same period last year. The consolidated revenue of the S.B.M. Group stood at €207.8m compared to €110.9m previously, an increase of €96.9m.
This achievement is also 18 per cent higher than revenue in the first quarter of the 2019/2020 financial year. The trend observed in the first quarter of the current financial year confirms the recovery trend observed in the 2021/2022 financial year.
The first quarter of the 2021/2022 financial year was marked by travel restrictions and health rules still in force resulting in the Rolex Monte-Carlo Master being held behind closed doors as well as the limitation of access to establishments for part of the quarter of the financial year with curfew until 25 June 2021.
The gaming sector recorded a turnover of €68.9m for the past quarter compared to €45.1m last year. Compared to the 2019/2020 financial year, activity increased by 12 per cent.
Hotel revenue was €104.6m compared to €35.5m for the same period last year, an increase of 15 per cent compared to the same period of the 2019/2020 financial year. It is recalled that given the travel restrictions and health rules still in force, as well as the limitation of access to establishments for part of the first quarter of the previous year, the sector’s turnover was still strongly impacted by the health crisis in the first quarter of 2021/2022.
The rental segment, which includes the rental activities of shops and offices as well as the activities of the hotel residences of Sporting, Balmoral, Villas du Sporting and One Monte-Carlo, posted a turnover of 31.2 million euros compared to 28.6 million euros the previous year, an increase of 2.7 million euros. This increase is mainly due to the gradual rental of the last spaces at One Monte-Carlo.
SBM stated: “The activity of the S.B.M. Group over the first three months of the new 2022/2023 financial year confirms the trend observed in the 2021/2022 financial year, it is part of a context of gradual exit from the health crisis which is still fragile today. The activity of the S.B.M. Group thus remains dependent on the evolution of the epidemic as well as on the evolution of the geopolitical context with the war situation affecting Ukraine and the crisis with Russia.”
The S.B.M. Group also announced on 1 July that its subsidiary, Monte-Carlo SBM International S.à.r.l., transferred on 30 June 2022, by way of sale and contribution, its entire 47.3 per cent stake in Betclic Everest Group to the Dutch company FL Entertainment.
FL Entertainment is, as of 1 July 2022, listed on the regulated market of Euronext Amsterdam, and SBM International holds 4.95 per cent of the voting rights and 10.39 per cent of the actual economic rights of this company.
The group said: “This transaction, which will result in a very significant favourable impact in the consolidated financial statements of the S.B.M. Group for the 2022/2023 financial year, gives SBM International the financial means to pursue its development strategy, while maintaining a significant stake in a world leader in entertainment operating in attractive market segments with high growth potential.”