FIVE Holdings (BVI) reports stellar growth in 2023: A year of financial triumphs

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In a remarkable demonstration of financial resilience and strategic growth, FIVE Holdings (BVI) Limited’s consolidated financial statements for the year ended December 2023 have painted a picture of significant advancement across its Hospitality and Real Estate Development sectors. The Group reported a pro forma* revenue of AED 2,090 million for FY 2023, marking a substantial 69% increase from FY 2022’s revenue of AED 1,237 million. This growth was mirrored in its EBITDA, which saw a 55% rise, amounting to AED 811 million compared to the previous year’s AED 524 million.

Key Financial Highlights:

  • Pro forma Net Profit Growth: FIVE Holdings’ pro forma net profit surged to AED 390 million in FY 2023, up 68% from AED 233 million in FY 2022.
  • Strong Liquidity Position: By the end of FY 2023, the Group boasted cash and bank balances of AED 732 million, including an escrow balance of AED 401 million, and had fully repaid its Revolving Credit Facility, highlighting a robust liquidity framework.
  • Total Borrowings and Equity: The company reported total borrowings of AED 1,623 million and total equity of AED 6,389 million at the end of FY 2023.
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FIVE’s Hospitality segment witnessed impressive growth, with pro forma hospitality revenue climbing 48% to AED 1,358 million in FY 2023 from AED 918 million in FY 2022. This was complemented by a 22% increase in pro forma hospitality EBITDA. The occupancy rates of FIVE’s key properties—FIVE Palm Jumeirah, FIVE Jumeirah Village, and FIVE Zurich—stood out in the industry, highlighting the brand’s strong market presence and operational efficiency.

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The acquisition of The Pacha Group in October 2023 marked a strategic milestone for FIVE Holdings, enabling it to expand its entertainment and hospitality footprint globally. This move not only strengthened FIVE’s position in the market but also significantly contributed to its revenue growth, with The Pacha Group reporting a 22% increase in revenue for FY 2023.

The Real Estate Development sector also saw remarkable achievements, notably with the completion of FIVE LUXE and the steady progress of SENSORIA. The segment’s revenue skyrocketed by 130%, reaching AED 732 million in FY 2023, a testament to FIVE’s effective project delivery and market demand.

FIVE Holdings’ financial results for FY 2023 underline the company’s successful execution of its growth strategies in both the hospitality and real estate sectors. The significant increases in revenue, EBITDA, and net profit reflect the company’s strong operational capabilities and its ability to capitalize on market opportunities. The strategic acquisition of The Pacha Group and the successful openings of key properties have further solidified FIVE’s market position, promising continued growth and expansion.

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The landscape of luxury hospitality and real estate is evolving, and FIVE Holdings (BVI) Limited stands at the forefront of this transformation, leading with innovation and sustainability. As it moves forward, the company’s focus on creating a ‘Global Sustainable Entertainment Ecosystem’ remains pivotal to its strategy, promising not just financial growth but a commitment to environmental stewardship and community engagement.

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