Stéphane Valeri announces excellent SBM results
SBM's Chairman and CEO also announced a profit-sharing bonus for almost all employees - © Monte-Carlo SBM
The group’s turnover rose by more than €136 million between 1 April 2022 and 31 March 2023.
“The best results in SBM’s history” was how Stéphane Valeri, Chairman and CEO of the Société des Bains de Mer, described the group’s latest figures on Thursday 1 June at One Monte-Carlo.
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And with good reason: over the period, SBM’s turnover rose from €530.5 million to €667 million, an increase of 26%. Operating profit was €72.2 million, compared with €35.4 million last year.
These excellent results are particularly noticeable in the hotel sector, where revenue reached €325.1 million this year, compared with €213.3 million the previous year.
Gaming and rental business also grew, by 14.6 and 7.2 million euros respectively. According to Stéphane Valeri, this upward trend can be explained by a growing desire to travel since the Covid-19 health restrictions have been lifted. The latest Monaco Grand Prix, like the last edition, generated very high profits, almost identical to those of the previous year.
“I believe that this is due to the work of all SBM’s employees. It’s a vision that we want to carry forward into next year, too, because together with the new management team and all the members of the Executive Committee, we have set ourselves equally ambitious targets for 2023/2024. The bar is very high, but together we will all do our best to be at this level again next year,” Stéphane Valeri told Monaco Info.
These very good results will also benefit the Group’s employees, almost all of whom will receive a profit-sharing bonus of €2,000, double that of last year. Salaries are also automatically adjusted in line with inflation every three months.