SBM records €30 million increase in Turnover over Last Quarter

The Société des Bains de Mer recorded a 31% increase in consolidated revenue over the third quarter of the 2021/2022 financial year. Over the period from 1 October to 31 December 2021, the SBM’s turnover amounted to €125.8 million compared to €95.8 million for the previous financial year and €124.3 million in 2019/2020.

The improvement trend observed during the summer period continued throughout October and November. However, activity in December was impacted by the fifth wave of COVID-19, bringing revenue down by 24% compared to December 2019.

“Monte-Carlo Société des Bains de Mer is following the Covid-19 epidemic very closely and is focused on ensuring the health and safety of employees and customers,” states the SBM on its website.

Which SBM sector had the biggest increase?

Revenues from the casino games sector amounted to 53.5 million euros for the past quarter, up 17% compared to the same period of the previous financial year, but down 1.3 million euros compared to the last quarter of 2019. The rental sector, which includes boutique and office rental activities as well as activities at the Sporting, Balmoral and One Monte-Carlo residences and the Sporting Villas, reported revenue of €29.5 million euros versus 27.2 million euros last year. (This increase is mainly due to the gradual letting of apartments at One Monte-Carlo.)

The hotel sector recorded the biggest increase, an 86% increase in turnover over the last quarter, or 43.7 million euros compared to 23.5 million euros last year.

Over the first nine months of the financial year, the SBM’s consolidated turnover amounted to €437.2 million compared to €264.5 million for the same period of the previous year, an increase of 65%. However, revenue for the first nine months of 2021/2022 remains 18% lower than the first nine months of 2019/2020.

Optimistic look ahead

Despite many activities most likely being significantly impacted by the ongoing pandemic in the upcoming months, the SBM and many other businesses are expecting an improvement in financial performance for the 2021/2022 financial year compared to the previous year, as we hopefully and gradually exit the health crisis.