Magnificent Hotel Investments Limited provided earnings guidance for the financial year ended 31 December 2023. For the year the company expected that the approximate change in net profit of MHI, SHP and SHH for the Fiscal Year 2023 as compared to that for the financial year ended 31 December 2022 is as The Groups achieved an average hotel occupancy rate of over 90% throughout Fiscal Year 2023. There would be an increase in hotel revenue for Fiscal Year 2023 of not less than 2%, 5% and 5% for MHI, SHP and SHH respectively, as compared to that for Fiscal Year 2022.

The decrease in expected net profit attributable to owners of the Groups for Fiscal Year 2023 as compared to Fiscal Year 2022 is primarily attributable to (i) exceptional gain on disposal of a subsidiary recorded for Fiscal Year 2022; (ii) pre-operating and refurbishment costs of newly acquired Grand Bay View Hotel; (iii) renovation costs of hotels for resuming normal hotel operations after quarantine services; (iv) extraordinary tax payment due to acquisition of Grand Bay View Hotel; (v) increase in operating expenses due to shortage of labour; and (vi) decrease in office rental incomes (applicable to SHP and SHH only).