Fintech PR
H World Announces Q2 and Interim of 2023 Financial Results Q2
Turnover Increased 72.0% YOY
Legacy-Huazhu Signed over 1,000 New Hotels
HONG KONG, Aug. 25, 2023 /PRNewswire/ — H World Group Limited (“H World” or “the Group”, NASDAQ: HTHT and HKEX: 1179) announced its unaudited financial results in the second quarter and the first half ended June 30, 2023.
Revenue for the first half of 2023 was RMB10.0 billion (US$1.4 billion), representing an increase of 65.1% compared to the first half of 2022. Revenue from Legacy-Huazhu was RMB7.9 billion, which represented a 67.7% year-over-year increase. Revenue from Steigenberger Hotels GmbH and its subsidiaries (“DH“, or “Legacy-DH“) was RMB2.1 billion, representing a 55.9% year-over-year increase.
H World’s Hotel turnover increased significantly by 72.0% year-over-year to RMB20.3 billion in the second quarter of 2023. Excluding DH, hotel turnover raised to 78.1% year-over-year in the second quarter of 2023. Revenue increased 63.5% year-over-year to RMB5.5 billion (US$762 million). Revenue from the Legacy-Huazhu was RMB4.3 billion, representing a 76.6% year-over-year increase, which was a result of the strong recovery in demand for travel, as well as due to the continued product upgrades and operational optimization via the Group’s regional headquarters. Revenue growth for both the Group and Legacy-Huazhu exceeded the revenue guidance previously announced. Revenue from the DH segment was RMB1.2 billion, representing a 28.4% year-over-year increase and a 33.5% sequential increase. The year-over-year increase was largely due to the continued recovery of the Group’s business, and the sequential increase was mainly due to seasonality. Net income attributable to H World was RMB1.0 billion (US$138 million), compared with net losses attributable to H World of RMB350 million in the second quarter of 2022. EBITDA (non-GAAP) was RMB1.7 billion (US$234 million), compared with a negative RMB213 million in the second quarter of 2022 and RMB1.6 billion in the previous quarter.
As of June 30, 2023, H World’s worldwide hotel network in operation totaled 8,750 hotels and 844,417 rooms, including 128 hotels from DH. Legacy-Huazhu had 8,622 hotels in operation and 818,245 hotel rooms in operation. In the second quarter of 2023, Legacy-Huazhu celebrated a historical high signing of over 1,000 new hotels. The ADR was RMB305, compared with RMB218 in the second quarter of 2022, RMB277 in the previous quarter, and RMB236 in the second quarter of 2019. The OCC for all the Legacy-Huazhu hotels in operation was 81.8%, representing a 17.2p.p. year-over-year increase. Blended RevPAR was RMB250, which has recovered to 121% of the Q2 2019 level. When broken down into monthly numbers, the Group’s RevPAR in April, May and June 2023 recovered to 127%, 115% and 123% of the 2019 levels of the corresponding months respectively. The ADR of DH increased to EUR117, and the OCC for all DH hotels in operation increased by 7.3 p.p. to 67.1% year-over-year, with blended RevPAR being EUR78.
Jin Hui, CEO of H World commented: “The strong recovery continues to be largely driven by ADR growth in the second quarter, which reflected a combination of product mix change and product upgrades, as well as market penetration and synergy via our regional offices. Continued increases in our franchisees’ confidence level led us to enjoy a historical high of new hotels signed during the quarter. Regarding our overseas business, our DH business recovery improved sequentially, and EBITDA turned positive in the second quarter.”
As a leading player in the hotel industry in China and one of the fastest-growing hotel groups in the world, H World has achieved its RevPAR growth momentum by consistently upgrading its brands and services, helping the Group to recover from uncertainty and maintain its rapid growth. By focusing on economy and midscale as the core products, serving the mass market, and implementing a strategy to further develop the upper-midscale segment, the Group has successfully achieved its vision of high-quality brand development. Meanwhile, the Group also focused on digital development to empower growth, to accomplish a higher quality, more efficient, and stable operational model and enhance consumer stickiness. Meanwhile, H World was ranked 6th in the “Top 200 Global Hotel Groups 2022” list published by HOTELS Magazine in the United States, which reflects the rapid development and increasing comprehensive competitiveness of the Group. In the future, the Group will continue to adhere to its sustainable and high-quality development path and sharpen its performance to bring long-term stable returns to shareholders.
About H World Group Limited:
Originated in China, H World Group Limited is a key player in the global hotel industry. H World’s brands include Hi Inn, Elan Hotel, HanTing Hotel, JI Hotel, Starway Hotel, Orange Hotel, Crystal Orange Hotel, Manxin Hotel, Madison Hotel, Joya Hotel, Blossom House, Ni Hao Hotel, CitiGO Hotel, Steigenberger Hotels & Resorts, MAXX, Jaz in the City, IntercityHotel, Zleep Hotels, Steigenberger Icon and Song Hotels. In addition, H World also has the rights as master franchisee for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel, in the pan-China region.
H World’s business includes leased and owned, manachised and franchised models. Under the lease and ownership model, H World directly operates hotels typically located on leased or owned properties. Under the manachise model, H World manages manachised hotels through the on-site hotel managers that H World appoints, and H World collects fees from franchisees. Under the franchise model, H World provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. H World applies a consistent standard and platform across all of its hotels.
For more information, please visit H World’s website: https://ir.hworld.com.
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Fintech PR
BTY Welcomes Jack McInerney to Ownership Group
DUBLIN, Oct. 9, 2024 /PRNewswire/ — BTY is proud to announce that Jack McInerney, Managing Director responsible for Infrastructure Advisory globally and BTY’s Europe expansion, has joined the firm’s ownership group. This recognition highlights his exceptional leadership in driving BTY’s growth across North America and Europe over the past decade.
Under McInerney’s leadership, BTY has continued to evolve as one of the top-ranked advisory firms, delivering an extensive portfolio of over $100 billion in project investments across more than 200 deals in various sectors, including social infrastructure, renewables and clean energy, transportation, aviation, mobility, environment, and data and digital connectivity.
“Our success is rooted in fostering high-performing, integrated teams built on empowered and growth-oriented succession and mentorship,” said Jack McInerney. “We ensure clients benefit from the depth and breadth of BTY’s industry relationships, and the wealth of expertise across project, finance, and construction disciplines that we consistently deliver.”
McInerney has been instrumental in opening new sectors for BTY, establishing the firm’s reputation as a trusted advisor on complex, first-of-their-kind projects. These include landmark deals such as the Ontario Line RSSOM and Southern Civil Stations and Tunnel projects in Canada, LaGuardia Airport Terminal B and the I-4 Ultimate in the U.S., and the Higher Education Bundle 1 and Project Opus in Europe—one of the region’s largest transactions, involving the Dublin Convention Centre, and major telecom and healthcare assets across Ireland.
Toby Mallinder, BTY’s Managing Director, recognized McInerney’s accomplishments saying, “Jack exemplifies how we cultivate talent and maximize the value our approach delivers to clients in capital markets and asset management. His efforts have significantly propelled BTY’s growth by assembling a top-tier team with a unique, client-focused approach that spans every sector and delivery model in the global infrastructure landscape.”
Having joined BTY in 2011 and originally based in Vancouver, McInerney was appointed to spearhead the firm’s entry into linear infrastructure, with a particular focus on transportation assets and transit systems. McInerney and the team used this approach to rapidly expand BTY’s infrastructure client base across North America, and more recently, in Europe, where Dublin has become the firm’s launchpad for expansion in the region.
“This is an exciting new chapter for BTY,” added McInerney. “We look forward to sharing our new strategic direction with clients and industry partners, particularly our rapidly growing capabilities in the U.S., as well as renewables and energy, decarbonization, connectivity, operational services, and more.”
About BTY
BTY is an award-winning professional consultancy offering complete project solutions in real estate and infrastructure asset planning, development, operations, and transactions. Founded in Western Canada in 1978, the firm now has offices across Canada, the United States, Ireland, the United Kingdom, and Turkey, with a diverse global portfolio. BTY’s core services encompass Cost Management, Project Monitoring & Lender Services, Infrastructure Advisory, and Project Management. To learn more, visit BTY.COM.
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Fintech PR
Miami International Holdings Participates in the 2024 Ring the Bell for Financial Literacy Initiative during World Investor Week
PRINCETON, N.J., Oct. 9, 2024 /PRNewswire/ — Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today ceremoniously rang the opening bell at its Princeton, N.J. headquarters in honor of the World Federation of Exchanges’ (WFE) Ring the Bell for Financial Literacy initiative.
“The importance of financial literacy to support an equitable future for all global investors cannot be overstated and we are pleased to once again participate in this year’s Ring the Bell for Financial Literacy initiative,” said Thomas P. Gallagher, Chairman and CEO of MIH. “MIH enthusiastically supports educational initiatives that help pave the way for future investors and we actively partner with schools in our community to empower students with knowledge to help maximize their future financial success.”
The Ring the Bell for Financial Literacy ceremony supports the International Organization of Securities Commissions’ (IOSCO) World Investor Week (WIW) 2024, a global campaign to raise awareness about the importance of investor education and protection. This marks the fifth consecutive year that IOSCO and the WFE are working in partnership on the Ring the Bell for Financial Literacy initiative.
Mr. Gallagher added, “In furthering our financial literacy efforts, MIH proudly sponsors the John Lothian News Futures Discovery video series that provides a unique, peer-led learning experience for young investors to learn about futures markets from students at Roosevelt University in Chicago.”
Additional details and information on the IOSCO WIW 2024 campaign is available at https://www.worldinvestorweek.org. Information on the WFE’s Ring the Bell for Financial Literacy 2024 campaign is available at https://www.world-exchanges.org/ring-bell-financial-literacy-2024.
About MIAX
MIAX’s parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), MIAX Sapphire LLC (MIAX SapphireTM), MIAX Futures Exchange, LLC (MIAX FuturesTM), LedgerX LLC d/b/a MIAX Derivatives Exchange (MIAXdxTM), The Bermuda Stock Exchange (BSX) and Dorman Trading, LLC (Dorman Trading).
MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire are national securities exchanges registered with the Securities and Exchange Commission that are enabled by MIAX’s in-house built, proprietary technology. MIAX offers trading of options on all four exchanges as well as cash equities through MIAX Pearl Equities™. The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism. MIAX also serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).
MIAX Futures is a registered exchange with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of products including Hard Red Spring Wheat Futures. MIAX Futures is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM and DCO services in an array of asset classes.
MIAXdx is a CFTC regulated exchange and clearinghouse and is registered as a Designated Contract Market (DCM), Derivatives Clearing Organization (DCO), and Swap Execution Facility (SEF) with the CFTC.
BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.
Dorman Trading is a full-service Futures Commission Merchant registered with the CFTC.
MIAX’s executive offices and National Operations Center are located in Princeton, N.J., with additional U.S. offices located in Chicago, IL and Miami, FL. MIAX Futures offices are located in Minneapolis, MN. MIAXdx offices are located in Princeton, N.J. BSX offices are located in Hamilton, Bermuda. Dorman Trading offices are located in Chicago, IL.
To learn more about MIAX visit www.miaxglobal.com.
To learn more about MIAX Futures visit www.miaxglobal.com/miax-futures.
To learn more about MIAXdx visit www.miaxdx.com.
To learn more about BSX visit www.bsx.com.
To learn more about Dorman Trading visit www.dormantrading.com.
Disclaimer and Cautionary Note Regarding Forward-Looking Statements
The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company’s use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.
Media Contact:
Andy Nybo, SVP, Chief Communications Officer
(609) 955-2091
[email protected]
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Fintech PR
Newmark Group’s Third Quarter 2024 Financial Results Announcement to be Issued Prior to Market Open on Tuesday, November 5, 2024
Conference call scheduled for the same day at 10:00 a.m. ET
NEW YORK, Oct. 9, 2024 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, today announced the details of its third quarter 2024 financial results press release and conference call. The Company plans to issue an advisory press release regarding the availability of its consolidated quarterly financial results at 8:00 a.m. ET on Tuesday, November 5, 2024. Newmark’s advisory release will notify the public that a full-text financial results press release will be accessible at the following pages:
http://ir.nmrk.com (PDF version of the full press release, PDF of a quarterly results investor presentation, link to the webcast, and supplemental Excel financial tables)
https://www.nmrk.com/media (PDF version of the full press release only)
Newmark will host a conference call on Tuesday, November 5, 2024, at 10:00 a.m. ET to discuss its results.
WHO: Newmark Group, Inc. (Nasdaq: NMRK)
WHAT: Third Quarter 2024 financial results conference call
WHEN: Tuesday, November 5, 2024, at 10:00 a.m. ET
WHERE: https://event.webcasts.com/starthere.jsp?ei=1692463&tp_key=fa28476e56
For those who are unable to join the webcast, the Company expects to post dial-in information before the day of the call on the event’s page at http://ir.nmrk.com.
Webcast Replay
Expected Available From – To: |
11/05/2024 at 1:00 p.m. ET – 11/05/2025 at 11:59 p.m. ET |
Replay Link: |
https://event.webcasts.com/starthere.jsp?ei=1692463&tp_key=fa28476e56 |
Note: If clicking the above links does not open a new webpage, you may need to cut and paste the URLs into your browser’s address bar.
ABOUT NEWMARK
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT NEWMARK
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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