SAI Leisure Group Company Limited (SAI Leisure, 01832) released its unaudited results for the six months ended 30 June 2026, showing a year-on-year revenue rise but continued bottom-line losses amid typhoon disruptions and high leverage.
Financial Performance • Revenue advanced 11.6% to USD 23.51 million (H1 2025: USD 21.06 million), driven mainly by stronger hotel operations. • Operating loss narrowed 19.6% to USD 5.70 million; net loss attributable to shareholders improved to USD 8.21 million from USD 9.59 million. • Loss margin eased to –34.9%, versus –45.5% a year earlier. • Basic loss per share stood at 2.3 US cents (H1 2025: 2.7 US cents). • No interim dividend was declared.
Segment Highlights 1. Hotels & Resorts (85.5% of group revenue): Turnover rose 16.0% to USD 20.10 million, buoyed by a 33% rebound at Crowne Plaza Resort Saipan, which housed disaster-relief personnel after April’s Super Typhoon Sinlaku. Segment loss contracted 32.0% to USD 3.86 million despite USD 4.95 million of depreciation and amortisation. 2. Luxury Travel Retail (11.8% of revenue): Sales fell 13.8% to USD 2.77 million following the closure of Saipan boutiques from 1 January 2026. Guam outlets posted a 5.6% uplift after relocating to higher-traffic sites, while Hawaii remained broadly flat. Segment loss was USD 0.57 million. 3. Destination Services (2.7% of revenue): Revenue increased 23.5% to USD 0.64 million, supported by the February launch of Managaha Island operations and higher convenience-store takings. Typhoon-related suspensions and start-up costs widened the segment loss to USD 0.54 million.
Balance Sheet and Liquidity • Cash and cash equivalents were USD 3.50 million (31 Dec 2025: USD 3.57 million). • Net current liabilities totalled USD 42.32 million. • Bank borrowings stood at USD 38.05 million, all classified as current due to “repayable on demand” terms; non-current other borrowings were USD 30.26 million. • Shareholder loans drawn from Tan Holdings reached USD 47.05 million; USD 15.00 million was reclassified as perpetual loans after repayment terms were amended to “no fixed maturity.” • Gearing ratio (interest-bearing bank borrowings to total equity) moderated to 161.1% from 174.6% at end-2025. • Post-period, SAI Leisure obtained a USD 7.00 million short-term credit facility and secured a shareholder standby facility of USD 9.00 million. Management is in refinancing talks with its principal bank and reports compliance with existing covenants. Auditors highlighted a material uncertainty over going-concern status, citing heavy short-term debt and limited cash, but acknowledged the group’s mitigation plans.
Operational Context Visitor arrivals to Guam fell 8.2% and those to Saipan dropped 36.7% versus H1 2025, reflecting softer regional travel demand, currency weakness in source markets and disruptions from Super Typhoons Sinlaku and Bavi. Both Crowne Plaza resorts remained operational, though certain Saipan excursion activities and the newly launched Managaha Island services were temporarily halted; full resumption is targeted for August 2026.
Strategy & Outlook Management will focus on: • Completing repairs at Crowne Plaza Resort Saipan and Managaha Island facilities. • Leveraging Guam Visitors Bureau and Marianas Visitors Authority marketing initiatives to stimulate demand from Japan, South Korea, Taiwan and the Philippines. • Enhancing operational efficiency and optimising sales channels at both Crowne Plaza resorts. • Driving traffic to Guam and Hawaii luxury retail boutiques through targeted promotions. • Exploring selective M&A opportunities to support long-term growth.
No material acquisitions or disposals occurred during the period, and the group reported no contingent liabilities. The board affirms that current cash, shareholder support and ongoing refinancing efforts are expected to cover obligations over the next 12 months.