Yong Tai Berhad achieved profitability in the first quarter of its fiscal year that ends on June 30, 2023 (FY23), highlighting the company's fortitude and capacity to endure the epidemic and overcome adversity.
The company recorded RM3.4 million in net profit for the first half (1H) of FY23. Yong Tai said its revenue increased by more than three times, to RM78.6 million from RM22 million during the same period the previous year, which helped it resume profitability.
Over the past three years, Yong Tai has stayed committed and focused on progressively completing its projects as the business climate has changed.
The company's Courtyard by Marriott, one of 30 hotel brands in Marriott Bonvoy's portfolio, debuted on April 8.
It anticipates steady recurring revenue from the 4-star deluxe hotel with its 287 rooms as tourists return to Melaka.
The 4-star deluxe hotel with 287 rooms is expected to generate consistent recurring revenue as tourists return to Melaka.
According to Yong Tai, the hotel's opening marks a key milestone for the company.
Courtyard by Marriott Melaka is positioned to be a popular alternative for both business and leisure travellers exploring Melaka's intriguing heritage city.
Apart from increased Chinese investment in Malaysia's infrastructure, manufacturing, and technological sectors, enhanced political and economic ties between Malaysia and China would result in an increase in the number of Chinese tourists visiting the country, Yong Tai said in a statement.
Melaka is a popular tourist destination in Malaysia. Prior to the Covid-19 pandemic, Melaka received around 18.7 million visitor arrivals, with their spending totaling RM21.3 billion in 2019. This marks a more than fivefold increase over the previous three pandemic-stricken years.
Rivero Delgado, area vice president (Malaysia), Marriott International, said that the hotel group is excited to introduce Courtyard by Marriott Melaka, its 40th property in Malaysia and the third Courtyard hotel following the openings of Courtyard by Marriott Penang in 2018 and Courtyard by Marriott Setia Alam in 2022.
"The opening of Courtyard by Marriott Melaka further underscores our commitment to provide our guests with more diverse offerings in Malaysia," Delgado said.