Bangkok: Dusit Thani Group reveals the success of its 9-year plan after entering the final phase of the third phase of the plan, the Unlock Value phase, ready to reap growth from investment and business expansion. It is preparing to recognize revenue from the Dusit Residences and Dusit Parkside residential projects, which have already sold approximately 90% of the total project (estimated revenue value of 16 billion baht when transferred) from the end of this year onwards. Meanwhile, the hotel business, led by the important flagship Dusit Thani Bangkok Hotel, will be able to recognize full-year revenue this year for the first time, acknowledging that the economic situation and reduced tourist pressure on revenue. The latest target for 2025 has been adjusted to grow by 20-25% from initial estimates.
According to Thai News Agency, Mrs. Suphajee Suthumpun, Group Chief Executive Officer of Dusit Thani Public Company Limited (DUSIT), revealed that after the Dusit Thani Group planned a 9-year strategic plan (2016-2025) divided into three periods, each period of three years: Period 1: Building a Base (2016-2018), Period 2: Expanding Growth Take Off (2019-2022), and Period 3: Harvesting Growth Unlock Value (2023-2025), the Dusit Thani Group has now reached the end of the third phase. Period 3: Unlock Value (2023-2025) is considered the period of harvesting growth from the Dusit Thani Group’s previous investments. Whether it is expanding from 27 hotels in eight countries, currently as of the first quarter of 2025, Dusit Thani Group has a total of 294 hotels and villas under management, with a total of 12,909 rooms in 18 countries, including 55 hotels and 239 luxury villas, and in 2025, Dusit Thani Bangkok will be recognized as a full-year revenue after opening on 27 September 2024.
In addition, Dusit Thani Group has expanded its investment in the food business through Dusit Foods Co., Ltd., which has currently invested in Epicure Catering Co., Ltd., a leader in the food and beverage business providing services to international schools in Thailand; The Caterers Joint Stock Co., Ltd. (The Caterers), a provider of catering services for schools and off-site receptions in Vietnam; and Bonjour Bakery Asia Co., Ltd., the owner of the ‘BONJOUR’ bakery franchise, with a total of 99 branches covering Thailand, China, and Vietnam, and a bakery factory in the Eastern Seaboard Industrial Estate, Rayong Province. The company is currently in the process of preparing to list its food business on the Stock Exchange of Thailand.
In 2024, the company had the highest total revenue in history at 11,204 million baht, an increase of 74.8% from 2023, with earnings before interest, taxes, depreciation, and amortization (EBITDA) of 1,650 million baht, an increase of 91.4% year-on-year. However, the company had interest expenses on debentures issued and offered to support financial liquidity during COVID-19 and interest on loans of approximately 281 million baht, including interest on lease liabilities under TFRS 16 of approximately 297 million baht, totaling approximately 578 million baht in financial costs, resulting in a net loss in 2024 of 237 million baht.
This interest expense will be significantly reduced after the transfer of the residential projects takes place towards the end of this year, continuing into 2026, and that period will be when Dusit Thani Group will return to having net profit again. For the second half of 2025, which is the last period of the 9-year strategic plan, the company is confident that Dusit Thani Group will be able to create continuous growth, both from the hotel business, where the travel situation has returned to normal and has a tendency to continuously improve, especially the expansion of hotels to important destinations around the world of Dusit Thani Group, which has been well-received by tourists and business people. At the same time, the expansion into the real estate business through residential projects, namely Dusit Residences and Dusit Parkside, which are part of ‘Dusit Central Park’, currently has sales of approximately 90%, worth approximately 16 billion baht, with a plan to start transferring in late 2025 and will hav
e significant transfers in 2026, which will be a factor that will make the Unlock Value period of Dusit Thani Group complete with the exponential growth from the aforementioned backlog of revenue.
However, given the current economic situation, geopolitical conflicts, and tourism situation in Thailand, the company has revised its overall growth forecast for the Dusit Thani Group in 2025 to around 20-25% from the original target of 30-35% (excluding revenue from the delivery of the retail space structure of the Dusit Central Park project – ‘Bare Shell’). The company has adapted to cope with these challenges by conducting targeted marketing, such as targeting health-conscious customers, especially those from the Middle East, who are a large group with high spending power. Therefore, the company needs to find a targeted agency and has used AI to help organize campaigns and promotions, said Ms. Suphajee.
In addition, the government sector is proposed to build confidence in tourists by integrating all ministries and must be specific in all aspects, not just the tourism sector, because the top thing tourists want is safety and they want the government to provide benefits to the green business sector. As for the issue of DUSIT shares and financial statements, after the shareholders’ meeting on April 25, 2025, resolved not to approve the financial statements for the year 2024 and the meeting on the agenda to appoint an auditor for the year 2025 has not been held, which may lead to problems in submitting the financial statements for the first quarter of 2025 on May 15, 2025, the board of directors and executives of the company have tried their best to solve the problem by discussing with the Stock Exchange of Thailand several times until they were able to submit the audited financial statements for the first quarter of 2025 on time, causing DUSIT shares to not be marked with the SP symbol and stop trading. Later,
in the shareholders’ meeting on May 28, the shareholders approved the appointment of a certified public accountant for the year 2025.
The CEO of Dusit Thani Public Company Limited confirmed that the preparation and approval of Dusit Thani’s financial statements were accurate, transparent, and auditable at every step. The auditors therefore signed the certification without conditions. The financial statements were submitted on time and the auditors were able to be appointed in 2025. As a result, TRIS Rating Co., Ltd. announced the cancellation of the “Credit Watch” with a “Negative” outlook for the company’s corporate credit ratings and debt instruments, and maintained the company’s corporate credit ratings and unsecured subordinated debentures at “BBB-“, as well as the company’s subordinated equity-like debentures (DUSIT22PA) at “BB” with a “Stable” outlook.
‘Dusit Thani Group has been through many challenges over the past 9 years. Despite any changes, whether in the past or present, we have proven that we can always get through it with our commitment to our duties and goals. We will continue to move forward according to the plan with the promises we have made to all stakeholders. We also believe in the intention of Thanpuying Chanut Piyaoui, the founder, to bring Thainess to the world. Every project, every investment, every expansion of Dusit Thani Group’s business opportunities over the years has been to connect the uniqueness of the Thai brand with warm Thai service under Dusit Thani’s standards, so that the world can see the ‘Dusit Thani’ brand, which represents Thailand and is ready to return to create sustainable growth from now on,’ said the Group CEO of Dusit Thani Plc.