Veranda Resort Public Company Limited (VRANDA) has announced a positive performance for Q1/2023, benefiting from the continuous recovery of the tourism industry. The company reported total revenue of 382 million baht, a 25% increase, and a net profit of 7 million baht, up 133% year-on-year. The second quarter is expected to see an influx of Chinese tourists, boosting the market. The company is preparing to expand its customer base in the rapidly growing Middle Eastern and Indian markets, while continuing to invest in hotel projects worth 4.2 billion baht, increasing total room capacity to 1,360 rooms. Additionally, in the real estate sector, plans are underway for four luxury projects totaling 3.8 billion baht, alongside new food brand partnerships to strengthen the business.

Mr. Veerawat Ongwasit, CEO of Veranda Resort Public Company Limited (VRANDA), a leader in the hotel, resort, and real estate development sector, revealed that for Q1/2023, the company achieved total revenue of 382 million baht, a 25% increase from 307 million baht in the same period last year (YoY), and a net profit of 7 million baht, a remarkable growth of 133% compared to a net loss of 21 million baht in the previous year. This growth is attributed to the hotel and resort business, which saw a 101% increase due to the ongoing recovery of the tourism sector since late last year. The majority of revenue came from SO Bangkok, which has received positive feedback from international tourists visiting Thailand, resulting in a continuous increase in occupancy rates.

Looking ahead to the hotel and resort business in Q2, it is anticipated that more Chinese tourists will travel to Thailand in the latter half of the year, which will invigorate the Thai tourism industry from Q2 through the end of the year. This is expected to enable the hotel and resort sector to grow and return to levels close to those before the COVID-19 pandemic. The company aims to focus on a more diverse range of international tourists, including those from the Middle East and India, who are significant contributors to Thailand's tourism and are currently experiencing substantial growth.

Veranda Resort is moving forward with plans to invest in six hotel and resort projects over the next five years, with a total investment value of approximately 4 billion baht. Starting from 2023-2024, the company plans to develop the “Veranda Pool Villas Hua Hin – Cha Am,” a luxury pool villa project, and the “Veranda Resort Phuket, Autograph Collection,” located near Cape Panwa, featuring 159 rooms on over 10 rai of land. Construction began in November 2022, with expected revenue recognition in Q4 of 2024.

The “Veranda Collection Samui - Rocky’s Resort” project plans to add 20 rooms to the existing 50 rooms, which will result in a 27% increase in total room capacity from 679 to 860 rooms by 2024.

From 2025 to 2027, the company plans to invest in four additional hotel and resort projects in high-potential tourist areas, including Khao Yai, Chiang Mai, Krabi, and Bangkok, which will increase Veranda Resort's total room capacity by another 500 rooms, reaching 1,360 rooms by the end of 2027, representing a 100% increase from the current capacity.

In terms of real estate investment plans, these include the “Veranda Pool Villas Hua Hin – Cha Am,” a luxury pool villa vacation home project, which has already opened for presale in January and is expected to begin transferring ownership by the end of this year. The “Veranda Residence Phuket” will feature luxury pool villas and luxury pool suite residences, with presales scheduled for the second half of 2023. Additionally, there will be ongoing developments in Khao Yai and Cha Am-Hua Hin, ensuring that Veranda Resort will become even stronger and poised for significant growth in the future.