• Total revenue for the third quarter was 4.666 billion baht, and total revenue for the first nine months reached 14.076 billion baht, an increase of 38.5% compared to the same period last year (YoY), and growth compared to the same period in 2019 before COVID-19.
  • The company opened new operational assets valued at over 10 billion baht, aligning with the GROWTH-LED Strategy, continuously generating significant cash flow.
  • Enhanced asset capabilities Ramp Up to normal operational levels valued at over 12.5 billion baht, yielding a cash flow return of up to 10.2% (EBITDA Yield) with a strategy to drive average revenue per available room (RevPAR) in the first nine months of the year to 3,619 baht, an increase of 87.6% compared to the same period last year (YoY) and growth compared to pre-COVID-19 levels in 2019.

Naowalapa Traisorat, CEO and Managing Director of Asset World Corp Public Company Limited (AWC), reported the Q3 2023 financial results, with total revenue exceeding 4.666 billion baht, an increase of 20.4% from the same period last year (YoY), and a net profit of 1.136 billion baht, demonstrating strong continuous growth even during the low season. Since the beginning of the year, the company has ramped up asset potential to normal operational levels valued at over 12.5 billion baht, generating a cash flow return of up to 10.2% (EBITDA Yield). In Q3 2023, the company had operational assets generating revenue of over 85%, totaling 125.758 billion baht, an increase of 52% compared to pre-COVID-19 levels in 2019, reflecting operational potential according to the GROWTH-LED Strategy, with multiple hotel and restaurant openings in Q3 valued at over 10 billion baht.

“In the first nine months of 2023, AWC has shown continuous growth across all business segments, with operating profit (EBITDA) at 7.990 billion baht, an increase of 28.9% compared to the same period last year (YoY). This growth is driven by the hotel and service business, particularly hotels in Bangkok and other locations, which have seen an increase in tourist stays in AWC's hotels, resulting in an average revenue per available room (RevPAR) in the first nine months of the year reaching 3,619 baht, up 87.6% compared to the same period last year (YoY). For the commercial real estate segment (Retail, Wholesale, and Commercial), AWC has continuously adjusted its strategy to enhance competitiveness for projects in its portfolio, responding to the needs of customers and tourists in the current era to support long-term cash flow growth.”

Hotel and Hospitality Business

In Q3 2023, the financial performance of the hotel and hospitality business showed an operating profit (EBITDA) of 692 million baht, an increase of 40.9% compared to the same period last year. The revenue generation index (RGI) for room rates and occupancy rates was overall higher than the average compared to similar hotels in the vicinity, such as Courtyard by Marriott Phuket Town with an RGI of 254 and Bangkok Marriott Hotel The Surawongse with an RGI of 218. Additionally, AWC aims to strengthen its portfolio of hotels located in strategic locations, enhancing capabilities through quality project developments in the portfolio and collaborating with global partners to support the growth of operational assets in generating continuous operating profits (EBITDA) for the business.

AWC is committed to continuously developing quality assets by launching numerous world-class hotels and restaurants to meet market demand, providing exceptional travel experiences and food and beverage services to customers, promoting Thailand as a global tourist destination. In Q3, AWC had a total of 6,034 rooms, an increase of 76% compared to pre-COVID-19 levels in 2019, due to the opening of several projects, including the INNSiDE by Meliá Bangkok Sukhumvit hotel designed and constructed according to the Excellence in Design for Greater Efficiency (EDGE) certification standards, the InterContinental Chiang Mai The Mae Ping hotel, the first luxury hotel under the InterContinental brand in the northern region, and the first living museum hotel in Thailand that allows guests to experience Lanna culture and art, which has received LEED certification for building design and construction and WELL Pre-certified standards, welcoming high-quality luxury tourists from around the world. The opening of Chiang Mai Marriott Hotel, the first Marriott brand hotel in the northern region, features the largest luxury MICE event space in the area. Additionally, new restaurants with unique concepts have been opened to attract customers from various lifestyles, such as the Chinese restaurant Yue Restaurant and Bar at Courtyard by Marriott Phuket Town and four premium authentic Japanese restaurants, Kissuisen, at Bangkok Marriott Hotel The Surawongse. Currently, AWC operates a total of 22 hotels.

Commercial Real Estate Business

For the retail real estate business in Q3 2023, the operating profit (EBITDA) according to the financial statement was 963 million baht, an increase of 124.4% compared to the same period last year, due to continuous improvements in shopping centers to align with marketing strategies, especially tourist-oriented shopping centers, such as the Asiatique The Riverfront destination, which has adjusted its marketing strategy to become the largest riverside retail-entertainment venue, leading to an increase in both Thai and foreign tourist visitors. Additionally, for the wholesale business, AWC has partnered with “Koelnmesse,” a leading global trade fair organizer from Cologne, Germany, to elevate the Thai wholesale industry, creating a global network to connect partners, buyers, and sellers through AWC's and Koelnmesse's networks, supporting Thailand as a strong and sustainable International Sourcing Hub in the region.

The office building business continues to generate cash flow for the company, with rental rates increasing by 4% compared to the same period last year due to strategies to elevate office buildings as destinations for organizations and the global workforce, such as the launch of “Co-Living Collective: Empower Future” at the ‘Empire’ lifestyle space, which accommodates future trends of blending work and life. Additionally, welcoming 2C2P, a global payment platform provider, to open a new office at the ‘Empire’ building, driving the digital ecosystem within the building, connecting tenants and employees of leading companies, reinforcing the new office building model that seamlessly integrates work and lifestyle.

AWC is committed to conducting business according to its strategic plan for sustainable growth to create value for all stakeholders. Recently, it received a high ESG assessment score of 77 from S&P Global ESG for 2023 and was rated ‘A’ in the SET ESG Rating by the Stock Exchange of Thailand. AWC is one of 193 companies selected and announced in the SET ESG Ratings 2023 for the real estate and construction sector for the third consecutive year. Furthermore, in the past quarter, over 18 hotels and shopping centers in the AWC group received the “Sustainable Star” or STAR (Sustainable Tourism Acceleration Rating) certificate from the Tourism Authority of Thailand (TAT), reflecting the organization’s commitment to conducting business responsibly towards the economy, society, environment, and good governance. Additionally, AWC has demonstrated its commitment to operating under the 3BETTERs sustainable development framework through the launch of the “AWC Stay to Sustain” project in collaboration with the Tourism Authority of Thailand and the Mae Fah Luang Foundation under royal patronage to conserve and restore trees in community forests, enhance biodiversity in ecosystems, while generating income in communities to support the country’s economy in the long term, promoting Thailand as a global sustainable tourism destination.