AWC Reports Record Profit in 2024, Assets Double

• Significant growth in all dimensions, setting a new record with 5 new highs, the highest in 5 years since being listed on the stock exchange, with a record net profit of 5.85 billion baht and a new high in business unit EBITDA of 11.965 billion baht.
• Average daily revenue (ADR) of 5,873 baht per night and average revenue per available room (RevPAR) of 4,200 baht per night in the hotel business, the highest in 5 years, with an EBITDA yield of operational assets growing to 10.1%.
• Accelerating the 5-year strategic plan to double the operational asset portfolio to 300 billion baht by 2029 under the concept of "Building a Better Future," covering all dimensions of growth.
• Preparing to generate continuous cash flow through the launch of 9 highlight projects in 2025, with a total investment value of over 22 billion baht, spearheaded by the Jubilee Prestige Tower project in the Ratchadapisek area.

Asset World Corporation Public Company Limited (AWC), led by CEO and Managing Director Wallapa Traisorat, generated excitement by announcing its 2024 performance, achieving remarkable growth in all dimensions and setting a new record with 5 new highs, the highest in 5 years since being listed on the stock exchange. This was achieved through effective management and strong investment strategies as follows: 1) Net profit of 5.85 billion baht grew by 14.6% compared to the previous year (YoY) 2) Business unit EBITDA of 11.965 billion baht grew by 11.9% (YoY) 3) Average Daily Rate (ADR) of 5,873 baht per night grew by 3.8% (YoY) 4) RevPAR of 4,200 baht per night grew by 14.8% (YoY), exceeding market averages 5) EBITDA yield of operational assets grew to 10.1%, with total asset value doubling within 5 years to 198.726 billion baht, driven by the GROWTH-LED Strategy and quality project development with global partners to create AWC’s Lifestyle Destination across key tourist cities in Thailand, while accelerating the 5-year strategic plan to double the operational asset portfolio to 300 billion baht by 2029 under the concept of "Building a Better Future," continuously enhancing the potential of Thailand's real estate and sustainable tourism industry.

Outstanding Performance in 2024

Despite ongoing challenges in the Thai economy, AWC achieved remarkable growth through its "GROWTH-LED Strategy," focusing on strong cash flow generation. AWC's total revenue for 2024 was 21.011 billion baht, growing by 10.5% (YoY) across all business segments.

Hotel Business Segment

The hotel and service business generated strong cash flow, with EBITDA for the business segment jumping by 31% (YoY). The average occupancy rate for 2024 was 72%, growing by 7% (YoY), exceeding market averages, and RevPAR continued to rise to 4,200 baht per night, growing by 14.8% (YoY), surpassing market averages. This was driven by the ability to attract over 650 million high-quality tourists worldwide through a global partnership network, resulting in AWC's hotels having a Revenue Generation Index (RGI) higher than the market average compared to similar hotels in the vicinity, such as Courtyard by Marriott Phuket Town with an RGI of 195, Bangkok Marriott The Surawongse with an RGI of 170, and Le Méridien Bangkok with an RGI of 147. AWC also enhanced the industry by opening 8 leading restaurants in Bangkok and Chiang Mai, featuring the highest rooftop F&B destination in Bangkok with the world’s highest Nobu restaurant, as well as the first Thai restaurant by a Michelin-star chef on the largest rooftop in the world at Le Du Kaan, alongside contemporary Chinese cuisine from Michelin-star chef K by Vicky Cheng and Italian cuisine from two-star Michelin chef Sartoria by Paulo Airaudo, among many other notable restaurants including Hong’s Chinese Restaurant & Sky Bar, Cafe de Petal, and Teeshot Bar, culminating in the launch of Okura Cruise, the world’s first luxury Kaiseki and Teppanyaki boat under the “AWC River Journey Project,” offering fine dining experiences on the Chao Phraya River.

Commercial Business Segment

AWC's commercial business segment continued to grow strongly across all segments, with EBITDA for the segment growing by 12% (YoY), generating stable cash flow for the company. The company achieved a record high of over 34,000 square meters in new leasing space over the past 12 months, increasing by 15% (YoY), reinforcing the potential for property development and effective marketing strategies. The company is advancing its commercial business to become a modern lifestyle and working hub, responding to new consumer lifestyles and behaviors, while sustainably expanding its portfolio. The company is elevating office buildings to the concept of “Lifestyle Workplace Destination” to meet tenant lifestyles, focusing on developing buildings that are more than just workplaces, with comprehensive facilities such as the “Empire” building, which opened Co-Living Collective: Empower Future at The Empire Residence, the world’s first experience where office tenants can enjoy lounge areas, locker rooms, showers, game rooms, kids' rooms, pet rooms, and additional meeting rooms at no extra cost, catering to the growth of user lifestyles. Additionally, the launch of ‘EA’ Rooftop at The Empire, the largest rooftop in the heart of Bangkok, enhances premium lifestyle experiences. The shopping center business has seen a continuous increase in visitors, especially in tourist-oriented shopping centers and community shopping malls, which have shown remarkable growth, focusing on developing “Lifestyle Retail Destinations” to meet the behaviors of new consumers. Furthermore, the company launched the Phoenix project, a global food hub in the Pratunam area, and is preparing to open Jurassic World: The Experience, offering a unique experience different from typical amusement parks, combining joy and fun through immersive experiences inspired by the famous franchise at Asiatique The Riverfront destination, set to celebrate its launch alongside the release of the Jurassic World movie in 2025, while continuing to create excitement with AWC’s Lifestyle Destination model through landmark projects such as the Wongwian Yai project, Yaowarat project, Asiatique project, Aquatique project in Pattaya, and Lanna Teak Destination Phase 1 in Chiang Mai.

Driving the 5-Year Strategy “Building a Better Future” to Reach 300 Billion Baht, Aiming to Become a Leading Real Estate Company

AWC continues to drive strong and sustainable growth according to its 5-year strategic plan by 2029, focusing on business development under the concept of “Building a Better Future,” with three key objectives: 1) Increase operational asset value 2 times to 300 billion baht, expanding total rooms to 12,000 rooms 2) Achieve a return on equity (ROE) of more than 15% by accelerating the potential of assets in the ramp-up phase to reach normal operational levels (BAU) and 3) Continue to drive leapfrog growth as a leading real estate company focused on creating sustainable global destinations with landmark quality projects, enhancing collaboration with global partners, and raising real estate development standards to international levels.