Wallapa Traisorat, CEO and Managing Director of Asset World Corp Public Company Limited (AWC), announced the company's Q1 2022 performance, reporting total revenue of 2,782 million baht, a 151% increase compared to the same period last year, resulting in a net profit of 645 million baht, which is over 200% higher than the previous year.


Wallapa Traisorat
CEO and Managing Director
Asset World Corp Public Company Limited

The company's performance in Q1 2022 shows a continuous recovery from late 2021, despite the high spread of the Omicron variant of COVID-19 at the beginning of the year. However, the impact was less severe than previous outbreaks due to milder symptoms of the variant and a high vaccination rate among the public, leading to increased economic activity. Additionally, the positive effects of the government's reopening policies and the relaxation of travel restrictions have contributed to significant recovery and growth across all business segments, demonstrating the company's ability to adapt its operational strategies to changing circumstances and instilling confidence that it can recover quickly this year and continue to grow in the future.

“The Q1 2022 results clearly show improved performance compared to the same quarter in previous periods since the onset of the COVID-19 pandemic, indicating positive signs of overall economic recovery. AWC is confident that its various business segments will be able to compete and operate effectively throughout 2022,” Wallapa stated.

The company reported a net profit from operations excluding fair value adjustments, which increased by 51.9% compared to the same quarter last year, reflecting the strength and operational capability of the company's quality assets that are responding to the return of tourists following the reopening.

In this quarter, the company's total revenue increased due to a significant rise in occupancy rates in the hotel and service sectors, particularly in the High-to-Luxury market, which is the company's primary customer base. The performance of the group's hotels was notably better compared to competitors in the same segment, with the highest Revenue Generating Index (RGI) at 245.9. The recovery of the MICE (Meetings, Incentives, Conferences, and Exhibitions) hotel segment also benefited from the reopening policies and government tourism promotion measures. Meanwhile, the shopping center business has returned to normal operations, leading to a continuous increase in customer footfall, supported by various major festivals early in the year that boosted consumer spending.

In the office building segment, the number of new tenants signing leases in prime locations has consistently increased, driven by confidence in service standards, the adoption of modern technology, and health and safety regulations for the company's Grade A and A- office buildings, which continue to perform strongly. This reinforces the company's strategy of diversifying its asset portfolio, allowing AWC to reduce income volatility while maintaining stable and robust performance. Additionally, the company has launched the AWC Infinite Lifestyle program, connecting services across all business segments both online and offline to create the best experience and satisfaction for customers, thereby strengthening the customer base and increasing incentives for continuous service use, aligning with current consumer behavior.

Throughout the COVID-19 pandemic crisis over the past two years, the company has continued to adjust its operational strategies to lay a strong foundation for the business, creating long-term value and achieving stable and sustainable growth. In 2022, the company began its operational plan by launching The Long 1919 Riverside Heritage Destination, a new cultural tourism site along the Chao Phraya River in January, along with plans to promote Chiang Mai as a luxury tourism hub in the region by opening the Melia Chiang Mai, the first Melia hotel in the northern region, which just opened in April.

AWC is committed to developing quality projects to enhance capabilities and improve customer experiences, as well as developing assets that can generate strong cash flow, reflecting the company's asset value growth in a stable and sustainable manner through operational strategies in collaboration with a global network of partners to create long-term value with all stakeholders, helping to elevate the competitiveness of Thailand's tourism and service industry, as well as the real estate sector, to be recognized internationally under the mission of "Creating a Better Future Together" sustainably.