AWC has announced its Q2/2022 financial results, showing continuous growth across all business segments, with a net profit of 776 million baht, a significant increase compared to the previous year. The total net profit for the first half of the year reached 1.422 billion baht, reinforcing the company's strong strategy and commitment to sustainable growth.

Na-Wallapa Traisorat, Chief Executive Officer and Managing Director of Asset World Corp Public Company Limited (AWC), revealed that the company's Q2 2022 financial results showed total revenue of 3.206 billion baht, an increase of 107.4%. This translates to a net profit of 776 million baht, more than doubling compared to the same period last year. The company's performance has clearly improved due to its strategies and preparations for the reopening of the country, alongside the promotion of Thai tourism and government measures that encourage citizens to return to normal life. Additionally, the increase in profit is also attributed to the rise in the fair value of the company's assets.

“In Q2/2022, the company experienced continuous growth across all business segments due to strong operational assets that meet customer demands and effective cost management, which enhances AWC's financial stability. In the first half of 2022, the company achieved a total net profit of 1.422 billion baht, more than doubling compared to the same period last year. The increase in net profit is driven by a remarkable surge in operational profits from the hotel business, which grew by over 100% in the past six months, and there is a continued growth trend as the country reopens and welcomes more travelers from around the world,” Na-Wallapa stated.

The hotel and service business segment has seen growth across all segments, particularly in the luxury hotel category, benefiting from the full reopening of the country, leading to an increase in foreign tourists using hotel services. The government has also continuously promoted domestic tourism through various campaigns, resulting in a 302% growth in revenue per available room (RevPAR) in Q2/2022 compared to the same period last year, with an average daily rate (ADR) increase of 48%, nearing pre-COVID-19 levels. Furthermore, the significant growth in meetings and conferences in Q2 has led to a 407% increase in revenue for the company's conference hotels compared to the same period last year.

For the commercial real estate business segment, which includes retail and office properties, growth has also resumed as people return to shopping centers. For instance, customer traffic at Asiatique The Riverfront in Q2/2022 increased by over 220% compared to the same period last year. The company has planned developments to enhance service capabilities to meet the evolving lifestyles of consumers, leveraging collaboration among its lifestyle business units, which is a strength that allows the company to promote growth effectively. The office rental business continues to generate stable cash flow by attracting new tenants, including global corporations, with an average rent rate per square meter in Q2/2022 rising by 9.3% compared to Q2/2021, while maintaining a 96% retention rate of existing tenants, thanks to its Grade A buildings located in the Central Business District (CBD) and the development of technology systems to facilitate and ensure tenant safety in the digital age.

AWC continues to develop quality projects to support stable growth and enhance the potential of Thailand's tourism industry post-reopening, including the opening of the Melia Chiang Mai hotel, the first Melia hotel in the northern region, in April. This brings the total number of rooms under the company to 5,201, representing a 61% growth from the number of rooms before the COVID-19 pandemic. Additionally, the company has partnered with numerous global partners to strengthen its business sustainably, such as signing agreements with InterContinental Hotels Group to develop the Kimpton Hua Hin Resort and collaborating with partners from the People's Republic of China to enhance wholesale trade channels at the AEC Trade Center, as well as establishing joint ventures with global investment agencies to invest in promising hotel businesses in leading tourist destinations in Thailand.

“AWC remains committed to conducting business under a sustainable development strategy through the operational framework of BETTER PLANET, BETTER PEOPLE, BETTER PROSPERITY. In the past quarter, we are pleased and proud to have gained the trust of Siam Commercial Bank Public Company Limited in providing a sustainability-linked loan and ESG-linked interest rate swap, marking a first in Thailand's real estate industry. We also received a green loan from Kasikorn Bank Public Company Limited to develop and support environmental projects in AWC's real estate. All these achievements represent a significant step for the organization in conducting business according to sustainable development principles to create long-term value in collaboration with all stakeholders,” Na-Wallapa added.