Asset World Corporation Public Company Limited (SET: AWC) reported steady growth for the second quarter of 2026, posting total revenue of THB 5,502 million, a 5.6% increase year-on-year. Net profit for the period reached THB 1,468 million, marking a 4.6% YoY climb. The results underscore a well-diversified portfolio, with revenue contributions split evenly between the hospitality and commercial business groups.
Key Financial Highlights:
- Total Revenue: THB 5,502 million (+5.6% YoY)
- Net Profit: THB 1,468 million (+4.6% YoY)
- Hospitality RevPAR: THB 3,173 (+3.2% YoY)
- Commercial Revenue: THB 2,517 million (+13.4% YoY)
The hospitality business saw revenue rise 5.7% to THB 2,761 million. A standout performer was the Bangkok city segment, which achieved a 7.4% RevPAR growth, returning to positive territory for the first time in a year. Upcountry hotels also excelled; Pattaya hotels recorded a staggering 169% RevPAR surge, largely driven by full-scale operations of new properties opened in 2025.
The commercial business delivered a robust 13.4% revenue increase. Asiatique The Riverfront Destination remained the primary growth engine, with foot traffic jumping 36% YoY following the successful integration of experiential attractions like Jurassic World: The Experience.
Core earnings were bolstered by efficient cost management, with the hospitality cost-to-revenue ratio improving to 73.1%. However, the bottom line was significantly impacted by a THB 1,545 million gain from the change in fair value of investment properties.
AWC maintains a disciplined capital structure with an interest-bearing debt to equity (IBD/E) ratio of 0.92x, well below industry averages. Management’s Sustainable Growth-Led Strategy remains aggressive, focusing on global partnerships with Universal Destinations & Experiences and Marriott International to develop new landmark projects, including an eco-friendly cable car crossing the Chao Phraya River.
