AWC Returns to Profit in 1Q22 after Hotel Resumes Normal Operations

Asset World Corp Public Company Limited (SET: AWC) announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
645.106 (594.005)
Earning Per Share
0.0202 (0.0186)
% Change >100

AWC’s operating performance for 1Q22, the company recorded a net profit of 645 million baht, an increase of more than 100% over the same period last year, due to higher revenue across all business units, which resulted in an increase in EBITDA.

This was demonstrated by the EBITDA to total revenue ratio of 51.5% in 1Q22, a significant increase from 3.4% in 1Q21, indicating a sign of recovery and the company’s readiness to resume normal business operations. This also increases trust in the company’s ability to recover fast and make further leaps. Additionally, the company earns a return on the fair value of its investment properties, which reflects the company’s confidence in its future performance in high-quality assets. In 1Q22, AWC recorded a fair value gain of 1,186 million baht on investment properties.

Total revenue for the period was 2,782 million baht, increasing by 150.8% YoY due to a significant increase in hotel occupancy rates, especially in the Non-Bangkok City Group with an increased occupancy rate from 18.1% in 1Q21 to 40.3% in 1Q22.

In addition, this quarter AWC recorded an additional 1,168 million baht from fair value gains, increasing continuously from the fair value gains of 1,588 million baht recorded in 4Q21, which reflects a significant improvement in the COVID-19 situation. Compared to the previous quarter (QoQ), the company’s total revenue, according to the financial statements for the 1Q22,was down 9.8%.