ERW’s Net Loss Narrows to THB224 Million in 2022

The Erawan Group Public Company Limited (SET: ERW) has announced its 2022 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2022 2021
Net Profit (Loss)
Million Baht
(224.190) (2,050.217)
Earning Per Share
(0.0495) (0.5628)
% Change 89

For the year 2022, ERW reported a net loss of THB224 million, a significant decrease from a net loss of THB2,050 million in 2021. Total operating income for the company was at THB4,629 million, an increase of 212% YoY and EBITDA was at THB1,050 million, an increase of 261% YoY.

In 4Q22, ERW recorded a net profit of THB240 million, a significant improvement from a net loss of THB245 million in 4Q21 and a net loss of THB12 million in 3Q22, thanks to the remarkable recovery of the Thai tourism industry, as well as the company’s effective operational strategy and high-quality assets.

This was the first quarterly net profit since the COVID-19 pandemic and was the highest quarterly net profit during the past 4 years since 2019.

Total operating income reached THB1,733 million, a 180% YoY increase and a 35% increase QoQ. EBITDA recorded at THB587 million, a turnaround from a negative EBITDA of THB47 million in 4Q21 and an 83% QoQ, increase from EBITDA of THB320 million in 3Q22.

The Thai tourism industry tends to continue growing in 2023 with the government expecting total international tourist arrivals continuing growing from 11.2 million arrivals in 2022 to 25 million in 2023 or 63% of 2019 level. 

Based on the above positive factors, ERW is confident that its business growth will continue in line with the recovery of Thailand’s tourism industry. In 2023, the company expects revenue growth at 45% from the support of the average occupancy rate at the level of 75-80%, the average room rate growth of more than 20% and the RevPAR growth more than 40% compared to 2022. 

Furthermore, with a nest loss reported in 2022, the Board of Directors approved the omission of dividend payment on Tuesday.