ERW Rebounds in 2023 with THB742 Million Net Profit as Domestic Tourism Recovers

The Erawan Group Public Company Limited (SET: ERW) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)

Million Baht

742.66 -224.19
Earning Per Share


0.1639 -0.0495


ERW reported a net profit of THB 743 million, the highest record net profit from operation, a turnaround from a net loss of THB 224 million in 2022 and higher than a net profit of THB 445 million in 2019.

The company recorded a total income of THB 7,070 million, representing a 50% increase YoY and EBITDA of THB 2,227 million, a 112% increase YoY.

In 4Q23, the Erawan Group Public Company Limited delivered a robust performance, driven by the strong tourism industry entering the high season together with the pricing strategy of the company. Thailand witnessed a significant surge in tourist arrivals during 4Q23 with 8.1 million arrivals, an increase of 48% YoY from 4Q22, and 28.1 million arrivals for 2023.

Overall, the company reported a total income of THB 1,886 million, an increase of 6% YoY and Earning before interest, income tax, and depreciation (EBITDA) of THB 620 million, an increase of 6% YoY. The company recorded a normalized net profit of THB 222 million which was in line with 4Q23 performance and generated a net profit of THB 212 million after deducting an extra item which the majority was set up and related expenses for new hotel investment in Japan.

In 4Q23, Thailand’s tourism industry continued to rebound strongly with the international tourist arrivals registering 8.1 million, an increase of 48% YoY and 78% recovery compared to 4Q19, before the COVID-19 outbreak. The peak arrival in 2023 was seen in December 2024 at 3.3 million arrivals with 83% recovery compared to December 2019. Main growth of this quarter came from East Asian tourists, especially Chinese, who strongly grew over 4Q22 and recovered 41% from 4Q19. Moreover, there was evident growth in European tourists. The top 3 source markets in 4Q23 were Malaysian, Chinese, and Russian.

Thailand’s tourism industry in 2024 is expected to continue recovering from 2023 with the government target of 35 million international arrivals, a recovery of 88% by 2019. Chinese tourists are targeted to grow more than double over 2023 while maintaining the growth from others main source markets such as Malaysian, Indian, and Russian together with the promotion of secondary cities for domestic travelers.

In addition, ERW announced a dividend payment of THB 0.07 per share to be paid on 21 May 2024. The ex-dividend date is 7 March 2024.