AWC’s 1Q24 Earnings Rise 7% from Remarkable Growth in All Segments

Asset World Corp Public Company Limited (SET: AWC) has announced 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q24 1Q23
Net Profit (Loss)

Million Baht

1,604.56 1,494.17
Earning Per Share


0.0501 0.0444
% Change 7.39


AWC reported a net profit in 1Q24 of 1,604 million baht, an increase of 7.4% compared to the same period last year. The operational performance of the Hospitality Business was growing, the overall hotel occupancy rate in 1Q24 was 74.8%, with remarkable growth in all segments compared to the same quarter in the previous year. The Average Daily Rate (ADR) was 6,298 baht per night, an increase of 1.4% YoY. The RevPAR was 4,711 baht, indicating growth of 8.5% YoY and surpassing the pre-COVID-19 levels of 2019.

For the Retail Business, the company has developed the properties to align with marketing strategies to serve as a Lifestyle Hub to attract more visitors to the retail properties. The Commercial Business remained steady, generating consistent cash flow. The Investment Properties also performed well, generating a gain of 1,155 million baht in 1Q24.

The company’s total revenue in 1Q24 was 5,440 million baht, increasing 11.2% YoY, and representing stronger growth than in 2019 before COVID-19, reflecting the implementation of the GROWTH-LED strategy to generate efficient cash flow. This was mainly from growth in the Hospitality Business in line with the significant increase in the number of Thai and foreign tourists staying at the company’s hotels, with the proportion of revenue in this group at 61%, with growth from all segments.

For the Retail Business, there was growth owing to the repositioning of the Retail properties to align with marketing strategies, while more customers visited the properties compared to the same period last year. The Office Building Business continued its strong performance, driven by demand for fully furnished Grade A office space in response to the growing trend of hybrid work models. Additionally, the company gained from the fair value of Investment Properties of 1,155 million baht in 1Q24.

In 1Q24, the company’s net profit from the Operating Performance was 680 million baht, up 56.0% YoY. The company had continuous growth in all business segments, which was shown in the profit margin of 15.9%.

The corporate EBITDA in 1Q24 was 2,961 million baht, up 10.5% YoY, mainly due to growth in the Hospitality Business and recognized fair value gains on Investment Properties. The corporate EBITDA margin in 1Q24 was 54.4% and improved 14.4% QoQ.