Suphajee Suthumpun, Executive Director and Group Chief Executive Officer of Dusit Thani Public Company Limited (SET: DUSIT), has addressed the issue raised by the Stock Exchange of Thailand (SET), which urged investors to monitor the approval process for the appointment of DUSIT’s auditor.
Currently, DUSIT’s 1Q25 financial statements, disclosed through the SET’s system, have already been reviewed by an auditor approved by the Securities and Exchange Commission (SEC).
However, the appointment of this auditor as the official auditor for 2025 is still awaiting approval at DUSIT’s annual general shareholders’ meeting, scheduled for May 28, 2024. Therefore, the SET advises investors to stay updated on the outcome of the auditor appointment at the upcoming shareholders’ meeting.
Looking at growth targets for 2025, DUSIT aims for a 30-35% increase in total revenue from the previous year, when total revenue reached THB 11,077.48 million. The company also remains focused on generating net profits, with its earnings before interest, tax, depreciation, and amortization (EBITDA) targeted at 16-17% of total revenue.
In the first quarter of 2025, DUSIT reported a net profit of THB 47.85 million, marking a significant decrease of 74% compared to the same period last year, which saw a net profit of THB 122.11 million.
The decline in net profit was mainly attributed to increased cost of goods sold and service expenses following the reopening of the Dusit Thani Bangkok Hotel, as well as a decrease in other income related to lower foreign exchange gains.
Consequently, EBITDA remained roughly the same as the previous year. Additionally, interest expenses rose due to the completion of the Dusit Central Park project, further impacting net profit.
1Q25 total revenue reached THB 2,382 million, up 10% from the same period a year earlier of THB 2,165 million. The main drivers were increased hotel business revenue, thanks to the reopening of Dusit Thani Bangkok at the end of the third quarter of 2024.
Suphajee further noted that in 2025, hotel business revenue is expected to achieve robust growth from the full-scale launch of Dusit Thani Bangkok Hotel and a rise in average revenue per available room (RevPAR) across the current portfolio.
Occupancy rate (OCC) is expected to reach 75%, up from last year’s 73%. Excluding revenue from Dusit Thani Bangkok, hotel business revenue is expected to grow 15-18% year-on-year.
Dusit Thani Bangkok now offers 90% of its 257 rooms as of February 2025, with plans to open all rooms by 2Q25. The average daily rate (ADR) for the hotel is projected to grow by 8-10% from 2024’s THB 10,730, while the assumed occupancy rate for 2024 is 56%, compared to 28% last year.
This year also sees the company emphasizing asset-light hotel expansion, with plans to open 5-7 new hotel management contracts and to sign 12-14 management and franchise agreements, particularly in the Asia-Pacific, Middle East, Europe, and Africa regions.
For the food business, 2025 revenue is expected to climb by 20-25%, powered by growing international school catering and the bakery and pastry shop franchise business. EBITDA margin from this segment is forecasted to rise to 13-15% of revenue.
The company is also preparing to list its food business subsidiary on the stock exchange, with further details expected in 2026. By 2027, food business revenue targets are set at THB 2,500 million, with EBITDA at around 14-15% of revenue.
In education, 2025 is expected to be the year of recovery, with revenue growth projected at 10-12% compared to last year—driven by continued strength in Dusit Thani College’s culinary arts degree and the recovery of its hotel management program. The education division is also anticipated to post positive EBITDA due to more efficient financial management.
Finally, in real estate, Dusit Residences is set to begin handovers in late 2025, with 88% of units—equivalent to a value of THB 15,500 million—already sold. Revenue recognition from this project will help reduce the company’s interest expense burden and is expected to significantly improve overall performance.
