Dusit Thani Public Company Limited (SET: DUSIT) has reported its financial results for the first quarter of 2026 (January–March), recording total revenue of THB 3,270 million, up 37.3% year-on-year (YoY). Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to THB 860 million, while net profit increased to THB 249 million, up 418.8%.
The increase in revenue was driven primarily by growth in the group’s hotel business and revenue recognition from residential unit transfers at Dusit Central Park, which progressed as planned.
Mr. Chanin Donavanik, Group CEO, DUSIT, said the company delivered positive growth in the first quarter despite continued geopolitical uncertainty and softer inbound tourism to Thailand.
“Revenue growth, combined with disciplined cost management, contributed to higher EBITDA and improved operating profitability,” said Mr. Donavanik. “Although international tourist arrivals to Thailand declined during the quarter, our hotel business continued to perform well, reflecting the strength of our portfolio and diversified customer base. Revenue per available room (RevPAR) at owned hotels increased by 17% year-on-year, supported by higher occupancy and average room rates, particularly at Dusit Thani Bangkok, our flagship property.”
Revenue from hotel management services also increased year-on-year, although performance in the Middle East was affected toward the end of the quarter by regional geopolitical tensions.
“Geopolitical developments remain an important factor for the industry, and we continue to monitor the situation closely while adjusting our commercial and operational strategies where appropriate,” said Mr. Donavanik. “This includes maintaining a focus on operational efficiency, market diversification, and a balanced customer mix across domestic and international segments. Should conditions in the Middle East stabilise, we believe travel demand has the potential to recover steadily in the months ahead.”
For 2026, DUSIT continues to target total revenue growth of 5–8% (excluding revenue from residential transfers at Dusit Central Park), with EBITDA margin expected to remain within the range of approximately 18–20% of total revenue.
