Hospitality and real estate conglomerate Dusit Thani Public Company Limited (SET: DUSIT) delivered a decisive third-quarter turnaround, reporting net profit of THB 555 million for 3Q26. That compares to a net loss of THB 384 million in the prior-year period.
Key Financial Highlights
- Net Profit: THB 555 million (vs. THB -384 million loss in 3Q25)
- Total Revenue: THB 6,272 million (+259.4% YoY)
- EBITDA: THB 1,589 million (+2,047.3% YoY)
- Real Estate Revenue: THB 4,323 million (+13,409.4% YoY)
Total revenue surged 259.4% year-on-year to THB 6,272 million, propelled by residential unit handovers at its flagship Dusit Central Park development. Diluted earnings per share (EPS) jumped to THB 0.62, up from a loss of THB 0.49 per share in 3Q25.
Real Estate Development served as the primary growth catalyst, generating THB 4,323 million (68.9% of total revenue) and THB 1,341 million in EBITDA as Dusit Residences handovers commenced alongside ongoing Dusit Parkside transfers.
The Hotel Business expanded 14% YoY to THB 1,360 million. Owned properties achieved a 24.3% YoY surge in Revenue Per Available Room (RevPAR) to THB 3,019, driven by a 14.5% increase in Average Daily Rate (ADR) to THB 4,146 and occupancy rising to 72.8%. Conversely, hotel management revenue fell 11.7% to THB 203 million due to regional Middle East conflicts.
The Food Business rose 5.1% YoY to THB 371 million, supported by Epicure Group’s contract gains in Hong Kong, though same-store sales growth (SSSG) at Bonjour Bakery contracted 7%. Education Business revenue rose 11% to THB 101 million.
Operational strength underpinned the rebound. Core net profit reached THB 540 million after excluding THB 17 million in foreign exchange gains and THB 2 million in non-recurring severance costs.
DUSIT closed 3Q26 with THB 2,373 million in cash and a current ratio of 1.07x. Net interest-bearing debt-to-equity stood at 1.93x (or 0.64x excluding TFRS 16 lease liabilities). Management reinforced liquidity by issuing THB 1,500 million in new debentures at coupon rates under 5.55% to refinance maturing debt.
Management reiterated full-year 2026 revenue growth guidance of 5 – 8% (excluding residential handovers) and an EBITDA margin of 18–20%. Hotel growth forecasts were revised to 8 – 12%. Residential handovers at Dusit Central Park are projected to represent 60 – 65% of total project sales value in 2026.
