Dusit Thani Public Company Limited reports Q4/2024 profit turnaround with THB 310 million net profit, total revenue reaches THB 6.1 billion

Bangkok, Thailand, 26 February 2024 – Dusit Thani Public Company Limited (DUSIT) has reported a significant financial turnaround in Q4 2024, delivering a net profit of THB 310 million and total revenue of THB 6.1 billion—marking a sharp rebound from prior-year losses.

This turnaround was driven by several key factors, including the successful handover of retail space (bare shell transfer) at Dusit Central Park, the company’s landmark mixed-use development; strong high-season performance in its core hotel business; the September reopening of the reimagined flagship Dusit Thani Bangkok hotel; and significant expansion in food business, led by Epicure Catering and Bonjour Bakery, which experienced strong market growth and new customer acquisitions.

The results are a marked improvement on the THB 146 million net loss reported in Q4 2023 and the THB 538 million net loss in Q3 2024. EBITDA in 4Q24 stood at THB 1.089 billion.

For the full year 2024, Dusit Thani reported total revenue of THB 11.204 billion, a 74.8% increase YoY. EBITDA rose 91.4% to THB 1.65 billion, while net losses narrowed to THB 237 million from THB 570 million in 2023.

“Our company’s solid recovery in 2024 underscores the success of our three-pronged investment strategy—balancing risk, driving growth, and diversifying income streams,” said Ms Suphajee Suthumpun, Group CEO, Dusit International. “These principles have guided investments in food services and real estate, which complement our core hotel business while reducing reliance on hotel revenues.”

For 2025, DUSIT is set to unlock investment value and drive revenue growth across all business units despite ongoing interest burdens from major projects, such as the ongoing construction of Dusit Central Park, the company’s most significant project to date.

For its core hotel business (excluding Dusit Thani Bangkok), DUSIT projects revenue growth of 15–18%, supported by the continued recovery of tourism in key destinations and the expansion of its asset-light hotel management portfolio. Plans include adding five to seven new properties and signing 12 to 14 new management agreements.

Projected revenue growth in food business is expected to range between 20-25%, driven by the expansion of Bonjour Bakery franchises (with 12-15 new outlets) and a strategic partnership with Japan’s Green House Group to enter new markets. The company is also preparing to list its food business on the Stock Exchange of Thailand.

In real estate business, residential unit transfers for Dusit Residences and Dusit Parkside at Dusit Central Park are set to begin in late 2025, with a targeted 95% sales rate. The phased opening of other components of the mixed-use project—including the retail centre, rooftop park, and office building—is expected to drive increased footfall and create new revenue-generating opportunities for Dusit’s owned and managed portions of the development.

“2025 marks the final phase of our long-term strategic growth plan, initiated in 2016,” said Ms Suthumpun. “Over the past nine years, we have navigated unexpected challenges, but with the dedication of our leadership team, employees, and shareholders—along with the steadfast support of our customers and partners—we have successfully revitalised our business. Now, as we enter the phase of unlocking investment value, our focus remains on striking the right balance between short-term gains and long-term sustainable growth, while continuing to expand all our lines of business across key regional and global markets.”