Dear shareholders and stakeholders,
With deep gratitude, I am honoured to introduce Dusit’s Annual Report for the transformative year of 2023. I find great pride in reflecting on the resilience, adaptability, and dedication exhibited by Dusit’s management and operations teams throughout the past year.
As a company, Dusit embarked on uncharted territory through the strategic expansion of its core hotel business into new destinations, concurrently fostering growth in auxiliary lines to drive enduring value in the post-pandemic world.
However, 2023 was not without its hurdles. The global economy continued to navigate the lingering effects of the pandemic and the war in Ukraine, with uneven recovery and global growth slowing from 3.5% in 2022 to 3.0% and forecasted at 2.9% in 2024. This sluggishness was felt particularly in emerging markets and developing economies. According to the International Monetary Fund, inflation is not expected to return to target until 2025 in most cases.
Beyond economic uncertainties, 2023 witnessed the continued recalibration of travel desires. The pandemic reshaped priorities, with travellers seeking experiences that prioritise well-being, authenticity, and connection with nature. And these preferences were cemented even further throughout the year.
To navigate this evolving landscape, Dusit’s management team adeptly adapted strategies focusing on the four key pillars of Dusit Graciousness – Service, Well-Being, Locality, and Sustainability – across all its lines of business and worked diligently to enhance products and services in line with evolving consumer preferences. The Board and I were delighted to oversee the introduction of policies and projects in each of these areas, which will put the Company in a strong position for enhanced revenue generation group-wide in 2024.
We were also delighted to see that Dusit’s dedication to transparency and good governance also blossomed in 2023, with the Company receiving the prestigious ‘Best Investor Relations’ accolade at the SET Awards and the recognition of “Excellent Corporate Governance” by the Thai Institute of Directors Association. These recognitions are testament to Dusit’s unwavering commitment to open communication and ethical leadership. They also inspire the Company to continuously raise the bar, ensuring that every stakeholder journey with Dusit is built on a foundation of trust and shared value.
As we prepare for Dusit’s 75th anniversary in 2024, the horizon gleams with both promise and challenges. Armed with the hard-won lessons of 2023, unwavering optimism, and the enduring belief in the transformative power of Thai-inspired gracious hospitality, Dusit stands poised for an exciting new chapter fuelled by bold expansion and the highly anticipated return of the reimagined flagship Dusit Thani Bangkok hotel.
This isn’t just a hotel revival; it’s a bold reimagining of Thai-inspired luxury, an ode to Dusit’s rich heritage woven with a contemporary vision. Soaring above the city, the new Dusit Thani Bangkok will be a haven of modern luxury, where unforgettable gatherings unfold in an expansive ballroom, and innovative dining, wellness, and meeting spaces awaken every sense.
Just as the original Dusit Thani Bangkok set industry benchmarks when it debuted in 1970, this exciting successor is now poised to do the same – once again pushing the boundaries of luxury hospitality, enhancing Dusit’s profile on the global stage, and redefining the art of travel for generations to come.
On behalf of the Board of Directors, I extend my heartfelt gratitude to our esteemed partners, employees, guests, and stakeholders. Your trust is the catalyst that fuels Dusit’s journey, and your unwavering support inspires us to ensure the Company has a positive impact wherever it sets foot. Thank you for being part of Dusit’s story.
Graciously yours,
Arsa Sarasin
Chairman and Independent Director