Message from the Group CEO


As we enter the seventh year of our nine-year long-term strategic plan (2016 – 2025), which aims to foster sustainable growth through three main goals – Balance, Expand, and Diversify – 2023 marks the beginning of the plan’s third phase – ‘Unlock Value Creation’ – marking a crucial step towards achieving our strategic objectives.

When we first presented our strategic plan in 2016, we established numerical targets for each goal to provide a clear and easy-to-review picture of our progress. However, over the past three years, the COVID-19 pandemic – the most significant challenge the world has faced since World War II – has heavily impacted society, the economy, and global politics, and changed the face and nature of our industry. While the situation has improved somewhat, with many destinations reopening and the World Health Organisation declaring COVID-19 an endemic, this is simply the beginning of the ‘Next Normal’, and we must adjust accordingly.

While our management team and I remain confident in our long-term strategic plan and its three main goals, we recognise that we must modify our indicators to reflect the reality of the post-pandemic world.

To ensure our goals remain relevant and achievable, the Board of Directors has approved an indicator adjustment plan that will guide us towards sustainable success in the months and years ahead. The plan includes the following measures:

1. Balance (creating a balance of income) We will balance our investment portfolio not only by investing in foreign countries but also in many dimensions, both short-term and long-term. Our investments will generate revenue and profits, ensuring business sustainability.

2. Expand (increasing our global footprint) We will focus on quality, not just volume. For example, our hotel business will expand its services to cover various accommodation types to meet the needs of customers of all groups and ages.

3. Diversify (to lower investment risk) Our goal is to increase revenue and profits from all business units without limiting the percentage of income from any particular unit.

Our adjusted strategic plan’s third and final phase will be effective from 2023 – 2025. A significant component of this phase will be the gradual completion and introduction of our mixed-use property development project, Dusit Central Park.

We are delighted to announce that the new Dusit Thani Bangkok hotel will open as part of this project in mid-2024, followed by the completion of the shopping centre, office building, and Dusit Residences in 2025. This project will allow us to gradually recognise income during this time. Moreover, we also expect to recognise income from our investments in new businesses, creating a balance of short-term and long-term revenue in line with our goals.

Despite the challenges ahead, we see a brighter trend in our overall business from the reopening of various countries worldwide.

In 2023, our hotel business will be guided by an asset-light strategy that emphasises hotel management agreements to expand our global reach. We plan to sign such agreements for an additional 20 hotels, both domestically and internationally. This will not only allow us to leverage our expertise in hospitality management but also enable us to strengthen our presence in key markets around the world.

Our food business also presents exciting growth opportunities, thanks to the potential partnerships and extensive network we have built over the years. As such, we plan to list Dusit Foods Co., Ltd. on the Stock Exchange of Thailand through an initial public offering (IPO) in 2023, thereby unlocking its full potential and enabling us to capitalise on favourable market conditions.

On behalf of the Board of Directors, all executives, and employees of the company, I would like to express my sincere gratitude to all shareholders for your continued confidence and trust in our team. We are fully committed to delivering exceptional guest experiences and promoting the rich cultural heritage of Thailand. With our strategic plan adjusted for the next normal, and with three years of unlocking value creation ahead of us, we are confident that we will continue to create lasting value for all stakeholders.

Graciously yours,