DUSIT’s strategy to sustain business through the pandemic results in EBITDA up by 130.9% YoY, and total revenue up by 3.7%
Asset optimisation and investment diversification are the main supportive factors.
Bangkok, Thailand, 28 February 2022: Dusit Thani Public Company Limited (DUSIT) has announced its 2021 earnings results, including total revenue of THB 3,443 million, up 3.7% year-over-year, and EBITDA of THB 515 million, an increase of THB 292 million YoY (+130.9%). Net loss was THB 954 million, a 6.5% decrease on 2020 when net loss was THB 1,011 million.
Ms Suphajee Suthumpun, Group Chief Executive Officer, DUSIT, said that while the global pandemic continued to have a significant impact on overall business last year, an increase in revenue from hotel business and other revenues, as well as strict control of costs and expenses, ensured the company achieved satisfactory EBITDA.
A clear improvement in overseas hotel business, driven by the easing of international travel restrictions in several destinations worldwide, contributed to enhancing revenue generation. This was bolstered by DUSIT’s asset optimisation plan – including the sale and manage back of Dusit Princess Chiang Mai hotel – alongside a rise in profits from the strategic sales of available-for-sale investments, and diversified investment in food business and property development projects.
“In line with our vision to turn challenges into opportunities, last year we also accelerated our strategy for organisational transformation to improve our infrastructure for better efficiency and agility and pave the way for sustainable growth in the next normal,” said Ms Suthumpun. “Recognising significant shifts in consumer demands and expectations, we also focused on enhancing our business model across three dimensions – Financial, Business, and Operations – and updated, retooled and reimagined where necessary to drive short-, mid, and long-term value. Our 2021 results reflect this.
“We are confident that the steps we have taken since the beginning of the pandemic, and continue to take now, will position us for swift and effective recovery when travel and other pandemic-related restrictions are eased further. We also expect our strategic journey for balance, expansion, and diversification to continue apace when the situation improves.”
Thailand’s Office of the National Economic and Social Development Council (NESDC) estimates that Thailand will welcome 5.5 million foreign visitors in 2022, a significant improvement on last year’s 400,000 visitors, and back up towards the 6.7 million visitors received in 2020.
“While the Omicron variant of COVID-19 is currently impacting business, the symptoms are fortunately less severe than previous variants, so we are confident that international travel and hotel business will be quick to rebound in Thailand in line with effective vaccination programmes, reduced barriers to entry, and policies and procedures to help us safely live with COVID-19 as an endemic,” said Ms Suthumpun. “Alongside boosting our hotel business, the lifting of restrictions will have a significant positive impact on our education and food business, too – especially as temporary school closures and restrictions on dining were in place for most of 2021. This year, we look forward to seizing any existing, new, and emerging opportunities to deliver sustainable value for our stakeholders.”