Mitihoon – Bangkok, 13 June 2025 – Dusit Thani Public Company Limited (DUSIT) has officially entered the final stage of its nine-year strategic roadmap (2016-2025), now progressing through Phase 3: “Unlock Value,” which is focused on capitalising on the business expansion and investments made since 2016.
Given the current economic conditions, geopolitical tensions, and the tourism landscape in Thailand, the company has revised its overall growth outlook in 2025. The company is now targeting a core revenue growth rate of approximately 20-25% year-on-year, excluding 2024 revenue from the handover of retail bare shell units at Dusit Central Park, the company’s landmark mixed-use development in the heart of Bangkok.
This growth is expected to be driven by 20-25% growth in Hotel Business; 10-15% growth in Food Business, which is preparing for a future listing on the Stock Exchange of Thailand; 10-12% in Hospitality Education: and more than 100% growth in Real Estate Development (excluding bare shell), supported by progressive revenue recognition from the transfer of residential units in Dusit Residences and Dusit Parkside, the branded condominium components of Dusit Central Park.
Ms Suphajee Suthumpun, Group CEO of DUSIT, who joined the company in 2016, said that the Group’s nine-year strategic roadmap (2016–2025) is built around three clearly defined phases: Foundation Building, Take-Off, and Unlock Value.
“We are now in the final stage of Phase 3 of our strategy, offering a timely opportunity to reflect on past milestones we’ve achieved while outlining the key initiatives that will drive our growth, especially for the second half of this year,” said Ms Suthumpun.
Strategic milestones in focus
Since the strategy’s inception, DUSIT has grown from 27 hotels in 8 countries to 294 properties (including 239 luxury villas) across 18 countries, comprising 12,909 keys as of 1Q2025. The company has also expanded its operations from two core business units —Dusit Hotels and Resorts and Dusit Hospitality Education —to five, with the addition of Dusit Foods, Real Estate Development, and Hospitality-Related Services.
- Phase 1: Foundation Building (2016–2018)
This phase focused on strengthening the company’s human capital, operational capabilities, and digital readiness. Key efforts included enhancing corporate culture and processes, optimising asset potential, reinforcing brand positioning across core segments, and establishing strong financial structures to support long-term growth. These efforts laid the foundation for expanding Dusit’s presence globally.
- Phase 2: Take-Off (2019–2022)
Characterised by hotel expansion and strategic business diversification, this period saw Dusit enter the food sector through the establishment of Dusit Foods Co., Ltd. and the introduction of Hospitality-Related Services. It also marked the commencement of Dusit’s most significant development to date—Dusit Central Park—with a total project value of THB 46 billion. Despite the unprecedented challenges brought by the COVID-19 pandemic, Dusit maintained financial liquidity through strategic asset divestments while remaining firmly committed to high-quality, long-term investments.
- Phase 3: Unlock Value (2023–2025)
The current phase focuses on maximising returns from earlier investments to drive sustainable growth. Key achievements include the reopening of the flagship Dusit Thani Bangkok hotel on 27 September 2024 and continued expansion of the food business.
Dusit Foods’ portfolio now includes:
- Epicure Catering Co., Ltd. – a leading caterer for international schools in Thailand.
- The Caterers Joint Stock Company – a Vietnam-based catering provider.
- Bonjour Bakery Asia Co., Ltd., – owner of “Bonjour” bakery franchise business, which has 99 outlets across Thailand, China, and Vietnam, supported by a production facility in Rayong province.
DUSIT is now preparing to list its food business on the Stock Exchange of Thailand.
Record revenue in 2024
In 2024, the group achieved total revenue of THB 11.2 billion (+74.8% YoY), a record high, with EBITDA reaching THB 1.65 billion (+91.4% YoY). However, net loss stood at THB 237 million due to financial costs totaling THB 578 million, comprising THB 281 million in bond and loan interest and THB 297 million in lease liabilities under TFRS 16.
Excluding these interest costs, DUSIT would have posted a net operating profit. The funding needs stem from major investments in Dusit Central Park and financial support measures taken during the pandemic—all undertaken without altering the company’s registered capital, which remains at THB 850 million.
Dusit anticipates a significant reduction in interest burden beginning in late 2025 and continuing into 2026 as residential revenues are recognised, paving the way for a return to net profitability.
Residential revenue recognition in late 2025
The second half of 2025 marks the culmination of DUSIT’s nine-year plan, with the company poised for continued growth driven by the global tourism recovery and improving performance across its business units. The residential components of Dusit Central Park—Dusit Residences and Dusit Parkside—are approximately 90% sold, with a combined value of approximately THB 16 billion. Unit transfers are scheduled to begin later this year, with substantial revenue expected to be recognised in 2026, marking a pivotal growth moment for the group.
Ms Suphajee noted that this revenue inflow will significantly reduce DUSIT’s debt and financial costs. Alongside real estate development, DUSIT’s food business, which earned THB 1.47 billion in 2024 (up 18.6% YoY), and education business, which generated THB 427 million (up 6.8% YoY), will continue to serve as key drivers of growth.
Resolution of financial reporting issues and credit rating stabilised
Following the shareholder meeting on 25 April 2025, where the 2024 financial statements and auditor appointments were not approved, concerns were raised regarding timely financial disclosure for Q1 2025. However, Dusit’s Board and management worked closely with the Stock Exchange of Thailand to resolve the matter. The Q1/2025 financial report was submitted on time, avoiding a trading suspension (SP), and auditor appointments were finalised at the 28 May shareholders’ meeting.
In response, TRIS Rating removed its “Negative” Credit Alert and reaffirmed DUSIT’s credit ratings as follows:
- Corporate and senior unsecured debentures: BBB-
- Subordinated perpetual debentures (DUSIT22PA): BB
- Outlook: Stable
“Over the past nine years, DUSIT has weathered many challenges, from economic slowdowns and the pandemic to the closure and complete transformation of our flagship Bangkok hotel,” said Ms Suthumpun. “Throughout it all, we have remained united in purpose and steadfast in our mission. Every initiative, investment, and expansion has been guided by the enduring vision of our founder, Thanpuying Chanut Piyaoui—to uniquely deliver Thai-inspired gracious hospitality to the world. We are proud of how far we have come, and we will continue this journey with unwavering commitment and confidence in the future.”
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