SET-listed Dusit International has reassured investors of a more optimistic outlook for 2025, forecasting a revenue of 16 billion baht from transfers of Dusit Residences and a reduction in interest expenses.
Group CEO Suphajee Suthumpun mentioned that issues related to the appointment of four new directors and approval of the 2024 financial statements should be reviewed at the upcoming board meeting.
She expressed confidence that the company is on track for a turnaround this year, as revenue from the residential segment of Dusit Central Park—comprising Dusit Residences and Dusit Parkside—approaching 90% sold, is beginning to be realized. “If there are no unforeseen disruptions, we expect to recognize revenue from these residences starting in the fourth quarter,” she stated.
Last year, Dusit International reported total revenue of 11.2 billion baht and an EBITDA of 1.65 billion baht, but incurred a net loss of 237 million baht, primarily due to interest payments on a 6-billion-baht loan at 5.7% interest, used for investments.
With a relatively modest registered capital of 850 million baht, the company avoided raising funds during the pandemic, instead relying on perpetual debentures and short-term loans from financial institutions. Once income from property transfers increases and debts are repaid, the lowered interest expenses are expected to improve profitability, potentially beginning this year.
Mrs. Suphajee emphasized that she still enjoys strong trust from major shareholders and the board to lead Dusit, which is nearing the conclusion of its nine-year strategic plan (2016-2025).
The company maintains its goal to raise revenue to 9 billion baht in 2025, representing a 20-25% increase from 2024. To diversify revenue streams, Dusit reduced its hotel revenue share from 90% to 67%, while boosting contributions from the food sector to 18% and education to 5%.
Although the Thai tourism outlook remains subdued, the continued operation of Dusit Thani Bangkok and 294 properties across 18 countries is expected to support hotel revenue growth of 20-25%.
Regarding Dusit Foods, which reported a net loss of 20 million baht, Mrs. Suphajee attributed this to investments with new partners aimed at expanding revenue, noting that some unprofitable food businesses have been divested.
On the potential delisting of Dusit Thani from the stock market, she believes such a move is unlikely.
