Economy AWC Posts Nearly 2 Billion Baht Profit in Q1, Set to Launch ‘Jurassic World’ Landmark

[Georgealbert]

 

Picture courtesy of Matichon.

 

Asset World Corporation (AWC) is forging ahead with an ambitious investment plan worth over 100 billion baht over the next five years, following a strong performance in the first quarter of 2025 and the upcoming opening of its highly anticipated ‘Jurassic World’ attraction at Asiatique in July.

 

Ms Wallapa Traisorat, CEO and President of AWC, revealed that despite numerous global challenges, including trade tensions, economic volatility, recent earthquakes, and a slowdown in international tourism, AWC continues to demonstrate robust growth. The Tourism Authority of Thailand (TAT) has revised its 2025 forecast, predicting 35.5 million foreign arrivals, on par with 2024, amid falling numbers from China.

 

In Q1 2025, AWC reported total revenue of 6.19 billion baht, a 13.6% year-on-year increase. Net profit reached 1.97 billion baht, up 23%, with operational profit at 3.42 billion baht, a 15.3% rise. The hotel and hospitality sector contributed 3.64 billion baht in revenue, a 9.4% increase, with the average daily rate (ADR) hitting a record high of 6,663 baht per night. Revenue per available room (RevPAR) stood at 4,992 baht, marking a 6% increase. AWC’s commercial business segment earned 2.39 billion baht, up 16.9%, with a profit of 2.05 billion baht, growing 17.8%.

 

Mr Paitoon Wongsasutthikul, Chief Investment Strategy Officer, stated that AWC plans to expand its asset portfolio from 209.4 billion baht in Q1 2025 to 300 billion baht by 2029. The company also aims to double its hotel room count from 6,000 to 12,000 over the same period. Investment will average over 20 billion baht per year and focus on large-scale mixed-use projects.

Upcoming developments include the revitalisation of the historic Woeng Nakhon Kasem area in Yaowarat, the Aquatique project in Pattaya, the Lannatique development, and a new concept for Tawanna in Bang Kapi. Additionally, Phase 2 of Asiatique The Riverfront Destination is underway, with more than 1.4 billion baht invested in the Jurassic World attraction, set to open in mid-July. The attraction is expected to boost daily visitor numbers at Asiatique by 10% from the current 30,000—75% of whom are international tourists, particularly from China, with Thais comprising the remaining 25%.

 

Despite the general decline in Chinese tourists, AWC has been minimally affected, with Chinese nationals accounting for just 10% of its clientele. Increased arrivals from the United States and Europe, alongside the company’s luxury-focused hotel portfolio located in prime tourist destinations, have helped mitigate the impact.

 

“Our strategy remains to enhance existing assets, pursue long-term megaprojects, and seek acquisitions where suitable,” Mr Paitoon said. “During the COVID-19 period, over 100 hotels were offered for sale to us, but we’ve been selective in evaluating opportunities. This year, three new properties have been added to our portfolio: Melia Pattaya Hotel, the Woeng Nakhon Kasem project, and the former Swissôtel Le Concorde Ratchada, which is being redeveloped into Jubilee Prestige Tower and is scheduled to open in 2028.”

 

Mr Chayanan Hopataraporn, AWC’s Chief Accounting and Finance Officer, added that the company has secured adequate funding from various financial institutions to support its five-year investment plan, with access to credit up to three times the required investment. He forecasted double-digit revenue growth for the full year.

 

Following the March earthquake, AWC conducted comprehensive inspections of all its buildings in affected areas. The structures passed safety checks conducted by internal engineers, external partners, and independent certification bodies, ensuring the company’s properties remain trusted and secure for clients and partners alike.

 

  Adapted by Asean Now from Matichon 2025-05-12.