In a remarkable financial turnaround, Asset World Corporation Public Company Limited (AWC) has announced its first-quarter earnings for 2025, showcasing a record net profit of 1,969 million baht, marking a 23% increase compared to the same period last year. This growth is attributed to a robust revenue of 6,191 million baht, which reflects a 13.6% year-on-year rise.
AWC, led by its CEO Vallapa Traisorat, has been implementing a "Growth-Led Strategy" aimed at sustainable development across all business sectors. The company reported a gross operating profit of 3,417 million baht, an increase of 15.3%, and an EBITDA yield of 10.0%, up 13.6% from the previous year. This solid performance has led AWC to declare an interim dividend of 0.075 baht per share, a 50% increase from the prior year, scheduled for payment on May 28, 2025.
Despite the challenges posed by the fluctuating Thai economy at the start of the year, AWC’s hotel and service sector has continued to thrive. The hotel division generated 3,642 million baht in revenue, a 9.4% increase year-on-year, with the average daily rate (ADR) reaching a record high of 6,663 baht per night, up 5.8%. Revenue per available room (RevPAR) also saw growth, hitting 4,992 baht, a 6.0% increase.
Moreover, AWC’s hotel properties have demonstrated exceptional performance, particularly in luxury resorts located in popular tourist destinations such as Koh Samui and Krabi, where RevPAR grew by 10.5%. The company’s overall hotel EBITDA was reported at 1,497 million baht, reflecting a 6.9% increase from last year.
AWC’s portfolio remains strong, with a Revenue Generation Index (RGI) averaging 103, indicating effective revenue management across its properties. The company’s commitment to delivering high-quality experiences is evident in its partnership with global brands, which has significantly enhanced its appeal to high-end tourists.
In the commercial sector, AWC has achieved a remarkable tenant retention rate of 99%, highlighting the effectiveness of its unique lifestyle destination model. This model not only focuses on co-living spaces but also on creating vibrant environments within office buildings, which has attracted major global tenants.
AWC’s commercial business reported a total revenue of 2,386 million baht, up 16.9% year-on-year, with an EBITDA of 2,055 million baht, representing a 17.8% increase. This growth has been bolstered by government economic stimulus measures and strategic adjustments to meet the lifestyle needs of target demographics.
Looking ahead, AWC is poised to expand its portfolio further, with plans to unveil new projects such as the Meliá Pattaya Hotel and the Jubilee Prestige Tower, which will serve as a comprehensive leisure MICE destination. The company is also set to launch a new food lounge at Gateway Ekamai, aiming to cater to the upscale clientele in the area.
In addition, AWC is committed to sustainability, aligning its developments with eco-friendly practices and ensuring safety standards across all its properties. This commitment was reaffirmed following a recent earthquake when AWC promptly assessed its buildings to ensure structural integrity, receiving certifications from internal engineers and independent inspectors.
Meanwhile, Gulf Energy Development Public Company Limited (GULF) also reported impressive financial results for the first quarter of 2025. The company announced a total revenue of 32,343 million baht, with a core profit of 5,335 million baht, reflecting a 28% increase from the previous year’s 4,152 million baht.
The growth in GULF's performance is primarily attributed to the successful operation of its natural gas power plants, particularly the Gulf Pluakdaeng project, which recognized full-quarter profits from all four units totaling 2,650 megawatts. Additionally, GULF began to see profits from its solar farm projects, contributing to its overall financial success.
Despite some setbacks in its GJP segment, where core profits fell by 68% due to maintenance shutdowns, GULF’s diversified energy portfolio continues to drive growth. The company reported a 22% increase in core profits from its investment in INTUCH, amounting to 1,927 million baht, attributed to improved performance from ADVANC.
As of March 31, 2025, GULF’s total assets reached 522,478 million baht, with total liabilities of 376,802 million baht. The company’s net interest-bearing debt to equity ratio increased to 1.96, reflecting a rise in long-term borrowings.
In an exciting development, GULF has completed its merger with INTUCH, forming a new entity under the name Gulf Development Public Company Limited (GULF), which is now listed on the Stock Exchange of Thailand. This merger is expected to enhance GULF’s operational capabilities in both the energy and digital sectors.
Looking forward, GULF anticipates a substantial increase in revenue, projecting a 25% growth in 2025 driven by the ongoing commercial operations of new power projects. The company also plans to expand its LNG import capacity significantly to support its electricity generation needs.
With both AWC and GULF reporting strong financial performances amidst economic uncertainties, their strategic initiatives and commitment to growth position them well for future success in their respective sectors. Each company’s focus on sustainability, quality service, and innovative solutions reflects a broader trend within the industry towards responsible and profitable growth.
