Tourism wrestles with war's impact
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- Asset World Corp posted a record net profit of 1.9 billion baht in Q1, a marginal 0.9% year‑on‑year increase as war‑driven tourism disruptions limited growth.
- Asset World Corp saw revenue rise 12% to 4 billion baht and EBITDA climb 8.6% to 1.6 billion baht in the quarter.
- Asset World Corp reported a 24% jump in guests from Middle Eastern countries, even though the region’s tourism market fell 10% in Q1.
- Asset World Corp delayed its planned 100‑storey Asiatique tower, shifting focus to cost control and repositioning existing assets for wellness demand.
- Asset World Corp targets 35 hotels with 9,321 rooms by 2030, adding Intercontinental Chiang Mai, Marriott Chiang Mai and Meliá Chiang Mai, which helped boost EBITDA 45% YoY.
Why it matters: Thai hotel investors see modest profit despite war‑driven travel disruptions; AWC's cost‑tightening and delayed projects protect margins, while its expansion plan to 35 hotels by 2030 promises future revenue growth.
