Financial Trajectory and 2026 Outlook
Dusit Thani reported a significant fourth-quarter 2024 turnaround, posting net profit of 310 million baht, primarily driven by retail space transfers at Dusit Central Park.
For the full year 2024, the company recorded revenue of 11.204 billion baht, a 74.8% year-on-year increase, whilst narrowing its net loss to 237 million baht.
Management has projected growth across all business units in 2025, with the hotel business forecast to grow 15-18%, food services 20-25%, and education 10-12%.
The critical revenue catalyst will be the commencement of residential unit transfers in late 2025.
Industry analysts anticipate 2026 to represent a peak performance year.
FSS International Investment Advisory projects core profit of 1.9 billion baht for 2026. TRIS Rating forecasts revenue reaching approximately 20.5 billion baht in 2026, predicated on successful transfer of 70% of residential units.
These projections depend on the company’s ability to navigate several risk factors, including Thailand’s sluggish economic growth, intensifying competition from developments such as One Bangkok, high financial leverage, and execution risks associated with the residential transfer process valued at 16,000-17,000 million baht.
Post-2026 Vision
La-ead outlined the company’s 2026 priorities at Tuesday’s briefing, emphasising completion of The Residences construction and interior fit-out to facilitate ownership transfers under 30-year plus 29.5-year lease agreements.
The company is also advancing construction of two tunnel connections to the MRT Silom station, anticipated for completion within the next year.
Looking beyond the anticipated 2026 revenue peak, Dusit Thani is developing its next major property project, Dusit Ajara Hua Hin, with construction scheduled to commence in 2026 and completion targeted for 2028.
The development is valued at approximately 2 billion baht and will comprise 96 units, suggesting the company intends to replicate the branded residence model in key resort locations including Pattaya and Phuket.
The company also plans to list its food business on the Stock Exchange of Thailand and has entered a strategic partnership with Japan’s Green House Group to expand regional market penetration, further advancing its diversification strategy.
Whether Dusit Thani successfully executes its residential transfers and sustains momentum beyond 2026 will determine if its nine-year diversification strategy delivers the anticipated transformation from hotel operator to integrated property and hospitality group.
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