AWC announces the 3Q/2021 Quarterly Results, evidencing an increase of Net Profit in Financial Statements due to Fair Value despite the impact of Ultimate Lockdown Measures

11 November 2021

Mrs. Wallapa Traisorat, the CEO and President of Asset World Corp Public Company Limited (AWC) reveals its operating results for the third quarter of 2021, according to the financial statements, with a total revenue of 2,539 million Baht, an increase of 99.9%, with a net profit of 687 million Baht, an increase of 246.0% in comparison to the same period of previous year despite the fact that the organization has been directly affected by the ultimate lockdown measures, including travel restrictions and closure of department stores and shopping centers, with the effect taking place since the beginning of the quarter. However, after the month of September when the lockdown has been relaxed, the organization managed to quickly recover, evidenced by the increasing demands of accommodation bookings from domestic travelers and foreign tourists from several countries, which is considered a better result than the second quarter of 2020 when the organization was severely affected by the Covid-19 outbreak. As a result of this, in the first 9 months of 2021 with total revenue of 5.194 billion Baht, 13.3 percent up on-year, with a net loss of 105 million Baht, 88.5 percent down compared to the same period last even though the organization has been affected by the lockdown during July – August 2021. However, after the lockdown measures have been relaxed since September 2021, the organization managed to quickly recover and earn profits from the combination of fair values of investment properties. Comparing the third quarter to previous quarter (QoQ), the organization’s net profit rose by 446.1%, reflecting the recognition of return on investment in real estate with an operating profit and return on value added assets.

Mrs. Wallapa stated that the year 2021 is a year of COVID-19 outbreaks with the second, third, and the fourth waves continuously coming, affecting the overall performance of the organization; therefore, we always adjust our strategies to keep up with the changing situations, particularly by restructuring the organization, strictly controlling and optimizing cost management, establishing strategies to correspond to long-term value creation, creating different business models to strengthen the business by improving or rebranding the assets, increasing competitiveness to become the leading company in the real estate industry and establishing business strategies with a focus on the potential for continuous cash flow growth, which reflects the potential and real value of the organization. In the third quarter of 2021, the organization has enhanced its cost management efficiency along with expanding its networks that could create value, build global partnerships, increase sales channels, and reach customer bases, create marketing plans to reach customer groups by meeting their lifestyle needs with a variety of quality projects. Additionally, we also have strategic cooperation with global leading partners that apply world-class standards to improve the operational efficiency, ensure holistic healthcare and services, create a seamless customer experience, meet the continuous growth plan with a variety of projects which shall quickly attract our customers. Moreover, the organization has planned to launch quality projects to respond to the demands during the recovery period of the tourism industry, along with enhancing the potential of important tourist attractions such as the opening of the Courtyard Marriott Phuket Town Hotel in Q4/2021. “The organization has built a business foundation to be as ready as possible in accepting more demands of tourism starting from the fourth quarter of 2021, after receiving positive signals from the increasing coverage of the vaccination plan, Phase 3 of the We Travel Together campaign, including Thailand’s reopening policy to accept foreign tourists without any quarantine, the organization believes that the tourism industry and the real estate business in Thailand will be able to recover with continuous and sustainable strength and growth in line with Thailand’s potential as a world-class destination for travelers,” said Mrs. Wallapa.