AWC announces the 4Q/2021 net profit of 967 MB, and full year 2021 net profit of 861 MB according to the consolidated financial statements, showing signs of bouncing back stronger, faster and higher, and the readiness to develop the quality projects to support the Thai tourism Industry and economy

21 February 2022

21 February 2022, Bangkok, Thailand – Mrs. Wallapa Traisorat, CEO and President of Asset World Corp Public Company Limited or AWC, reveals that the Company's total revenue as stated in the 4Q/2021 consolidated Financial Statement was 3,086 million Baht, increasing by 21.6% QoQ with a net profit of 967 million Baht, increasing over 100% YoY.

In 4Q/2021, AWC benefited from the government’s relaxation of lockdown measures and the reopening of the country in November. All these factors supported the economic recovery and marked the beginning of the business’s return to near-normal operations, aligning with signs of alleviation of the COVID-19 situation. In addition to this, the Company obtained fair value gains on Investment Properties, reflecting the high quality and strong performance of its asset portfolios. Consequently, AWC was able to increase its 4Q/2021 net profit by 100% YoY. Compared with 3Q/2021, the net profit per Financial Statement increased by 40.7%, signalling a recovery of its business and its readiness to return to major growth.

“4Q/2021 was the best performing quarter of the year, which is a positive sign of the overall economy's recovery. We are therefore very confident that if the situation improves in 2022, all AWC's business units will recover stronger, faster, and higher. Throughout the recent period, the Company diligently developed all operating processes for greater strength and efficiency and invested in quality projects with partners in preparation to support a resurgence of the Thai tourism industry and economy.”

However, for the year 2021, the Company had a net profit according to the consolidated Financial Statements of 861 million Baht, an increase by 192.5% YoY. During the past 2 years, the company's business operations has continuously been affected by the COVID-19 crisis. Despite this, AWC continued to develop itself during the crisis. The Company is concentrating its efforts in cost management to maintain efficiency, restructuring, and implementing internal control systems in preparation for a return and growth leap when things resume to their normal state. Moreover, the Company profits from fair value gains from Investment Properties, showcasing the potential of the company's portfolio of high-quality assets that have continued to appreciate in value. The Company continues to develop quality projects that will enhance long-term growth, collaborating with leading global partners to develop global landmark mega-projects that will contribute to Thailand's transition to a world-class tourism destination.

In 2021, the Company determined to strengthen the tourism industry by opening Courtyard by Marriott Phuket Town to serve tourists from across the globe and promote Phuket as a global tourism destination and by reopening the newly renovated Le Méridien Bangkok with its highlighted dining venue Rolling Ribs Brew Bar & BBQ, to meet travelers’ needs and the return of the domestic market and offer a lifestyle attraction, affirming Bangkok as a world-class business and leisure destination. Additionally, quality projects such as Meliá Chiang Mai Hotel, and Intercontinental Chiang Mai Mae Ping Hotel will be ready to serve tourists in 2022.

Moreover, the Company has prepared its growth potentials by setting up the Investment Vehicle to invest in the hospitality business at Thailand’s key tourist destinations. The total investment value will be up to USD 500 million, or equivalent to approximately 16,500 million Baht. The Company will invest approximately 15 to 60% of the total investment value, and the rest will be from the leading domestic and international institutional investors. In this regard, the Company is in the process of studying the structure and investment proportion in order to obtain the maximum benefit for the shareholders.

The Company expects that this transaction will create the foundation for new sources of income, which will be derived from project development and management fees that will be received from the Investment Vehicle, with AWC’s capacity and determination that will be a part of supporting the Thai tourism industry, developing the surrounding communities, and driving the economy of Thailand.

“Our Company is determined to create long-term value for all stakeholders by continuously developing projects that raise the benchmark and generate strong cash flow while maximizing productivity to enhance its competitiveness. We believe that Thailand’s tourism and real estate industry is set to recover and grow, and AWC will be the part of building a better future, uplifting the Thai tourism scene, and improving its competitiveness by introducing high-quality projects that will attract worldwide travelers to Thailand and enhancing the country’s position as the world’s top destination” Mrs. Wallapa stated.