Dusit Thani Swings to 902M Baht Profit on Central Park

Dusit Thani has swung to a 902 million baht profit, supported by Dusit Central Park driving revenue growth. Group CEO Chanin Donavanik disclosed the company's third-quarter and first-nine-months 2026 results, showing total revenue of 6.272 billion baht in Q3, up 259.4% from the same period last year, and a net profit of 555 million baht reversing a 384 million baht net loss in Q3 2025. EBITDA reached 1.589 billion baht, surging 2,047.3%, reflecting strong growth and profitability even during the tourism low season.

For the first nine months of 2026, total revenue hit 13.175 billion baht, up 126.5% year-on-year, with net profit of 902 million baht compared to a 627 million baht net loss in the same period of 2025. EBITDA reached 3.21 billion baht, up 354%. Excluding foreign exchange impacts and non-recurring items, core net profit stood at 836 million baht versus a core net loss of 549 million baht a year earlier.

Chanin said key drivers included revenue recognition from handed-over residential units at "Dusit Parkside" and "Dusit Residences" within the Dusit Central Park project, alongside growth at the company's owned hotels in Thailand, where RevPAR rose 24.3% on higher occupancy and average rates, led by Dusit Thani Bangkok and Dusit Thani Laguna Phuket. The company also benefited from profit share from DREIT and foreign exchange gains.

Quarter-on-quarter, Q3 showed clear growth momentum with total revenue up 72.6%, while EBITDA and net profit jumped 108.8% and 472.2% respectively.

"The Dusit Central Park project is a key factor supporting revenue and profit growth this quarter. As of September 30, 2026, the residential buildings were about 98% sold after the company began handing over Dusit Parkside units in late 2025 and started delivering Dusit Residences units in Q3 2026. In the first nine months, the company handed over units worth approximately 6.44 billion baht," Chanin said.

On the hotel expansion front, as of end-Q3 the company managed 316 hotels and luxury villas across 19 countries — 52 hotels and 264 luxury villas totalling 12,178 keys. Other businesses, including food and education, also continued to develop.

For the remainder of the year, tourism still faces challenges from geopolitical uncertainty, global economic conditions, energy price volatility, high travel costs, and hotel industry competition. The company will monitor the situation closely and maintains its 2026 total revenue growth guidance at 5-8% excluding Dusit Central Park residential handovers, with an EBITDA margin target of 18-20% of total revenue.