The Erawan Group Public Company Limited (SET: ERW) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
124.53 | 148.29 |
| Earning Per Share (Baht) |
0.0255 | 0.0327 |
| % Change | -16.02 | |
| 9 Months | 2024 | 2023 |
| Net Profit (Loss) Million Baht |
902.92 | 528.82 |
| Earning Per Share (Baht) | 0.1936 | 0.1167 |
| % Change | 70.74 | |
In 3Q24, ERW has continued its revenue growth, driven by the Company’s effective pricing strategy together with support from free visa policy and additional flight capacity. Thailand’s international tourist arrivals continued to recover, reaching 8.6 million, an increase of 21 percent YoY.
On a normalized basis for consolidated performance, the Company reported total revenues of THB 1,856 million, an increase of 6 percent YoY. The Company recorded a net profit of THB 124 million, a decrease of 19 percent YoY. This was mainly due to an increase in interest expenses in accordance with an increase of interest rates and additional loan amounts from financial institutions to support the Company’s investment projects while depreciation expenses also increased from the newly opened hotels.
ERW discloses that Thailand’s tourism industry is projected to continue its growth over the next three months of 2024, coinciding with the peak travel season. The government aims to reach a target of 35 million international arrivals, bolstered by strong support from travelers from China, India, and Europe, as well as an increase in flight capacity.
Overall, 2024, the outlook for total revenue growth is expected to be in the range of 14-15 percent YoY with an occupancy rate of 80 percent and average room rate growth of 5-7 percent YoY. The Company continues to develop new projects as outlined in our long-term plan by focusing on investment in the budget hotel segment and increasing the contribution of revenue and profit from international to generate stabilized growth in the long term. In addition, the Company also focuses on asset improvement of 3-5 star hotels segment to increase its competitiveness in response to the changes in customer demand. In 3Q24, there were 12 new HOP INN hotels in Thailand.
