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Message from the chairman


The previous year was the year that Thailand encountered the most grieved loss because His Majesty King Bhumibol Adulyadej- King Rama IX of the Chakri dynasty- passed away. He was the pioneer-developer-king in the same person. He created numerous innovations for Thailand and his people. The world has eulogized him as the Great King for his royal initiatives for the sustainable development and the philosophy of the Sufficient Economy which have been applied to use all around the world and have been witnessed by Thai people and the world. We all- the Board of Directors, Executives, and employees of MBK Public Company Limited (“MBK”) and its affiliated companies (“the Group”)- pay the utmost respect to express our deep gratitude for his infinite grace and contribution he made.

For the whole picture of the Thai economy in 2016, the growth rate of the Gross Domestic Product (GDP) was 3.1% which was slightly higher than the growth rate in 2015. However, the MBK GROUP has the continuous and robust growth among challenges.

The overall operating results of the Group for the year ended 31st December 2016 in comparison with the year 2015, was satisfactorily improved. The total operating revenues were THB 11,268 million, dropped by THB 945 million or 8%. The net profit attributable to equity holders of the Company was THB 2,055 million, rose by THB 240 million or 13%. The Group’s business segments had better performance were the Finance Business grew according to the growth of loans portfolio, and the Hotel and Tourism Business increased its occupancy rate. Moreover, other revenue increased from dividend income and gain on sales of investments in marketable securities. On the contrary, the business segments had lower performance were the Real-estate Business from the Quinn Condominium project was already completed and most revenue were recognized in 2015, and the Food Solution Business decreased due to the decline of rice order under project Government to Government (G to G). As mentioned above, the financial position of the Group as at 31st December 2016, compared with the year 2015, had major changes as follows: the total assets were THB 42,518 million, rose by THB 1,969 million or 5%, the total liabilities were THB 22,166 million, dropped by THB 443 million or 2%, and the total shareholders’ equity were THB 20,352 million, rose by THB 2,412 million or 13%.

In 2016, the MBK GROUP had major operations as follows:

THE SHOPPING CENTER BUSINESS. In 2016, the MBK Shopping Center had renovations and improvements of the MBK Shopping Center continuously in order to maintain its position as one of the top destinations for tourists through having a major change of the building’s facade in order to create its image with different colors and modernity as well as improving rental areas inside the building, central areas on the 2nd and the 6th floors in Zone D in order to fulfill the various needs of tenants and service users.

In December, a sky walk connecting BTS’s National Stadium station with the MBK Center Building- from Pathumwan Intersection it is along Payatai Road until it reaches Soi Chula 12 and from the building, it is along Soi Chula 12 until it ends at Sasin Graduate Institute of Business Administration of Chulalongkorn University- was opened in order to facilitate walks for convenience of customers and increase a number of customers to use services inside the shopping center. Moreover, the Paradise Park Shopping Center had renovations in several zones such as building a footbridge connecting the Paradise Park Shopping Center with the HaHa Shopping Mall on the 2nd floor, renovations of areas within the building and landscape development in order to improve the areas to be modern and have more products and facilities, with a budget of over THB 35 million.

The Shopping Center business which the Company has a joint-venture with its business alliance for the premium project called “ICONSIAM” in order to develop the area to be a shopping center, a hotel, and a condominium. It is located on Chareon Nakorn Road. At present, the ICONSIAM project is under construction and its area as a shopping center is expected to open around the middle of 2018.

THE HOTEL AND TOURISM BUSINESS. In 2016, the Hotel and Tourism business improved and expanded the Group’s hotels continuously by renovating guestrooms, improving services, installing facilities in order to increase the convenience and modernity, meet the needs of customers and service users for the utmost satisfaction. For example, Pathumwan Princess Hotel added the PISA Restaurant to serve for meetings and the Italian restaurant. Dusit Thani Krabi Beach Resort opened the Malati Beach Bar Restaurant in order that its customers could closely admire the beach alongside the sea, and renovated restaurants such as the Coco Vida Italian Restaurant to have a style and atmosphere of a pool and a beach. Moreover, Dusit Thani Krabi Beach Resort participated in the project and its standard was certified by Thailand Convention and Exhibition Bureau (TCEB) from 2015 to 2016. This ensured that customers and service users have more confidence in the Hotel’s quality and standards. Layana Resort and Spa had renovations and added more 6 guestrooms.

THE GOLF BUSINESS. The Golf Business has provided services with 5 golf courses which are divided into 2 golf courses in Phuket- the Loch Palm Golf Course and the Red Mountain Golf Course which are recognized by both foreign and Thai golfers and several awards are given by TripAdvisor, Asian Golf Award, HAPA, Thailand Best Golf Courses, Best of Thailand Awards voted by the Chinese tourists, IAGTO, IGOLF Charter, for example- and 3 golf clubs in Pathum Thani- Riverdale Golf and Country Club and Bangkok Golf Club which have offered night golf services for the convenience of golfers living in Bangkok and surrounding areas, while the other golf club called Lum Luk Ka Country Club located in Prathum Thani as well. Contracts to form a business alliance with leading international golf courses have been made. Therefore, the Golf Business of the MBK GROUP has a business alliance with the golf courses in several countries.

THE REAL ESTATE BUSINESS.It has operated business about land development for sale, property management, consulting and property assessment, by a team with expertise and skill in the Real Estate Business. In 2016, the main revenue is generated from the Quinn Condominium which the revenue recognition of the rest of the project was over THB 1,000 million, from the project’s total value of THB 3,200 million. Moreover, there is a continuous plan to develop the the highrise condominium as its second project along the sky train line on Sukhumwit Road. The project is expected to open around the beginning of 2018.

Moreover, in May 2016, the Real Estate Business opened a project of residential areas around the Riverdale Golf and Country Club called the Park Riverdale project. The project has two-story single houses with a choice of 3 sizes for a total of 79 houses. Designed as a modern style with a cool and pleasant atmosphere, the project’s total value is over THB 670 million. At present, 41 houses are already completed and ready for sale and the whole 79 houses will be completed in 2017. The opening of Riverdale Residence project- the luxury project- will be planned in the 2nd quarter of 2017. Designed as a modern contemporary style, empty plots of land with a good location of being next to the golf club, together with blueprints, as well as house-and-land will be offered to customers. The total is 56 plots of land with the value of over THB 1,500 million. Also, a plan to improve and develop other plots of land around the golf club will be made in the next phase.

THE FOOD BUSINESS. Is business was about food which has run by Pathum Rice Mill and Granary Public Company Limited or PRG. In 2016, the rice business still focused on strategies to improve the quality of products, the control on production costs, sale and marketing. It was the accredited rice producer for the Department of Foreign Trade (DFT), the Ministry of Commerce, which was the Thai government’s representative in order to trade in rice as Government-to- Government (G to G). Also, the Food Business developed new products in the rice category and the other food category such as organic jasmine rice, organic riceberry, combined fragrant rice and concentrated tamarind for export. The rice business has developed and maintained its quality continuously until it received an award of honor- with the picture of two hands in a praying position- for packaged jasmine rice. This award is to guarantee the good quality rice and its constant quality standard. The Food Business has been continuously awarded and 2016 was its 9th year of such a prestige award given by the Department of Internal Trade (DIT), the Ministry of Commerce.

Moreover, the Restaurant and Food Court Business has still focused on strategies to expand its branches and develop products continuously through investing in the major renovation of the FIFTH Food Avenue in order to enhance its image with modernity and offer good experiences for service users. The brand name of the Japanese restaurant was changed from Fujio Shokudo to Hina Japanese Restaurant. It is situated on the 6th floor of the MBK Shopping Center. The new branch of Sukiyaki Number One, as its 4th branch, is opened in the AC Plaza Saimai project.

THE FINANCIAL BUSINESS.It has operated business about individual credit to buy condominiums and business credit holding the real estate which has good value, a good location, potential to be commercially developed, and is in the market’s demand, as collateral. The Finance Business has also offered credit to buy new motorcycles. For the business performance in 2016, the Finance Business had satisfactorily growing business profits as a result of the growth of a credit portfolio and hire purchase business which their revenues were much higher than the previous year. Furthermore, the Finance Business has still focused on continuously develop products and services in order to enhance the potential of business operations to be more efficient.

THE OTHER BUSINESS.It has operated business about auto auction Japan’s standards of appraisal and inspections of auto conditions are employed. In 2016, car parks were expanded in provinces in order to support an increase in a number of cars in auction. Nowadays, the car parks cover 13 provinces nationwide. In 2017, there is a plan to add more car parks in 3 provinces- Rayong, Nakorn Ratchasima, and Krabi-which allows Apple Auto Auction (AAA) to have 16 car parks in total. Moreover, a system of checking cars’ conditions via a tablet and a system of improving cost estimates are developed. This system of the cost estimates called Apple Auction Book is provided that sellers, buyers, and the general public can have access to cost estimates of all cars or each car after the auctions end conveniently and rapidly. Moreover, in 2017, there is a plan to develop and create a specific website of cost estimates in order to facilitate buyers, sellers, and the general public who want to know the prices after each auction ends, as well as a plan to build an application in order to satisfy the living of the new generation for convenience of online auctions so that people who are interested can participate in online auctions through the use of this Apple Mobile Live Bid Application.

THE SUPPORTING BUSINESS.It is a key agency to provide consulting and support for the core business of the MBK GROUP with a team of employees with expertise and various experience in business by encouraging the use of technology in the organization in order to increase the organization’s potential and competence in supporting activities, reduce costs and improve the Back Office system through management for the purpose of laying the foundation for being the Shared Services Center through sharing resources, enhancing competitive advantage- to develop and install the IT system for preparing the consolidated financial statement, set the same accounting standards for the MBK GROUP, manage the financial liquidity, increase the efficiency of financial transactions of the MBK GROUP, prepare a database for Human Resource Information System (HRIS) with the aim of improving the management and development of Human Resources and human capital sustainably, and provide with e-Procurement focusing on strategic management of the procurement as well as maintaining the quality of products and services provided by the sellers.

With all determination, dedication and commitment to conduct business operations according to the Good Corporate Governance, transparency, and corruption-free intention, the Company has been certified as a member of Thailand’s Private Sector Collective Action Coalition against Corruption by the Committee of Thailand’s Private Sector Collective Action Coalition against Corruption. This helps confirm the obvious direction of the Company in order to fight against the corruption. Moreover, the Company’s direction to run business with responsibility for the society and the environment is reflected in the fact that the Company was ranked in the ESG 100 list- 100 listed companies that demonstrated their remarkable Environmental, Social and Governance (ESG) for the year 2016, out of 612 listed companies, which were ranked by the ESG Rating Unit of Thaipat Institute.

On behalf of the Company’s Board of Directors, we would like to thank you our shareholders, customers, business alliances, communities, the society, executives, and all employees, for your support, trust, and confidence in the MBK GROUP’s business operations for over 30 years. The MBK GROUP is hopeful of your vital support for reinforcing every step of the MBK GROUP’s growth to be stable, strong, and able to produce enduring and continued returns for the shareholders and the society sustainably.


Mr. Banterng Tantivit

Mr. Suphadej Poonpipat
Vice Chairman

Mr. Suvait Theeravachirakul