Thailand’s overall economic situation in 2024 had a better expansion, particularly in tourism and export. A number of foreign tourists coming to Thailand increased. The government’s investment continuously expanded and private consumption maintained continuing growth. However, there were risk factors affecting the economic expansion such as high household debt and business debt, technology disruption, climate change in all dimensions— as a result of flash floods and torrid weather— which had an impact on people’s consumption and an economic contraction of trading nations amid risks of geopolitical conflict and high fluctuations in economic situations and global finance. These factors possibly had an impact on the Company’s business operations. Nevertheless, the endeavors and dedication of all involved parties to alter strategies and approaches to management in order to respond to changing situations over a period of time led to the overall performance in 2024 of each business unit to begin to recover gradually. The overall picture of 2024 ended on 31st December 2024, compared with 2023, as follows:
The revenue generated from the performance was 13,671 million Baht, an increase of 1,571 million Baht or 13% and the net profit made from the performance was 2,686 million Baht, an increase of 1,119 million Baht or 71%. This was due to the organization’s potential and continuing efficiency improvement, together with Thailand’s strongly recovered tourist industry. The number of both foreign and Thai tourists traveled increased, making business groups of the MBK GROUP better turnover, particularly the Shopping Center Business and the Hotel and Tourism Business. However, the turnover of the Real Estate Business did not reach its established goal because household debt and increasing cost of living caused financial institutes to strictly give credit approval.
The financial position of the MBK GROUP as of 31st December 2024, compared with 2023, had significant changes— total assets of 62,783 million Baht and total liabilities of 38,763 million Baht. These mentioned liabilities comprised interest-bearing debt of 21,503 million Baht, non-interest-bearing debt of 17,260 million Baht, and total equities of 24,020 million Baht.
All 8 business groups of the MBK GROUP — the Shopping Center Business, the Hotel and Tourism Business, the Golf Business, the Real Estate Business, the Food Solution, the Finance Business, the Auction Business, and the Corporate Supporting Center— altered strategies in order to cope with different challenging situations as well as opening up new business opportunities as a result of changes in consumer behavior and situations in all business groups such as:
The Shopping Center Business: The shopping centers of the MBK GROUP broadened a variety of their income bases and customer bases. MBK Center fully dedicated itself to continuously provide shopping experience which conveyed the most memorable impressions and a final destination to welcome the tourists all around the world. Today, the number of services users who are foreign tourists and Thai people rises higher than pre- COVID-19 period. Also, MBK Center was voted by the tourists around the globe for “TripAdivor Travelers’ Choice Awards”, fitting into a category of interest activities for tourists called “Things to do in Bangkok”. Areas in Paradise Park was renovated and allocated to a health care connection— the Health and Wellness Center— to offer holistic and full health services of treatment, healing, promotion, and prevention and fulfill every customer group’s interest in health care. Technology and innovation were used to help run business, services, and facilities for the sake of modernity. Also, marketing campaigns and activities were promoted and a customer base was created through a system called “MBK Plus Application” in order to satisfy various needs of the customers.
The Hotel and Tourism Business: As a result of a continuously increasing number of foreign tourists, the Hotel and Tourism Business had a better turnover, particularly Pathumwan Princess Hotel, Dusit Thani Krabi Beach Resort, Layana Resort and Spa, and Tinidee Trendy Bangkok Khaosan. More than 80% of their main guests were foreigners. In 2024, the MBK GROUP’s hotels were accredited for good quality of service and awards were given by institutes. For example, Pathumwan Princess Hotel received an award called “Best Premium City Hotel in Asia”. Dusit Thani Krabi Beach Resort received an award called “Best Luxury Family Resort in Asia”. Layana Resort and Spa received an award called “Best Luxury Beach Hotel in South East Asia”.
The Golf Business: It had regularly better turnover from Loch Palm Golf Club, Red Mountain Golf Club in Phuket, Riverdale Golf Club, and Bangkok Golf Club in Pathum Thani. It was an honor for the Company that the Company’s golf courses were selected for international tournaments. For example, Red Mountain Golf Club in Phuket where was selected for a golf tournament “Asian Development Tour (ADT)”, “All Thailand Partnership Trophy”. Bangkok Golf Club in Pathum Thani was honored to be the venue for the competition “Bangkok Open” and Riverdale Golf Club in Pathum Thani was honored to be the venue for the competition for “Thailand Open. Also, Riverdale Golf Club and Bangkok Golf Club received the first award in the excellent service “The Silver Flag” in 2023 from 59 Club Asia Service Excellence Awards Ceremony.
The Finance Business: For the hire purchase business run by T Leasing Company Limited and mortgage loan business run by MBK Guarantee Company Limited, the Finance Business had a continuously better turnover as a result of altering strategies in order to correspond to changing situations. The Company still has focused on the quality of credit— both the selection of quality debtors and quality collateral.
The MBK GROUP has firmly stood for sustainable business operations, wherein stakeholders and impacts on a business chain are taken into consideration. Also, the Company’s expertise and resources have been utilized in order to create value to the organization and the society consciously and simultaneously through ongoing projects and activities such as reducing waste emissions and resources, saving energy, and using alternative energy to help reduce and prevent environmental problems for the sake of sustainability in all aspects. Therefore, in 2024, the Company was selected as 1 of 71 companies which the evaluation of their stocks was announced as sustainable stocks on A level according to SET ESG Ratings 2024. The details are disclosed in this 56-1 One Report the Company’s Sustainability Report.
On behalf of the Board of Directors, we would like to express our gratitude to our shareholders, customers, business partners, all stakeholders, executives, and employees— whose unwavering trust and support have always been instrumental in business operations of the MBK GROUP. We are confident that the determination to run business and open up opportunities from challenging changes will lead the organization to grow in order to achieve goals vigorously, continuously, and sustainably. We have stuck to business operation principles based on Good Corporate Governance and the responsibility for the society and the environment, for the sake of the utmost benefit for shareholders, customers, employees, stakeholders, and the Thai society.
Mr. Banterng Tantivit
Chairman
Mr. Suphadej Poonpipat
Chairman of the Executive Committee
Mr. Wichak Praditavanij
President and CEO