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Message from the Board of Directors


Consumer confidence in spending was regained, and economic activities were likely to resume the pre-pandemic level since there were signs of steady recovery from the COVID-19 outbreak that lasted a prolonged period from 2020 to early 2022 which now began to improve. In addition, the government relaxed control measures and ultimately, the emergency situation announcement was lifted nationwide. Measures to stimulate and recover the economy, specially in the tourism sector, were launched. However, entrepreneurs and consumers remained cautious in their spending as the overall and global economy continued to be affected by numerous factors such as the fuel price, inflation, technology disruption, and the Russian-Ukrainian war.

Although MBK GROUP was impacted by the spread of COVID-19 and other factors in early 2022, the Board of Directors and Management made constant arrangements and strategic adjustments to the business in response to the crisis, changes, and business environment. Strategies were also modified to accommodate the improving situation and gradually recuperating purchasing power. The overall operating results for the year ended on 31st December 2022 compared to 2021 were as follows:

The operating income was 9,452 million Baht, an increase of 1,245 million Baht, or 15%. The 2022 net profit was 332 million Baht, compared to a net loss of 804 million Baht in 2021 due to prolonged impact of COVID-19 since March 2020. As a result of the 2021 net loss, some businesses had to close their establishments according to the measures during the period required by the government. Such businesses were the shopping center business, the hotel business, the golf business, and the food court business. Nevertheless, in 2022, the severity and the concerns over the pandemic subsided continuously, and the country was reopened to welcome foreign tourists, resulting in gradual recovery of business sectors, particularly tourism-related ones.

MBK GROUP’s financial position as of 31st December 2022 compared to 2021 saw material changes: Total assets were 54,350 million Baht, and the total liabilities were 32,537 million Baht. The latter comprised interest-bearing liabilities of 16,578 million Baht and non-interest-bearing liabilities of 15,959 million Baht. Total shareholders’ equity was 21,813 million Baht.

All 8 businesses of MBK GROUP namely the Shopping Center, Hotel and Tourism, Golf, Real Estate, Food solution, Finance, Auction, and Corporate Supporting Center shifted the strategies to brace for challenging situations and generate new business opportunities from changes in consumer behaviors and circumstances, especially in the tourism-related businesses:

For the Shopping Center Business, Shopping Centers under MBK GROUP and Siam Piwat Co., Ltd. (SPW) (as an associate company) diversified the income base and customer segments. MBK Center, in particular, renovated the rental area and communal area to suit changes of the situation. There were many aspects of the overhaul and diversification of shops and goods that better met the needs of both Thai and foreign customers. In addition, the government’s measure to reopen the country attracted the return of foreign customers. Technology and innovation were adopted to support and modernize the operations, services, and facilities. Via MBK Plus application, marketing activities were promoted, and the customer base was created to satisfy the various needs of the customers.

As for Paradise Park, the land rental contract was renewed for 20 more years (1st August 2023 - 31st July 2043). At the moment, the selection of store tenants at Paradise Park and Paradise Place is undergoing planning to ensure diversity, suitability, and uniqueness, to differentiate from competing shopping centers located in the same zone to respond to the needs of every customer segment. The differentiation, for instance, would be a center for holistic and integrated health services, including healing, treating, promoting, and preventing in a comprehensive manner under the concept of “The Philosophy of Living”.

Regarding the hotel and tourism business, more and more foreign tourists arrived in response to the government’s country reopening policy and measures to boost tourism. As a result, the hotel business saw better operating results, particularly Pathumwan Princess Hotel, Dusit Thani Krabi Beach Resort, and Layana Resort and Spa, where as many as 80% of the main customers were foreigners.

In early 2022, Pathumwan Princess Hotel and Tinidee Hotel Bangkok Golf Club provided the hospitel service for infected patients with mild symptoms (Green) to help relieve the burden of the government and hospitals. This was an opportunity to generate revenue to the hotel business during the crisis.

For the Golf Business, the signs of tourism recovery, particularly the country reopening for foreign tourists, helped improve the performance of the Golf Business, especially those located in Phuket namely Loch Palm Golf Course and Red Mountain Golf Course, as the majority of customers was foreigners. Golf courses in Pathum Thani namely Riverdale Golf Club and Bangkok Golf Club had consistently better operating results. These two golf courses had the honor of being the location for professional golf tournaments of Thailand Open 2022 and Singha Bangkok Open 2022 in cooperation with All Thailand Golf Tour.

However, the Financial Business in the area of hire-purchase operated by T Leasing Co., Ltd. (TLS), faced intense competition. Additionally, in October 2022, the Office of the Consumer Protection Board (OCPB) announced a measure to control the interest rate ceiling which would take effect in January 2023. Consequently, motorcycles hire purchase saw a slowdown. In 2022, TLS’s net profit decreased from 2021 by 39%. However, TLS has a plan to develop new lending products to expand business and develop technology systems and services to meet the diverse needs of current and future customers.

MBK GROUP remains committed in conducting a sustainable business. The Board of Directors has always recognized and placed importance on cultivating management in accordance with the Good Corporate Governance principles within the organization as they believe that doing so will be a vital foundation for MBK GROUP to be ready to take on the everchanging environment while being responsible to the society and all stakeholders.

In addition, there are changes and emerging risks in today’s business. Apart from business growth, MBK GROUP considers the stakeholders and impact to the business value chain. The company realizes and emphasizes the sustainable growth by adopting its expertise and resources to consciously generate value to the organization and society simultaneously through continuous projects and activities. Examples are reduction of waste releases, decrease of energy consumption, energy conservation, and alternative energy sources to lessen and prevent environmental issues and promote sustainability in all aspects. Details of which are disclosed in this 56-1 One Report.

On behalf of the Board of Directors, we would like to thank our shareholders, customers, business partners, and all stakeholders as well as executives and employees who have trusted and helped support the business of the MBK GROUP all along. MBK GROUP believes that the commitment to conduct business by adjusting and preparing a plan in a timely manner as well as creating opportunities from challenging changes enable the organization to grow towards its goals with strength and continuity by adhering to the principles of Good Corporate Governance to create maximum benefits for shareholders, customers, employees, stakeholders, and Thai society


Mr. Banterng Tantivit

Mr. Suphadej Poonpipat
Chairman of the Executive Committee

Mr. Wichak Praditavanij
President and CEO