Dusit Thani CEO reaffirms business continuity amid shareholder conflict, assures no change in management structure

The CEO of Dusit Thani Public Company Limited (DUSIT), Suphajee Suthumpun, has confirmed that the company will continue operating according to its existing business plans, despite internal conflict among major shareholders. She emphasized that there has been no change in the company’s governance or executive decision-making structure.

Suphajee issued a statement to clarify the situation and alleviate concerns among investors, business partners, and stakeholders. She reassured the public that the company remains fully operational and is moving forward with its strategic plans as scheduled. Details can be summarized as follows:

No Changes in Management Structure

Dusit Thani affirms that there have been no changes to the company's board of directors or executive team. Operations are continuing without disruption.

Q1 2025 Financial Statements Submitted

The company has completed and submitted its Q1 2025 financial statements to the Stock Exchange of Thailand (SET) on May 15, 2025. These statements were prepared in accordance with accounting standards, approved by the audit committee, and reviewed by external auditors. The board also urgently approved the appointment of an auditor specifically for Q1 to prevent any potential harm to the company and its shareholders.

Suphajee noted that this timely submission prevented DUSIT stock from being marked with an "SP" (suspension) warning by the SET. The SET did, however, issue a disclaimer advising investors to await the shareholder meeting scheduled for May 28, 2025, which will formally approve the appointment of the annual auditor.

“The Q1 financial report is transparent and accurate,” Suphajee emphasized. “The audit committee has reviewed it, and the numbers reflect normal operations, including ongoing investments that follow approved plans.”

According to the SET’s announcement on May 16, 2025, the Q1 financial statements have already been reviewed by an auditor approved by the Securities and Exchange Commission (SEC). However, shareholders will officially vote on appointing this auditor for the full year at the upcoming AGM.

Company Reassures Stakeholders

Dusit Thani views the current situation as a temporary internal issue among shareholders. Suphajee stated that the company is making every effort to resolve the matter within its scope of authority and believes greater clarity will emerge after the May 28 shareholder meeting.

She reaffirmed that Dusit Thani remains committed to transparent, professional management and strong corporate governance for the benefit of shareholders and all stakeholders. Suphajee also reiterated that she remains the company’s top executive—not any individual mentioned in recent reports or other shareholders.

Looking Ahead: New Chapter for Dusit Thani

Reflecting on her leadership since 2016, Suphajee described 2025 as a pivotal year as the company enters a “new chapter” with the opening of Dusit Central Park—a major project aligned with DUSIT’s long-term vision. She expressed hope that any shareholder disagreements can be resolved through dialogue, with the shared goal of moving the company forward in line with its founding principles.

2024 Financial Highlights

• Revenue: 11.204 billion baht (up 74.8% YoY; record high since establishment)
• EBITDA: 1.65 billion baht (up 91.4%)
• Net loss: 237 million baht (down 58.4%)

The net loss was largely due to financial costs totaling approx. 578 million baht, mainly from bond interest and lease liabilities under TFRS 16. The company clarified that it intentionally avoided capital increases to prevent burdening shareholders.

Q1 2025 Performance

• Revenue: 2.382 billion baht (up 10% YoY). Hotel revenue up 15% following the reopening of Dusit Thani Bangkok, food business revenue up 9.8% due to expansion into international school catering, and education revenue up 12.9% from Dusit Thani College
• EBITDA: 513 million baht (flat YoY)
• Net profit: 48 million baht (down 60.7%) due to higher costs and lower exchange gains
• Adjusted EBITDA (excluding FX and non-recurring items): 502 million baht (up 13.3%)
• Adjusted net profit: 37 million baht (down 32.7%)