Boutique Corporation PLC or BC reported a 1/2023 result with revenue up124.6% to THB106.16M. Gross profit grew 174.1% to THB65.54M following the opening of two new hotels and a contribution from commercial business. 2023 revenue is expected to reach the targeted THB700M as every business line reflects growth – hotel, community mall, medical wellness, and logistics.

Mr. Prab Takral, Chief Executive Officer of Boutique Corporation PLC or BC, the leader in real estate development under the B-O-S business model (Build-Operate-Sale: BOS) announced that 1/2023 performance, ending March 31, 2023, earned a total revenue of THB106.16M, up 124.6% from 1/2022 revenue of THB47.26M. Gross profit of THB65.54M, increased 174.1% from 1/2022 gross profit of THB23.91M.

Revenue increased from two newly opened hotels in the previous quarter Ibis Nimman Chiangmai and Jono Asok. Commercial revenue also increased 66.3% from a higher occupancy rate whilst logistic revenue more than doubled on the back of a 16% higher occupancy rate and an 8.5% higher average rental rate.

            1/2023 Gross profit of THB 65.54M was a result of revenue growth exceeding costs and as a consequence, gross margin improved from 51% in 1/2022 to 62% in 1/2023.

            For the standalone statement, the Parent company performed better financially and received THB 200 M dividends from the subsidiary during 1/2023, resulting in a significant increase in net profit from both the previous year and quarter to THB 193.95 M. The Parent company also showed a healthy financial position with retained earnings of THB 98.08 M at the end of 1/2023. Hence, the Parent company is expected to pay dividends to shareholders in the near future, subject to approval.

            “Positive news welcomed the year 2023 for the hospitality sector in Thailand. China’s border opened, the Thai government boosted domestic tourism with “Travel Together” phase 5, and Pattaya held its International Kite on the Beach Festival in February, which favorably affected BC’s hospitality business. As a result, the 1/2023 performance of every business improved both from the first and the previous quarter of 2022” said Mr. Prab.

            Mr. Prab also said that BC presently has two projects under construction, Jono Sukumvit 5 and Cove Hill community mall on Charoenkrung Road and a minimum of three Kana Pure cannabis dispensaries set to open in the first half of 2023 from a total of 20 branches planned for the year. 

                  BC also has two land plots in Phuket and one land plot in Chiangmai in the developing stage. Additionally, BC has a plan to acquire another land plot in a prime area of Bangkok later this year, subject to relevant regulatory approvals. BC expects to divest about 1-2 projects within 2023.

            For 2023 performance, BC expects revenue to reach THB700M well ahead of last year’s revenue of THB538.2M, and profit should follow in the same direction from tourism recovery since late 2022. Besides, BC’s medical wellness has high growth potential as BC controls product quality and production lines from upstream to downstream. Go storage is also very successful with great response from the market.