BC Reports Robust Q4/2024 Hospitality Growth Amid Peak Tourism Season, Driving Continuous Turnaround Success and Gearing Up for ICO Launch

BC Reports Robust Q4/2024 Hospitality Growth Amid Peak Tourism Season, Driving Continuous Turnaround Success and Gearing Up for ICO Launch

BC, a leader in real estate development under the BOS (Build-Operate-Sell) model, has revealed strong prospects for Q4/2024, with the hospitality sector expected to thrive due to a surge in tourism activity. The company is poised to open the "Covehill" lifestyle mall in the Charoen Krung area on November 28, with tenant occupancy rates already exceeding 70%. Furthermore, BC’s successful sales of two investment projects this year have bolstered profits for the last two consecutive quarters, while the company is progressing with plans for an Initial Coin Offering (ICO) for digital tokens.

Mr. Prab Thakral, Chief Executive Officer of Boutique Corporation Public Company Limited (BC), shared his confidence in the company’s performance and outlook, stating that BC is on track to meet its projected turnaround goals. With Q4/2024 showing promising potential, BC is set to benefit from the peak tourism season, which is driving increased international tourist spending. BC’s hotels in key destinations like Bangkok, Pattaya, Chiang Mai, and Phuket are experiencing high occupancy rates, and the company expects its hospitality segment to grow by 25% this year, bolstered by ongoing cost-control measures to boost profitability.

A major milestone for BC is the grand opening of the "Covehill" lifestyle mall on November 28. This new landmark in the Charoen Krung area is poised to become a popular shopping destination, with tenant occupancy already surpassing 70%.

Additionally, BC has successfully sold investments in two projects this year: Covehill and Ibis Chiang Mai Nimman Journeyhub (Ibis). These transactions have significantly contributed to the company’s profitability over the past two quarters (Q2 and Q3). The weakened Thai baht has worked in BC's favor, making it easier to sell investments to international investors, thus improving liquidity and boosting demand for BC’s projects at favorable prices. This situation provides further opportunities for generating additional revenue.

BC is also making strides in its ICO plans, considering raising funds through the sale of digital tokens for its promising “Summerpoint” project. The ICO, named "Summer Point Token" or "SUMMERX," will offer up to 900 million tokens with a fundraising goal of up to 450 million baht. The company expects the ICO offering to be made available to the public by the end of this year, supporting its sustainable development and investment sales strategy.

“We specialize in operating the BOS model in real estate, particularly in hotels, serviced apartments, and commercial real estate such as shopping centers and office buildings. From selecting prime locations to successfully managing projects with high tenant occupancy rates, BC continues to achieve consistent project sales. We also plan to bring in top global hotel brands for management in the coming year to further enhance tourist traffic and increase revenue. Our goal is to maintain sustainable profit growth by investing in 2-3 new projects each year,” said Mr. Prab.

For Q3 2024, BC reported total revenue of 198 million baht, a significant increase of 106.4 million baht or 116.2% compared to the same period last year. Net profit for the quarter was 54.5 million baht, with EBITDA standing at 99.5 million baht, reflecting ongoing improvements. For the first nine months of 2024, EBITDA grew to a positive 200.7 million baht, a notable turnaround from a loss of 27.5 million baht during the same period last year.