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BLAND announces dividend of 0.01 baht per share at its 53rd annual general meeting of shareholders

Bangkok Land Public Company Limited (BLAND), led by Mr. Peter (Sui Hung) Kanjanapas, Chairman, held its virtual annual general meeting of shareholders for 2025. Despite a decline in operational performance compared to the previous year, the company is optimistic about its long-term growth potential and continues its policy of rewarding shareholders. The company will pay a dividend of 0.01 baht per share, the same rate as last year. The announced dividend was proposed for approval at its 53rd shareholder meeting today. This year's annual report reflects the ongoing challenges for the company amidst an uncertain global economic environment that stems from ongoing conflicts and U.S. tax policies, affecting both domestic and international markets. These factors have led to rising inflation, increasing household debt, and the declining tourism sector, highlighting the fragility of the Thai economy. Furthermore, the unexpected earthquake in Thailand has inevitably affected investor confidence.

Mr. Peter (Sui Hung) Kanjanapas, Chairman of Bangkok Land Public Company Limited (BLAND), said, “Despite difficulties and uncertainties, we continue to work tirelessly for further developments. Recently, we successfully opened the MRT Pink Line extension with two stations including IMPACT Muang Thong Thani Station and Lake Muang Thong Thani Station. This marks another significant step in upgrading infrastructure, increasing the asset value of our ongoing investments in Muang Thong Thani, and effectively alleviating traffic congestion during large-scale events. Meanwhile, the IMPACT Exhibition and Convention Center has shown a strong growth, with a total revenue of 1,914 million baht, an increase of 8.3%, and a net profit of 399 million baht, a remarkable growth of 966.3% compared to the previous fiscal year. The IMPACT Growth REIT also continues to generate satisfactory returns, with a 22.5% increase in total revenue and a 28.8% increase in net profit. It also reported a dividend of 0.67 baht per unit in the 2024/25 fiscal year, up from 0.54 baht per unit in the previous fiscal year. With the potential of Muang Thong Thani, combined with ongoing infrastructure development, I am confident that IMPACT will continue to grow strongly and sustainably in the long term.

Summary of progress and achievements of the Company’s operations over the past fiscal year:

  • Real Estate Business: Although the real estate market in Nonthaburi remains slow due to rising household debt and stricter bank loan approvals, the “Mori Condominium Muang Thong Thani” continues to perform exceptionally. The project has now sold over 80% of its units and transferred ownership of 82% of the sold units. This reflects the project's strengths in pricing, modern design, and fully furnished units. The opening of the MRT Pink Line Extension to Muang Thong Thani, coupled with fully covered skywalks, has further enhanced the project's attractiveness.

  • Retail Business: The Company’s retail business continues to show a positive, upward growth trend for both BEEHIVE Lifestyle Mall and Cosmo Bazaar. This is due to the steadily growing population in Muang Thong Thani, especially with the influx of new government housing and offices such as the Immigration Bureau and the Police Cyber Crime Unit. Additionally, the recent move-in of Mori Condominium residents has further boosted local retail demand. With the anticipated opening of 3BB offices with over 1,400 office workers in September 2025, the Company has decided to add another food court to Cosmo Bazaar, slated to open in July 2025. Furthermore, demand for Outlet Square is growing, and the Company has started construction of additional outlet shops, all of which are currently fully booked and scheduled to open by the end of 2025.
  • Office Rental Business: Triple T Broadband Public Company Limited (3BB), a subsidiary of Advanced Info Services Public Company Limited (AIS), has officially signed a 9-year lease agreement for 11,117 sq.m. of office space at Cosmo Office Park. The contract is renewable every three years for rate adjustments. This lease will increase the occupancy rate of Cosmo Office Park to about 70%. As for the Bangkok Land building, occupancy rate remains at around 77%. Major tenants include TRUE IDC, which has signed contracts for 20 to 30 years. The contracts are renewable every three years for rate adjustments.

  • Hotel Business: Both Novotel and ibis hotels performed well in the 2024/25 fiscal year compared to the previous fiscal year.
    • Novotel Bangkok IMPACT’s occupancy increased from 48% to 53.4%, while EBIDA increased from 59 to 80.5.
    • Similarly, ibis Bangkok IMPACT experienced an occupancy increase from 45.5% to 48.5%, with EBIDA increasing from 54.2 to 92.0.

This improved performance is mainly due to an increase in events held at IMPACT. With the direct skywalk connection to Lake Muang Thong Thani Station (MT02), the Company anticipates steady growth for both hotels in the near future.

  • MRT Pink Line Extension to Muang Thong Thani: The MRT Pink Line extension has been successfully opened, covering two stations: IMPACT Muang Thong Thani Station (MT01) and Lake Muang Thong Thani Station (MT02). This achievement will not only enhance transportation capabilities but also significantly increase the asset value of the Company’s ongoing investments in Muang Thong Thani and help alleviate traffic congestion, especially during major events held at IMPACT Muang Thong Thani.

  • Positive Outlook of Muang Thong Thani: With the opening of the two MRT Pink Line extension stations, traveling to Muang Thong Thani has become easier than ever for visitors to IMPACT, as well as for residents and office workers in the area. The Company believes this development will significantly elevate all its businesses and investments in Muang Thong Thani. The Company also retains substantial land banks in Muang Thong Thani, strategically connected to these new MRT stations, for future developments. Furthermore, Silpakorn University’s City Campus at Muang Thong Thani will open a new building later this year, with an anticipated enrolment of 5,000 Thai and international students. This is expected to stimulate retail and residential demands, especially at the adjacent Cosmo Bazaar and nearby condominiums. It will also create opportunities for future developments on the Company’s land bank surrounding the university.

“Despite a volatile global economy, I still believe that the Company remains in a strong position with steadily growing recurring incomes from the rental of IMPACT and various commercial properties in Muang Thong Thani, which are expected to continue growing with the opening of the Pink Line stations. However, due to economic uncertainties, the Company will continue to implement strategies cautiously and remain vigilant in future investments,” Mr. Peter concluded.