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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 Holds 2024 Annual General Shareholders’ Meeting Online, Reports Growth and Announces Dividend Payout

Bangkok Land Public Company Limited held its 2024 Annual General Shareholders’ Meeting online, led by Mr. Peter Kanjanapas, Chairman of the Board. During the meeting, Mr. Peter reported steady business growth and announced a dividend payout of THB 0.01 per share for Bangkok Land shareholders, reflecting an increase from the previous year.

The declared dividend will be presented for approval at the company’s 52nd Annual General Meeting of Shareholders held today. This year has proven to be another challenging period for the company due to the ongoing weakness of the domestic market, rising inflation rates, and a slower-than-expected recovery of various business sectors from the COVID-19 pandemic.

Mr. Peter Kanjanapas stated:

“IMPACT Exhibition and Convention Center continues to grow alongside the expanding MICE (Meetings, Incentives, Conferences, and Exhibitions) industry. With the global and Thai MICE industries showing positive growth trends, booking volumes at IMPACT Muang Thong Thani have increased during the 2023-2024 fiscal year. We hosted 605 events, slightly up from 590 events in the previous year. However, net profits from investments declined due to multiple renovations and upgrades to our facilities, which have been in operation for over 25 years. Nevertheless, the company’s overall performance remains strong and reliable.”

Mr. Peter also shared updates on Bangkok Land’s progress and key achievements across its various business units:

1. Hotel Business

Both Novotel and Ibis hotels recorded positive performance over the past fiscal year:

  • Novotel Hotel

    • Net profit increased from THB 16.5 million (FY 2022/2023) to THB 16.93 million (FY 2023/2024).

    • Occupancy rate rose from 43.9% to 48%.

  • Ibis Hotel

    • Occupancy rate grew from 37.9% to 45.5%.

2. Real Estate Development

Bangkok Land’s MORI Condominium Muang Thong Thani project received an excellent response from both buyers and investors.

  • The project’s starting price was adjusted to THB 999,000*.

  • It features modern design, direct connectivity to the Pink Line mass transit, and easy access to expressways and nearby amenities, including Cosmo Bazaar shopping mall, just minutes away.

  • The project has received EIA (Environmental Impact Assessment) approval and has begun unit transfers to customers earlier this month.

Recently, Bangkok Land also launched MORI Condominium Bangna, featuring a stylish Japanese minimalist design:

  • Attractive starting price of THB 699,000*.

  • Prime location near Hua Chiew University, expressways, and the airport.

3. Office Leasing

The company announced that AIS (Advanced Info Service) has leased 13,344 sq.m. of office space at Cosmo Office Park Muang Thong Thani.

  • The site will accommodate over 2,000 employees by Q2 2025.

  • This lease agreement will boost Cosmo Office Park’s occupancy rate from 35% to 73%, while Bangkok Land Building’s occupancy rate currently stands at 77%.

  • With the completion of the Pink Line extension into Muang Thong Thani expected by mid-2025, occupancy rates for both office buildings are projected to grow further next year.

4. Retail Business

The company’s retail operations, including Beehive Lifestyle Mall and Cosmo Bazaar, continue to perform well and show positive growth.

  • This is driven by Muang Thong Thani’s increasing population, fueled by:

    • Expansion of residential projects,

    • Establishment of new government offices such as the Immigration Bureau, which serves 21,600 people, and

    • Growth of Silpakorn University, with over 3,000 students.

  • These developments are boosting demand for products and services in the area.

5. Property Management and Other Services

Through Muang Thong Services & Management Co., Ltd. (MSM), Bangkok Land offers comprehensive property management services.

  • MSM recorded an 18% growth compared to the previous year.

  • Le Nôtre Culinary School Thailand also experienced a steady increase in enrollment, reflecting strong interest in culinary education.

6. Pink Line Mass Transit Extension into Muang Thong Thani

Construction progress of the Pink Line extension stations is on track:

  • IMPACT Challenger Station (MT01): 54% complete

  • Lakeside Muang Thong Thani Station (MT02): 62% complete

  • Overall progress: 60% complete

The extension is expected to open for service by mid-2025, which will be a significant growth opportunity for Muang Thong Thani.