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Industrial Services

Italian-Thai Development Public Co., Ltd.

Company Background

Italian-Thai Development is the largest construction contractor in Thailand. Its landmark construction projects include Bangkok's new international Suvarnabhumi Airport and the capital's mass transit subway system. The company was established in 1958 by a Thai Chaijudh Karnasuta and Italian Giorgio Berlingieri. Currently the company is run by an all-Thai management team led by members of the Karnasuta family. The current president Premchai Karnasuta is the second son of co-founder Chaijudh.

Premchai has been expanding the company's international operations with projects such as New Delhi's subway system and an expressway in Bangladesh's capital, Dhaka.

In 2010, the Myanmar government granted the company a 75-year lease and the right to develop an industrial district in its Dawei special economic zone, a site of 250 sq. km. But in November 2013, the Myanmar government announced its cancellation of the agreement in favor of a joint venture with the Thai government, due to its lack of confidence in Italian Thai's ability to finance the huge project. The company lost rights to the overall project, but hopes to construct ports and electricity power plants in the district.

Business Summary

Italian-Thai Development Public Co., Ltd. is engaged in the construction and development of real estate properties. Its services include construction of buildings, industrial plants, pipeline, and utility works for public infrastructure. The firm operates through the following geographical segments: Thailand, India, Bangladesh and Other countries. The company was founded by Chaijudh Karnasuta and Giorgio Berlingieri on August 15, 1958 and is headquartered in Bangkok, Thailand.

Financial Highlights

Dec 2020 THBUSD
Gross Profit4,143.77M132.40M
Operating income690.63M22.06M
Income before tax-753.04M-24.06M
Net income-1,104.44M-35.29M
Diluted EPS-0.20-0.00
Dividends Per Share00
Total Assets107,872.52M3,600.55M
Total liabilities92,428.88M3,085.07M
Total equity13,022.49M434.66M
Operating cash flow6,323.53M202.06M
Currency in THBCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 47,319.56M 55,237.66M 60,643.89M 62,221.42M 53,968.15M
Gross Profit 4,518.20M 6,572.92M 6,560.59M 6,518.36M 4,143.77M
Operating income 1,715.49M 2,836.21M 2,801.34M 1,086.52M 690.63M
Income before tax 177.17M 1,057.43M 1,190.45M 1,715.37M -753.04M
Net income -109.27M 412.64M 305.62M 1,257.66M -1,104.44M
EBITDA 4,144.68M 5,258.28M 5,845.25M 4,440.53M 4,796.64M
Diluted EPS -0.02 0.07 0.05 0.23 -0.20
Dividends Per Share 0.01 0 0.01 0 0
Total Assets 78,119.71M 87,829.37M 98,014.73M 105,084.90M 107,872.52M
Total liabilities 63,786.32M 73,056.67M 81,544.40M 88,107.73M 92,428.88M
Total equity 12,972.17M 13,225.80M 13,803.99M 14,430.07M 13,022.49M
Operating cash flow 3,447.72M -1,030.20M -460.13M 2,459.12M 6,323.53M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 1,341.23M 1,627.81M 1,875.93M 2,004.24M 1,724.49M
Gross Profit 128.06M 193.70M 202.94M 209.96M 132.40M
Operating income 48.62M 83.58M 86.65M 34.99M 22.06M
Income before tax 5.02M 31.16M 36.82M 55.25M -24.06M
Net income -3.09M 12.16M 9.45M 40.51M -35.29M
EBITDA 117.47M 154.95M 180.81M 143.03M 153.27M
Diluted EPS -0.00 0.00 0.00 0.00 -0.00
Dividends Per Share 0.00 0 0.00 0 0
Total Assets 2,181.47M 2,694.97M 3,010.28M 3,508.23M 3,600.55M
Total liabilities 1,781.21M 2,241.69M 2,504.43M 2,941.45M 3,085.07M
Total equity 362.24M 405.82M 423.95M 481.74M 434.66M
Operating cash flow 97.72M -30.35M -14.23M 79.21M 202.06M

Valuation Measures

Dec 2020
Operating margin1.27%
Profit margin-2.04%

Key executives

  • President, Managing Director & Director: Premchai Karnasuta
  • Chief Financial Officer & Executive Vice President: Chatichai Chutima
  • Senior Vice President-Technical & Estimate: Atipat Kaivalchatchaval
  • Director & Senior Executive Vice President: Nijaporn Charanachitta
  • Director & Senior Executive Vice President: Pathai Chakornbundit


  • The Vanguard Group, Inc. (1.0%)

Contact Details

  • Website:
  • Address: 2034/132-161 Italthai Tower, New Petchburi Road, Bangkok, 10310, Thailand
  • Phone: +66.2.716.1600

Related Companies

  • Italian Thai Development Vietnam Co. Ltd.
  • Myanmar Italian-Thai Power 1 Co., Ltd.
  • ITD Madagascar SA Co., Ltd.
  • Italian-Thai Power Co., Ltd.
  • Wildemere Co., Ltd.
  • Khunka Palangthai Co., Ltd.
  • Palit Palangngan Co., Ltd.
  • Asian Steel Product Co., Ltd.
  • Italian-Thai International Co., Ltd.
  • Italian-Thai Development (BVI) Co., Ltd.
  • Siam Concrete & Brick Products Co., Ltd.
  • Palang Thai Kaowna Co. Ltd.
  • SRMT Holdings Ltd.
  • Thai Pride Cement Co. Ltd.


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  • Sino-Thai Engineering & Construction Public Co. Ltd.
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  • Unique Engineering & Construction Pcl
  • Syntec Construction Public Co. Ltd.
  • Triton Holding Public Co. Ltd.
Last Updated on 26 Nov, 2021

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