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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 2021 THBUSD
Gross Profit5,014.78M156.63M
Operating income2,015.75M62.96M
Income before tax630.51M19.69M
Net income-155.61M-4.86M
Diluted EPS-0.02-0.00
Dividends Per Share00
Total Assets113,237.90M3,389.84M
Total liabilities97,014.93M2,904.20M
Total equity13,394.87M400.98M
Operating cash flow3,246.97M101.41M
Currency in THBCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 55,237.66M 60,643.89M 62,221.42M 53,968.15M 58,742.47M
Gross Profit 6,572.92M 6,560.59M 6,518.36M 4,143.77M 5,014.78M
Operating income 2,836.21M 2,801.34M 1,086.52M 690.63M 2,015.75M
Income before tax 1,057.43M 1,190.45M 1,715.37M -753.04M 630.51M
Net income 412.64M 305.62M 1,257.66M -1,104.44M -155.61M
EBITDA 5,258.28M 5,845.25M 4,440.53M 4,796.64M 6,680.05M
Diluted EPS 0.07 0.05 0.23 -0.20 -0.02
Dividends Per Share 0 0.01 0 0 0
Total Assets 87,829.37M 98,014.73M 105,084.90M 107,872.52M 113,237.90M
Total liabilities 73,056.67M 81,544.40M 88,107.73M 92,428.88M 97,014.93M
Total equity 13,225.80M 13,803.99M 14,430.07M 13,022.49M 13,394.87M
Operating cash flow -1,030.20M -460.13M 2,459.12M 6,323.53M 3,246.97M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,627.81M 1,875.93M 2,004.24M 1,724.49M 1,834.77M
Gross Profit 193.70M 202.94M 209.96M 132.40M 156.63M
Operating income 83.58M 86.65M 34.99M 22.06M 62.96M
Income before tax 31.16M 36.82M 55.25M -24.06M 19.69M
Net income 12.16M 9.45M 40.51M -35.29M -4.86M
EBITDA 154.95M 180.81M 143.03M 153.27M 208.64M
Diluted EPS 0.00 0.00 0.00 -0.00 -0.00
Dividends Per Share 0 0.00 0 0 0
Total Assets 2,694.97M 3,010.28M 3,508.23M 3,600.55M 3,389.84M
Total liabilities 2,241.69M 2,504.43M 2,941.45M 3,085.07M 2,904.20M
Total equity 405.82M 423.95M 481.74M 434.66M 400.98M
Operating cash flow -30.35M -14.23M 79.21M 202.06M 101.41M

Valuation Measures

Dec 2021
Operating margin3.43%
Profit margin-0.26%

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 & Executive Vice President: Peeti Karnasuta


  • The Vanguard Group, Inc. (1.0%)
  • Dimensional Fund Advisors LP (0.9%)

Contact Details

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

Related Companies

  • ITD-ARC Joint Venture
  • ITD-ETF Joint Venture
  • APPC Hong Kong Co., Ltd.
  • Future Prosperity Investment Co. Ltd.
  • ITD Cementation Projects India Ltd.
  • Ayeyarwady Multitrade Co., Ltd.
  • ITD Mozambique Ltda.
  • Thai Mozambique Logistica SA
  • Nha Pralan Crushing Plant Co., Ltd.
  • Asian Rail Co., Ltd.
  • APPC Holding Co., Ltd.
  • Thai Telecom Development Pte Ltd.
  • Thai Power Development Pte Ltd.
  • Thai International Industrial Estate Development Pte Ltd.
  • Dawei Telecom Holding Pte Ltd.
  • Dawei Power Holding Pte Ltd.
  • Dawei Development Co., Ltd. (Myanmar)
  • ITD Construction Sdn Bhd
  • Italian-Thai Development Vietnam Co., Ltd.
  • ITD Vertex Consortium Sdn Bhd
  • Lasalle Co., Ltd.
  • ITD Bangladesh Co., Ltd.
  • Italian-Thai Hongsa Co., Ltd.
  • Myanmar Italian-Thai Power 1 Co., Ltd.
  • ITD-Madagascar SA
  • Nahathai Co., Ltd.
  • Asia Industrial & Port Corp. Co., Ltd.
  • Asia Logistics Development Co., Ltd.
  • Sin Rae Muang Thai Co., Ltd.


  • Nawarat Patanakarn Public Co. Ltd.
  • Sino-Thai Engineering & Construction Public Co. Ltd.
  • CH. Karnchang Public Co. Ltd.
  • Unique Engineering & Construction Pcl
  • Syntec Construction Public Co. Ltd.
  • Civil Engineering Public Company Ltd
Last Updated on 4 Oct, 2022

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