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Consumer Services

Minor International Public Co., Ltd.

Company Background

Minor International is a Thai conglomerate that runs hotels and restaurants in and outside its home market. Its network, built up through an aggressive acquisition strategy, includes more than 100 hotels and nearly 1,600 restaurants.

CEO William Heinecke founded the company in 1978, with a small hotel in Thailand's resort area of Pattaya. He expanded into the food business with a pizzeria in 1980.

Heinecke, born in the U.S. in 1949, moved to Thailand with his parents when he was still a student. He made the country his home and eventually gave up his American citizenship. Heinecke also serves as an independent director of Indorama Ventures, a Thai maker of polyethylene terephthalate, better known as PET.

Currently, Minor draws about half of its revenue from hotels and about 40% from restaurants. The rest comes from retail trading.

Under licenses, the company operates hotels of global brands including Marriott and Four Seasons, alongside its own chains, such as Anantara and Avani. In 2011, it acquired a majority stake in Australia's Oaks Hotels and Resorts.

Along with its own pizza chain, Pizza Company, Minor owns the master franchise rights of U.S. ice cream parlor Swensen's in 32 countries.

Business Summary

Minor International Public Co., Ltd. engages in the hotels, resorts, restaurants, and retail store business. It operates through the following segments: Hotel and Spa, Mixed Use, Restaurant, and Retail. The company was founded by William Ellwood Heinecke in 1978 and is headquartered in Bangkok, Thailand.

Financial Highlights

Dec 2021 THBUSD
Gross Profit19,999.80M624.67M
Operating income-16,709.53M-521.90M
Income before tax-17,604.62M-549.86M
Net income-14,712.12M-459.52M
Diluted EPS-2.83-0.08
Dividends Per Share00
Total Assets369,632.88M11,065.19M
Total liabilities321,028.46M9,610.19M
Total equity37,134.66M1,111.65M
Operating cash flow12,461.54M389.22M
Currency in THBCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 55,001.01M 74,937.53M 119,022.65M 55,953.97M 69,480.95M
Gross Profit 32,354.58M 40,475.68M 51,763.68M 6,525.99M 19,999.80M
Operating income 4,692.54M 5,342.70M 6,620.99M -19,259.06M -16,709.53M
Income before tax 5,332.77M 6,602.64M 12,459.54M -24,684.64M -17,604.62M
Net income 5,415.39M 5,444.77M 9,409.24M -22,867.93M -14,712.12M
EBITDA 8,605.85M 10,837.21M 15,273.72M -1,096.14M 3,161.42M
Diluted EPS 1.20 1.11 2.00 -4.70 -2.83
Dividends Per Share 0.39 0.39 0 0 0
Total Assets 119,100.29M 267,700.31M 254,183.76M 362,326.51M 369,632.88M
Total liabilities 68,596.16M 208,404.08M 192,103.58M 318,071.75M 321,028.46M
Total equity 47,328.59M 48,145.84M 51,673.59M 34,911.75M 37,134.66M
Operating cash flow 7,377.52M 8,798.88M 15,634.65M -3,181.06M 12,461.54M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,620.84M 2,318.09M 3,833.90M 1,787.94M 2,170.17M
Gross Profit 953.46M 1,252.06M 1,667.38M 208.53M 624.67M
Operating income 138.28M 165.26M 213.27M -615.40M -521.90M
Income before tax 157.15M 204.24M 401.34M -788.76M -549.86M
Net income 159.58M 168.42M 303.08M -730.71M -459.52M
EBITDA 253.60M 335.23M 491.98M -35.02M 98.74M
Diluted EPS 0.03 0.03 0.06 -0.15 -0.08
Dividends Per Share 0.01 0.01 0 0 0
Total Assets 3,654.50M 8,221.75M 8,485.87M 12,093.67M 11,065.19M
Total liabilities 2,104.82M 6,400.61M 6,413.33M 10,616.54M 9,610.19M
Total equity 1,452.24M 1,478.68M 1,725.11M 1,165.27M 1,111.65M
Operating cash flow 217.41M 272.18M 503.61M -101.64M 389.22M

Valuation Measures

Dec 2021
Operating margin-24.04%
Profit margin-21.17%

Key executives

  • Group Chief Executive Officer & Director: Emmanuel Jude Dillipraj Rajakarier
  • Chief Financial Officer: Chaiyapat Paitoon
  • Chief Information Officer: Steve Delano Herndon
  • Group Director-Information & Technology: Tawicha Trakulyingyong
  • Chief Investment Officer: Kosin Chantikul


  • Minor Holdings (Thai) Ltd. (15.6%)
  • YAN ZHI /ZALL/ (13.1%)
  • Banque Pictet & Cie SA (1.7%)
  • Social Security Office of Thailand (1.6%)
  • Minor Bkh Public Co. Ltd. (0.7%)
  • Norges Bank Investment Management (0.6%)
  • Krungsri Asset Management Co., Ltd. (0.5%)
  • Jennison Associates LLC (0.4%)

Contact Details

  • Website:
  • Address: 88 The Parq Building, 12th Floor, Ratchadaphisek Road, Bangkok, 10110, Thailand
  • Phone: +66.2.365.7500

Related Companies

  • M & H Management Ltd.
  • Minor Supply Chain Solutions Ltd.
  • Minor Sky Rider Ltd.
  • AVC Vacation Club Ltd.
  • AVC Club Developer Ltd.
  • Minor International (Labuan) Ltd.
  • R.G.E. (HKG) Ltd.
  • M Spa International Ltd.
  • Phuket Beach Club Owner Ltd.
  • MHG Phuket Ltd.
  • Coco Recreation Ltd.
  • Samui Beach Club Owner Ltd.
  • Lodging Investment (Labuan) Ltd.
  • Minor Continental Holding (Mauritius) Ltd.
  • MSPA Cairo Ltd.
  • Maifad Beach Resort Ltd.
  • Chao Phaya Resort & Residence Ltd.
  • Coco Residence Ltd.
  • Minor Information Technology Ltd.
  • Phuket Beach Residence Ltd.
  • MI Squared Ltd.
  • Samui Beach Residence Ltd.
  • RNS Holdings Ltd.
  • Royal Garden Entertainment Ltd.
  • Royal Garden Plaza Ltd.
  • Minor Hotel Group Ltd.
  • Samui Village Ltd.
  • MSpa International Ltd.
  • Maerim Terrace Resort Ltd.
  • Chao Phaya Resort Ltd.


  • InterContinental Hotels Group PLC
  • Accor SA
  • Marriott International, Inc. Class A
  • Shangri-La Asia Limited
  • Hyatt Hotels Corporation Class A
  • Mandarin Oriental International Limited
  • Laguna Resorts & Hotels Public Co. Ltd.
  • Dusit Thani Public Co. Ltd.
  • Thoresen Thai Agencies Public Co. Ltd.
Last Updated on 4 Oct, 2022

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