ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
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 2020 THBUSD
Gross Profit6,525.99M208.53M
Operating income-19,259.06M-615.40M
Income before tax-24,684.64M-788.76M
Net income-22,867.93M-730.71M
Diluted EPS-4.70-0.15
Dividends Per Share00
Total Assets362,326.51M12,093.67M
Total liabilities318,071.75M10,616.54M
Total equity34,911.75M1,165.27M
Operating cash flow-3,181.06M-101.64M
Currency in THBCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 49,535.23M 55,001.01M 74,937.53M 119,022.65M 55,953.97M
Gross Profit 26,426.16M 32,354.58M 40,475.68M 51,763.68M 6,525.99M
Operating income 2,050.08M 4,692.54M 5,342.70M 6,620.99M -19,259.06M
Income before tax 7,249.40M 5,332.77M 6,602.64M 12,459.54M -24,684.64M
Net income 6,589.99M 5,415.39M 5,444.77M 9,409.24M -22,867.93M
EBITDA 5,730.76M 8,605.85M 10,837.21M 15,273.72M -1,096.14M
Diluted EPS 1.47 1.20 1.11 2.00 -4.70
Dividends Per Share 0.34 0.39 0.39 0 0
Total Assets 108,453.14M 119,100.29M 267,700.31M 254,183.76M 362,326.51M
Total liabilities 67,656.32M 68,596.16M 208,404.08M 192,103.58M 318,071.75M
Total equity 37,401.72M 47,328.59M 48,145.84M 51,673.59M 34,911.75M
Operating cash flow 7,167.32M 7,377.52M 8,798.88M 15,634.65M -3,181.06M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 1,404.03M 1,620.84M 2,318.09M 3,833.90M 1,787.94M
Gross Profit 749.02M 953.46M 1,252.06M 1,667.38M 208.53M
Operating income 58.10M 138.28M 165.26M 213.27M -615.40M
Income before tax 205.47M 157.15M 204.24M 401.34M -788.76M
Net income 186.78M 159.58M 168.42M 303.08M -730.71M
EBITDA 162.43M 253.60M 335.23M 491.98M -35.02M
Diluted EPS 0.04 0.03 0.03 0.06 -0.15
Dividends Per Share 0.00 0.01 0.01 0 0
Total Assets 3,028.52M 3,654.50M 8,221.75M 8,485.87M 12,093.67M
Total liabilities 1,889.28M 2,104.82M 6,400.61M 6,413.33M 10,616.54M
Total equity 1,044.43M 1,452.24M 1,478.68M 1,725.11M 1,165.27M
Operating cash flow 203.15M 217.41M 272.18M 503.61M -101.64M

Valuation Measures

Dec 2020
Operating margin-34.41%
Profit margin-40.86%

Key executives

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


  • Minor Holdings (Thai) Ltd. (15.8%)
  • YAN ZHI /ZALL/ (13.3%)
  • Social Security Office of Thailand (2.0%)
  • Banque Pictet & Cie SA (1.7%)
  • Norges Bank Investment Management (0.9%)
  • Krungsri Asset Management Co., Ltd. (0.9%)
  • Minor Bkh Public Co. Ltd. (0.7%)
  • APG Asset Management NV (0.4%)

Contact Details

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

Related Companies

  • Chicken Time Co. Ltd.
  • Anantara Vacation Club (HK) Ltd.
  • Lodging Investment (Labuan) Ltd.
  • Minor Continental Holding (Mauritius)
  • MSPA Cairo Ltd.
  • Jada Resort & Spa Pvt Ltd.
  • MHG Hotel Holding Australia Pty 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.
  • Delicious Food Holding (Australia) Pty Ltd.
  • Minor DKL Food Group Pty Ltd.
  • Hua Hin Resort Ltd.
  • Minor Food Group PCL
  • China Food Group Ltd.
  • Royal Garden Hotel Management Ltd.
  • COCO Palm Hotel & Resort Co. Ltd.
  • RGR International Co. Ltd.


  • Accor SA
  • Shangri-La Asia Limited
  • Mandarin Oriental International Limited
  • Hyatt Hotels Corporation Class A
  • InterContinental Hotels Group PLC
  • Marriott International, Inc. Class A
  • Grande Asset Hotels & Property Public Co. Ltd.
  • Laguna Resorts & Hotels Public Co. Ltd.
  • Dusit Thani Public Co. Ltd.
  • Shangri-La Hotel Public Co. Ltd.
Last Updated on 14 Oct, 2021

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends October 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more