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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: Food and Beverage, Hotel and Related Services Operations, Mixed-use Operations, Distribution and Manufacturing, and Other Income. The company was founded by William E. Heinecke in 1978 and is headquartered in Bangkok, Thailand.

Financial Highlights

Dec 2019 THBUSD
Gross Profit51,763.68M1,667.38M
Operating income6,620.99M213.27M
Income before tax12,459.54M401.34M
Net income9,409.24M303.08M
Diluted EPS2.020.06
Dividends Per Share00
Total Assets254,183.76M8,485.87M
Total liabilities192,103.58M6,413.33M
Total equity51,673.59M1,725.11M
Operating cash flow15,634.65M503.61M
Currency in THBCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 41,558.17M 49,535.23M 55,001.01M 74,937.53M 119,022.65M
Gross Profit 22,561.47M 26,426.16M 32,354.58M 40,475.68M 51,763.68M
Operating income 2,636.84M 2,050.08M 4,692.54M 5,342.70M 6,620.99M
Income before tax 6,291.65M 7,249.40M 5,332.77M 6,602.64M 12,459.54M
Net income 7,040.16M 6,589.99M 5,415.39M 5,444.77M 9,409.24M
EBITDA 5,592.90M 5,730.76M 8,605.85M 10,837.21M 15,273.72M
Diluted EPS 1.58 1.48 1.21 1.12 2.02
Dividends Per Share 0.34 0.34 0.39 0.39 0
Total Assets 98,381.55M 108,453.14M 119,100.29M 267,700.31M 254,183.76M
Total liabilities 61,670.39M 67,656.32M 68,596.16M 208,404.08M 192,103.58M
Total equity 32,802.52M 37,401.72M 47,328.59M 48,145.84M 51,673.59M
Operating cash flow 3,269.70M 7,167.32M 7,377.52M 8,798.88M 15,634.65M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 1,212.57M 1,404.03M 1,620.84M 2,318.09M 3,833.90M
Gross Profit 658.29M 749.02M 953.46M 1,252.06M 1,667.38M
Operating income 76.93M 58.10M 138.28M 165.26M 213.27M
Income before tax 183.57M 205.47M 157.15M 204.24M 401.34M
Net income 205.41M 186.78M 159.58M 168.42M 303.08M
EBITDA 163.18M 162.43M 253.60M 335.23M 491.98M
Diluted EPS 0.04 0.04 0.03 0.03 0.06
Dividends Per Share 0.01 0.00 0.01 0.01 0
Total Assets 2,733.96M 3,028.52M 3,654.50M 8,221.75M 8,485.87M
Total liabilities 1,713.78M 1,889.28M 2,104.82M 6,400.61M 6,413.33M
Total equity 911.56M 1,044.43M 1,452.24M 1,478.68M 1,725.11M
Operating cash flow 95.40M 203.15M 217.41M 272.18M 503.61M

Valuation Measures

Dec 2019
Operating margin5.56%
Profit margin7.90%

Key executives

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


  • Minor Holdings (Thai) Ltd. (14.1%)
  • YAN ZHI /ZALL/ (12.0%)
  • Social Security Office of Thailand (1.7%)
  • Banque Pictet & Cie SA (1.5%)
  • Norges Bank Investment Management (1.2%)
  • THADANI ANIL (1.1%)
  • Bank of Singapore Ltd. (0.8%)
  • Minor Bkh Public Co. Ltd. (0.8%)

Contact Details

  • Website:
  • Address: Berli Jucker House 99 Soi Rubia, Sukhumvit 42 Road, Kwaeng Phrakanong, 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.


  • Grande Asset Hotels & Property Public Co. Ltd.
  • Hyatt Hotels Corporation Class A
  • Dusit Thani Public Co. Ltd.
  • Laguna Resorts & Hotels Public Co. Ltd.
  • Shangri-La Hotel Public Co. Ltd.
Last Updated on 22 Oct, 2020

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