Mr. Wiboon Utsahajit, Chief Executive Officer of Siam Wellness Group PCL. or SPA, emphasized that this transition signifies a major milestone for the company. SPA has evolved from an SME into SME role model, becoming the first spa company to be listed on the SET. The move also reinforces its ambitions to become a regional leader in Asia’s spa and wellness market. SPA’s strategy to be a Data-Driven Spa & Wellness Company positions it to unlock further growth opportunities, while attracting more domestic and international institutional investors, partners, and shareholders.
SPA, which first traded on the mai on October 31, 2014, has been recognized as a high-growth stock with a diversified portfolio, covering businesses from upstream to downstream in the spa and wellness industry. Its exponential growth in the number of branches and its standing as a company favored by investors and analysts alike highlights the company’s solid operational capabilities. The alignment with megatrends in tourism and health further positions SPA to benefit from ongoing economic drivers in Thailand.
In the first half of 2024, SPA and its subsidiaries generated revenues of 790.57 million baht, with a net profit of 135.59 million baht. The company has set a revenue target of 1.7 billion baht for 2024, with management optimistic that second-half results will surpass the first half due to seasonal tourism boosts and the Thai government’s visa exemption measures. This aligns with the government’s goal of generating 3.5 trillion baht from tourism, with 2.5 trillion baht expected from international visitors.
Looking forward, SPA’s 2024-2025 growth strategy includes expanding new branches in key locations such as Bangkok and major tourist destinations. The flagship project for 2025 will be the third Let’s Relax Onsen Lumpini, a 3,000 sqm facility located in the Grand Centre Point Lumpini Hotel, near key business hubs in Bangkok, showcasing SPA’s leadership in Thailand’s onsen industry.
