Reflecting on recent challenges, the year 2023 stands as a testament to Thailand's resilience as it emerged from Covid-19 pandemic to normalcy. As Thonburi Healthcare Group (THG) embarked upon the path to recovery, our core hospital business achieved commendable growth last year, despite posting softer overall performance year-on-year due to the slower-than-expected sales of our senior residents, increased cost of borrowing, and several new investments for future growth. At present, we boast a total of 1,520 registered beds within our network of hospitals throughout the country. The partnership serves as a cornerstone of strength, fostering collaboration and engendering knowledge transfers. Last year THG also made investments to expand service capacity in many of our hospitals. Notably, Thonburi Hospital, Thonburi Thawiwatthana Hospital, Rajyindee Hospital, and Thonburi Trang Hospital are poised to offer the expanded services in the third quarter of 2024.

Mrs. Charuvarn Vanasin

Chairman of the Board

The Group continues to lead in cardiac care. Its affiliate, Thonburi Sermrath Co.,Ltd. - formerly Thonburi Hospital Heart Center — has expanded its capacity for treating heart patients by increasing the number of available beds in collaboration with government hospitals. Continuing the mission of public-private partnership, the company has also added new services such as community hospital management services, as well as providing treatments for other complex diseases for all types of public health insurance. To meet the evolving needs of communities, the Group continues to expand beyond tertiary and secondary care to include related services such as elderly care. Our Thonburi Health Village Pracha Uthit, which has garnered exemplary loyalty from its nursing care for seniors, has recently partnered with Muang Thai Life to provide insurance coverages, offering enhanced convenience for the insured.

On the international front, our Ar Yu International Hospital in Myanmar has gained recognition for its world-class standard and become the leading hospital in Yangon. Continuing our regional expansion, THG is set to launch the BeWell Wellness Clinic in Ho Chi Minh, Vietnam, in 2024. To reinforce our commitment to international expansion, the Group has established Thonburi Partners Pte. Limited, which will ensure seamless execution and continued expansion of our ventures.

Meeting international standards is a top priority for THG. We are proud to report that five of our hospitals - Thonburi Hospital, Thonburi Thawiwatthana Hospital, Thonburi Burana Hospital, Thonburi Thung Song Hospital and Thonburi Trang Hospital — have been accredited by the American Accreditation Commission International (AACI) in 2023. As we carry on the pursuit of excellence, we expect more accolades in the years ahead.

Contributing to the society has always been part of THG’s DNA. Our collaborations with Siam University have produced many cohorts of doctors and nurses for Thailand. Last year saw THG’s yet another initiative in setting up St. Luke School of Medicine, an international programme of medicine scheduled to be launched in 2025, in collaboration with Assumption University. The international medical school will play a key role in bolstering the country’s aspiration to be the world’s medical hub. More importantly, grooming new generations of patient-centred and well-rounded medical professionals has always been the vision of THG’s founders to strengthen the country’s healthcare system.

As a show of the investors’ confidence, THG was included by the Stock Exchange of Thailand (SET) as securities used to calculate the SET 100 index during the first half of 2024 (January 2-June 30, 2024). The Group received a full, 100% score from the Thai Investors Association for an organisation of the 2023 Annual General Meeting of Shareholders.

As the Group’s chairwoman, I am grateful for the cooperation from the Board of Directors, our medical personnel and partners, as well as the trust bestowed upon us by our shareholders. The collective efforts are instrumental to THG’s continuous ability to adapt to meet the ever-changing demands of the modern-day medical industry which is driven by continually advanced technology.

On this occasion, I extend my appreciation to all board members, executives, and employees of THG, who have worked hard and made tireless efforts to ensure that THG is among the most efficient organisation both in terms of business performance, contribution to the society and adherence to good governance. To our shareholders, I express once again my sincere gratitude for your continued trust and support.

Business Profits Year 2019 Year 2020 Year 2021 Year 2022 Year 2023
Consolidated income (million baht) 8,232 7,315 10,848 11,540 9,844
Consolidated net profit (million baht) 460 23 1,357 1,677 393

Unit : Million Baht