King Power's Fortune Doubles.

[Tomek]

https://www.forbes.com/sites/gloriaharaito/2023/07/05/duty-free-tycoons-fortune-doubles-as-tourists-return-to-thailand/?sh=517a17d93ff0

 

With Thailand’s tourism revival, King Power International’s duty-free outlets are buzzing again. The company, controlled by Aiyawatt Srivaddhanaprabha and his family, swung to a net profit last year of 2.2 billion baht ($64 million) from a year earlier loss of 2.5 billion baht while revenue jumped 59% to 27.5 billion baht, according to a regulatory filing.

 

Thanks to this spurt, Aiyawatt’s fortune, which he shares with his family, more than doubled to $3.5 billion, earning him the No. 8 spot. King Power International has 11 duty-free shops in airports and tourist hotspots across Thailand. In March it announced plans to open two new outlets, one in Bangkok’s Suvarnabhumi Airport and the other in the city’s central business district.

 

The tourism uptick is likely to benefit another family investment: King Power Mahanakhon, a mixed-use Bangkok skyscraper that includes a Standard hotel and the highest observation deck in Thailand. The 78-story tower, billed as the country’s tallest, was acquired reportedly for 14 billion baht in 2018, only a few months before Aiyawatt’s father, Vichai Srivaddhanaprabha, died in a helicopter crash.

 

 

Analysts are bullish on the outlook for hotels. Rathawat Kuvijitrsuwan, the Bangkok-based senior vice president of advisory and asset management at JLL Hotels & Hospitality Group, Thailand, says in a May report: “We expect 4Q 2023 to be the first real high season in Bangkok after three years of pandemic.” 

In February, Aiyawatt doubled down on the family’s investment in Leicester City Football Club (LCFC), converting over £194 million ($239 million) in loans to the club into equity. It was the second such move by the family. In 2013, three years after acquiring the English soccer club, the late Vichai turned a £103 million loan into equity. That paid off when the team, known as the Foxes, went on to win the Premier League championship in May 2016. It was knocked down a notch to the Championship League last month.

Aiyawatt, also known as “Top,” is CEO of King Power Group, the family holding company founded by his father, while his mother is chairwoman. Aiyawatt succeeded his father as chairman of LCFC

Edited 6 July 2023 by Tomek

[urban.spaceman]

 

[Daggers]

That’ll be the box of TukTuk shaped biscuits my wife bought. You can all thank her if you wish. 

[urban.spaceman]

16 minutes ago, Tomek said:

In February, Aiyawatt doubled down on the family’s investment in Leicester City Football Club (LCFC), converting over £194 million ($239 million) in loans to the club into equity. It was the second such move by the family. In 2013, three years after acquiring the English soccer club, the late Vichai turned a £103 million loan into equity. That paid off when the team, known as the Foxes, went on to win the Premier League championship in May 2016. It was knocked down a notch to the Championship League last month.

Aiyawatt, also known as “Top,” is CEO of King Power Group, the family holding company founded by his father, while his mother is chairwoman. Aiyawatt succeeded his father as chairman of LCFC

This is really interesting, and confirms what I thought after Vichai died - outsiders will think that Vichai and KP just "bankrolled" us but looking at the actual money invested it's surprisingly little, especially as there's a 10-year gap between such investments and barely £300m overall. Vichai's biggest investment in us was his time, and that's why we were so successful in my opinion.

 

I think despite what has happened to us in the last season, Top's latest investment as well as KP's recovery from the pandemic (which was a massive factor in our relegation IMO) could be really good for us.

[PAPA LAZAROU]

Good old Leicester buying the league again.

[Silva Fox]

Many pound notes!

 

[RumbleFox]

[David Hankey]

1 hour ago, Tomek said:

https://www.forbes.com/sites/gloriaharaito/2023/07/05/duty-free-tycoons-fortune-doubles-as-tourists-return-to-thailand/?sh=517a17d93ff0

 

With Thailand’s tourism revival, King Power International’s duty-free outlets are buzzing again. The company, controlled by Aiyawatt Srivaddhanaprabha and his family, swung to a net profit last year of 2.2 billion baht ($64 million) from a year earlier loss of 2.5 billion baht while revenue jumped 59% to 27.5 billion baht, according to a regulatory filing.

 

Thanks to this spurt, Aiyawatt’s fortune, which he shares with his family, more than doubled to $3.5 billion, earning him the No. 8 spot. King Power International has 11 duty-free shops in airports and tourist hotspots across Thailand. In March it announced plans to open two new outlets, one in Bangkok’s Suvarnabhumi Airport and the other in the city’s central business district.

 

The tourism uptick is likely to benefit another family investment: King Power Mahanakhon, a mixed-use Bangkok skyscraper that includes a Standard hotel and the highest observation deck in Thailand. The 78-story tower, billed as the country’s tallest, was acquired reportedly for 14 billion baht in 2018, only a few months before Aiyawatt’s father, Vichai Srivaddhanaprabha, died in a helicopter crash.

 

 

Analysts are bullish on the outlook for hotels. Rathawat Kuvijitrsuwan, the Bangkok-based senior vice president of advisory and asset management at JLL Hotels & Hospitality Group, Thailand, says in a May report: “We expect 4Q 2023 to be the first real high season in Bangkok after three years of pandemic.” 

In February, Aiyawatt doubled down on the family’s investment in Leicester City Football Club (LCFC), converting over £194 million ($239 million) in loans to the club into equity. It was the second such move by the family. In 2013, three years after acquiring the English soccer club, the late Vichai turned a £103 million loan into equity. That paid off when the team, known as the Foxes, went on to win the Premier League championship in May 2016. It was knocked down a notch to the Championship League last month.

Aiyawatt, also known as “Top,” is CEO of King Power Group, the family holding company founded by his father, while his mother is chairwoman. Aiyawatt succeeded his father as chairman of LCFC

Like many businesses it just highlights the devastation the Covid-19 pandemic wrought. Glad to read they are back on the way again after a difficult period.

[foxile5]

1 minute ago, David Hankey said:

Like many businesses it just highlights the devastation the Covid-19 pandemic wrought. Glad to read they are back on the way again after a difficult period.

Yes I agree.

 

It's heartening to see billionaires return to earning way more than they could ever spend. The slight financial hit they took during COVID really set them back. I can only imagine how the pinch was felt. 

[Daggers]

1 minute ago, SemperEadem said:

... Like the wife being in control of the purse strings.

Sounds like my marriage.

[Phenom]

Too bad he still doesn’t know how to hire people to run a club.

[Voll Blau]

Should probably revise their matchday ticket pricing then.

[foxes_rule1978]

Got to be a good thing that our owners are again making money 

[foxoffderby]

Good for them 

[Freeman's Wharfer]

I mean, when they weren’t investing the reason was because of Covid hitting their tourism dependent business (apparently…). So now their business is bouncing back that should mean back to the levels of investment we saw pre-Covid, right?!

[Sly]

Am I being brutal when I saw, that isn’t great net profit? 

[LCFCJohn]

‘Knocked down a notch’ to the Championship sounds so much nicer than ‘Relegated’. Might be one to us if anyone takes the piss…no no, we weren’t relegated, we were knocked down a notch 

 

In seriousness though, good to see them recovering and can’t be a bad thing for us. 

 

 

[purpleronnie]

[Guest Lako42]

Good for KPFC fans

[TJQuik]

On 06/07/2023 at 11:39, foxile5 said:

Yes I agree.

 

It's heartening to see billionaires return to earning way more than they could ever spend. The slight financial hit they took during COVID really set them back. I can only imagine how the pinch was felt. 

I beg your pardon sir, you can't be talking about THE King Power, benevolent overlords of our wicked little hamlet's ball kicking game?

[foxile5]

13 minutes ago, TJQuik said:

I beg your pardon sir, you can't be talking about THE King Power, benevolent overlords of our wicked little hamlet's ball kicking game?

Oh I am.

 

It makes me laugh when people talk about how their 'struggled' during COVID.

 

They just didn't make fabulous amounts of wealth for a very short period. The idea that demagogues and billionaires should ever get sympathy for slightly reduced income is galling.

[TJQuik]

29 minutes ago, foxile5 said:

Oh I am.

 

It makes me laugh when people talk about how their 'struggled' during COVID.

 

They just didn't make fabulous amounts of wealth for a very short period. The idea that demagogues and billionaires should ever get sympathy for slightly reduced income is galling.

That's the issue with football, we become obsessed with it as a community building exercise but it perpetuates some pretty awful ideology.

[volpeazzurro]

I think part of the fortune has been made on the back of extortionate replica shirts 🤣

[LinekersLugs]

Don’t bank too much on their business continuing in duty free 

If Pita Limjaroenrat is made PM in Thailand he has pledged to clear out all the “royal appointed dynasties”

 

kingpower will lose its exclusive place in Thai duty free 

 

the next month or so are massive for our owners future 

 

[ARM1968]

That’s NOTHING. I had £100 in my account a few weeks ago. Now I’ve got £400. I am a business GOD. 🤣