Healthcare and airline billionaire Prasat Prasarthon Osos doubles his salary as Thailand travel recovers

This article is part of Forbes’ Thailand’s richest 2023 coverage.See full list here.

Prasat Prasathon Osos’ wealth has doubled as travel has rebounded over the past year following the lifting of Covid-19 pandemic restrictions. The former surgeon owns stakes in regional airline Bangkok Airways and Bangkok Dusit Medical Services (BDMS), the country’s largest private hospital chain in terms of revenue and market capitalization.

According to the Ministry of Tourism and Sports, the number of international tourist arrivals, including medical tourists, will surge from less than 500,000 in the previous year to 11.2 million in 2022 and nearly triple to 30 million this year. expected. The upturn has seen shares of Bangkok Airways and BDMS rise 56% and 19%, respectively, over the past year. Prasat’s net worth also jumped 23% to $3.8 billion.

Founded by Prasat in 1968, Bangkok Airways turned profitable in the first quarter, with revenue more than tripled to 5.74 billion baht ($165 million) from the same period last year. BDMS, which he co-founded in 1972, saw a 5% increase in sales to 24 billion baht and a gradual increase in net profit.

Sirikaan Krisnipat, a research analyst at Bangkok-based Krungsri Securities, said in a May report that revenue from foreign patients at BDMS, which consists of 57 hospitals, increased 14% quarter-on-quarter. The division accounted for 29% of total revenue for the same period, returning to pre-pandemic levels.

Prasat’s son Petipong is CEO of Bangkok Airways and daughter Polamaporn is president of BDMS. Prasat was reinstated as a director of both companies in 2021 after being banned from serving on the boards of directors and executives of listed companies for two years by Thailand’s securities regulator. The ban stems from allegations of stock price manipulation at Bangkok Airways. Polamaporn was also involved and was suspended for a year. Both denied the charges and paid fines.