Healthcare and airline billionaire Prasert Prasarttong-Osoth jumps one-two on Thailand tourism rebound

This story is part of Forbes’ 2023 Thailand Billionaires report.view full list here.

A rebound in travel over the past year has given Prasert Prasarttong-Osoth a double boost to his fortunes as Covid-19 pandemic restrictions end. The former surgeon owns stakes in regional airline Bangkok Airways and Bangkok Dusit Medical Services (BDMS), the country’s largest private hospital chain by revenue and market capitalization.

The number of international tourists, including medical tourists, jumped from less than 500,000 the previous year to 11.2 million in 2022 and is expected to nearly triple to 30 million this year, according to the Ministry of Tourism and Sports. Last year, the shift boosted shares of Bangkok Airways and BDMS by 56% and 19%, respectively. Prasert’s net worth jumped 23% to $3.8 billion.

Bangkok Airways, founded by Prasert in 1968, returned to profitability in the first quarter, with revenue more than tripling to 5.74 billion baht ($165 million) from a year earlier. BDMS, which he co-founded in 1972, saw a modest rise in net profit, with revenue up 5 percent to 24 billion baht.

Revenue from international patients at BDMS, which has 57 hospitals, rose 14 percent month-on-month, according to a May report by Sirikarn Krisnipat, research analyst at Krungsri Securities in Bangkok. The segment accounted for 29% of total revenue for the period, returning to pre-pandemic levels.

Prasert’s son Puttipong is the CEO of Bangkok Airways and his daughter Poramaporn is the president of BDMS. Two years after Thailand’s securities regulator banned board and executive positions at any listed company, Prasett returned to serve as a director at both companies in 2021. The ban stems from allegations that Bangkok Airways allegedly manipulated its stock price. Poramaporn was also implicated and faced a one-year suspension. Both denied the charges and paid fines.