Italian-Thai Development
Italian-Thai Development (SET: ITD) is Thailand's largest listed civil-engineering contractor by revenue. FY2024 consolidated revenue approximately THB 55B. Franchise heavily infrastructure: MRT Orange Line east section, Bangkok Suvarnabhumi Phase 2 expansion, Don Mueang Terminal 3, motorway, expressway civil works, large-bore tunnelling, dam, water-infrastructure, marine, port dredging. ITD's historic Myanmar Dawei Special Economic Zone concession (signed 2010s) followed by debt-restructuring cycle remains a material watchpoint; the Myanmar political situation post-2021 keeps Dawei in partial-pause status. Italian-heritage (founded 1958 by Giorgio Berlingieri, Thai partners) provides European project-engineering, heavy-equipment depth.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 55B
FY2024
Rank
Largest civil by revenue
FY2024
Ticker
SET: ITD
Listed 1994
Watchpoint
Dawei SEZ restructuring
Ongoing
What this company actually does
ITD's core franchise is large-scale civil-infrastructure EPC across MRT, airport, motorway, dam, tunnel, marine segments. Current flagship projects: MRT Orange Line east section (ITD-led, target operational 2027), Suvarnabhumi Phase 2 civil works (SAT-1 terminal operational), Don Mueang Terminal 3 (multi-contractor with STEC), dam, water-infrastructure projects across Thailand, regional, port, marine dredging. ITD's heavy-equipment fleet, tunnel-boring machine (TBM) capability differentiates on large-bore civil work where smaller peers cannot compete.[]
Strategic position, risk profile: ITD is the largest civil contractor by top-line but carries the most volatile margin, cash-conversion profile in the listed stack. Historic Dawei Special Economic Zone concession (Myanmar), associated debt-restructuring cycle is the binding legacy watchpoint — ongoing creditor negotiations, Myanmar political situation keep Dawei in partial-pause. For investors, ITD offers the largest scale exposure to Thai state infrastructure cycle but requires longer holding period, higher tolerance for margin volatility than CK or STEC. Cleanest entry-point is during post-mega-project-completion cash realisation windows.[]
Business segments
Core EPC
MRT, airport, motorway civil works
EPC franchise: MRT Orange Line east section (ITD-led, target 2027), Suvarnabhumi Phase 2 civil works, Don Mueang Terminal 3, motorway, expressway civil. Large-bore tunnelling machine (TBM) capability differentiates on major underground civil work.
Core EPC
Dam, water, marine infrastructure
Dam, water-infrastructure projects across Thailand, port dredging, marine civil works. Italian heritage provides European heavy-equipment, project-engineering depth for complex marine, dam contracts that smaller Thai peers cannot tender.
Legacy
Dawei SEZ — Myanmar concession
Historic Dawei Special Economic Zone development concession in Myanmar. Post-2021 Myanmar political situation keeps Dawei in partial-pause. Ongoing creditor negotiations around the concession legacy balance-sheet exposure.
International
Regional infrastructure pipeline
ITD pursues civil-EPC work across CLMV and ASEAN infrastructure — Cambodia, Laos, Vietnam civil works adjacent to Thai infrastructure expertise. Regional diversification provides alternative pipeline to supplement Thailand-only state-infrastructure cycle.
Watchpoints
Dawei SEZ restructuring
Myanmar political situation, creditor negotiations; binding balance-sheet legacy risk.
MRT Orange Line east delivery
ITD-led section; target operational 2027 alongside CK west section.
Margin, cash-conversion volatility
Highest volatility in listed civil stack; project-delivery discipline matters.
Thai major infrastructure projects — ITD role
MRT Orange Line (east section)
Suvarnabhumi Phase 2 (SAT-1)
Don Mueang Terminal 3
Dawei SEZ (Myanmar)
Contract value
Legacy concession
ITD role
Developer / concessionaire
Status
Paused — Myanmar political situation
| Project | Contract value | ITD role | Status |
|---|---|---|---|
| MRT Orange Line (east section) | ~ $2.03B+ | Lead contractor | Construction; target 2027 opening |
| Suvarnabhumi Phase 2 (SAT-1) | ~ $1.16B civil | Civil works contractor | Operational |
| Don Mueang Terminal 3 | ~ $1.04B | Joint contractor (with STEC) | Under construction |
| Dawei SEZ (Myanmar) | Legacy concession | Developer / concessionaire | Paused — Myanmar political situation |
Related Market profiles
Peers, parents, partners, agencies, and other Construction & Engineering actors.
Competitor
CH. Karnchang
Higher-ROE top-3 peer; MRT Orange Line west vs ITD east.
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Competitor
Sino-Thai Engineering and Construction
Third major; balanced building, infrastructure without ITD's scale or Dawei risk.
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Sector peer
Christiani & Nielsen (Thai)
Danish-heritage diversified contractor since 1930; building, civil, marine, industrial; FY2024 revenue ~ $173.9M.
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Sector peer
Nawarat Patanakarn
Mid-cap civil, water, environmental-engineering specialist; Xayaburi partner with CK; FY2024 revenue ~ $289.9M.
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Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Italian-Thai Development PCL (SET: ITD) FY2024 Form 56-1 One Report
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Italian-Thai Development PCL (SET: ITD) FY2024 Form 56-1 One Report | Italian-Thai Development PCL | Primary | 2025-03-31 |
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competitor
CH. Karnchang
Largest-ROE Thai civil contractor; MRT Orange Line west, Xayaburi hydropower, dam-project pipeline; FY2024 revenue ~THB 35B.
competitor
Sino-Thai Engineering and Construction
Third major Thai civil contractor; balanced building, infrastructure; FY2024 revenue ~THB 28B; no offshore legacy risk.