Sansiri Public Company Limited (SET: SIRI) reported a cooling of its bottom line for the second quarter of 2026, with net profit attributable to equity holders falling 17.2% year-over-year to THB 1,005 million. Total revenue for the period reached THB 7,544 million, a 14.1% decline compared to the same quarter last year. The results highlight a challenging period for the Thai real estate giant as it navigates a gradual economic recovery and tightened mortgage lending.
Key Financial Highlights:
- Net Profit: THB 1,005 million (-17.2% YoY).
- Total Revenue: THB 7,544 million (-14.1% YoY).
- Condominium Revenue: THB 2,698 million (+7.7% YoY).
- Gross Profit Margin (Project Sales): 27.3% (vs. 29.2% in 2Q25).
The primary drag on earnings was the 18.9% slump in project sales revenue, which fell to THB 6,158 million. This was largely driven by a sharp 65.4% drop in townhome revenue, primarily due to a high base effect from the previous year’s completion of the Demi Rama 9-Meng Jai project. Conversely, condominium sales provided a silver lining, rising 7.7% as the company began ownership transfers for THE BASE Cherngtalay and THE BASE Srichan-Khonkaen projects.
Operational profitability faced a squeeze, with the gross profit margin from project sales narrowing to 27.3%. Management attributed this decline to continued promotional activities required to remain competitive in a sluggish market. While core property sales struggled, the company saw a significant 2,555% jump in construction material sales, though this remains a minor contributor to the overall top line.
SIRI maintained a stable but leveraged balance sheet. Interest-bearing debt rose to THB 81,220 million by mid-2026. Despite the increase, the company’s gearing ratio of 1.59x remains well within its restrictive financial covenant of 2.5x. Liquidity remains adequate with a current ratio of 1.69x, supported by a cash balance of THB 5,454 million.
Management remains cautious as Thailand’s economy is projected to expand by only 2.3% in 2026. However, strategic optimism persists; the company launched 6 new projects worth THB 13.7 billion during the quarter. Future growth is expected to be supported by government measures, including reduced transfer fees and LTV relaxations extended through mid-2027 to stimulate housing demand.
SIRI announced a cash dividend payment for the operating period from January 1 to June 30, 2026 at THB 0.05 per share. The ex-dividend (XD) date was set for August 27, 2026, with the payment date scheduled for September 11, 2026.
