Healthy Revenue from Low Rise Segment Boosts AP’s 1Q22 Earnings by 23% to THB1.7 Billion

AP (Thailand) Public Company Limited (SET: AP) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
1,729.91 1,402.75
Earning Per Share
0.5500 0.4460
% Change 23.32

AP reported a net profit of THB 1,729 million in 1Q22, increased 23.32% from a net profit of THB 1,402 million in 1Q21. The increase was mainly due to AP’s higher revenue in the quarter, especially from low rise revenue.

In 1Q22, total revenues recorded at THB 10,849 million (+19.1% YoY) which could be split into THB 10,621 million (+19.6% YoY) from property and THB 228 million (+0.4% YoY) from service.

In this quarter, low rise revenue achieved a new historical high at THB 9,768 million with +21.5% growth YoY. Meanwhile, AP Condo revenues recorded at THB 853 million (+1.7% YoY or 260.2% QoQ). Majority of revenue came from new project transfers.  By the end of the first quarter, AP was able to transfer 23.5% of the total project or THB 690 million.

Q1 2022 overall gross margin healthy reported at 33.3% (+70bpt YoY). Both products still delivered a favorable margin i.e. low rise at 32.3% and condo at 32.0%. Net debt to equity ratio remained low at 0.49x.