ORI Reports 35% Growth in 2Q Results as Project Transfers Pick Up

Origin Property Public Company Limited (SET: ORI) has announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q22 2Q21
Net Profit (Loss)
Million Baht
1,155.29 852.00
Earning Per Share
0.4708 0.3473
% Change 35.60
Yearly 2022 2021
Net Profit (Loss)
Million Baht
1,893.23 1,677.07
Earning Per Share (Baht) 0.77 0.68
% Change 12.89

ORI reported a net profit of 1,155 million baht in 2Q22, increased 35.60% from a net profit of 852 million baht in 2Q21. The increase was mainly due to the company had been transferring activities more than the same period of the previous year. Both non-joint ventures projects and joint ventures projects. Including Park Origin Thonglor has been transferred to ownership for the first time with a high project value amount of 12,000 million bath.  

Real estate transferred activities of condominium and housing estates totaled 4,497.9 million baht in 2Q22. As results of transferred activities from non-joint ventures company amount of 2,914.1 million baht and joint ventures company amount of 1,583.7 million baht. Gain from investments in joint ventures was 203.5 million baht (51% shareholding proportion) and the profit attributable to equity holders of the company amounted to 1,155.3 million baht. The company also announced an interim cash dividend payment of THB0.15 per share to be paid on 13 September 2022 with the Excluding Dividend (XD) at August 26, 2022.

Second quarter of 2022, The Group has a high net profit margin at 28.2%. Which recognizes the profit of the joint venture condominium project continuing from the previous quarter totally 3 projects with Nomura Real Estate Development Co., Ltd. totally 2 projects namely, Knightsbridge Prime Onnut and Knightsbridge Space Ratchayothin including joint venture condominium projects with Escon Japan Co., Ltd. totally 1 project namely, Knightbridge Sukhumvit-Thepharak. In addition, there are new projects which begin transferring ownership in the second quarter of 2022 namely, Origin Thonglor with Nomura Real Estate Development Co., Ltd. that is the large project amount of 12,000.0 million baht. As a result, The group had recognized the revenue of 5 joint ventures projects in the second quarter amounting to 1,583.7 million baht and recognized the profits from the joint venture totally 5 projects with the amount of 203.5 million baht (51% shareholding proportion).