ORI Reports 22% Profit Growth in 3Q22 with THB7.6 Billion Ready-to-Recognized Projects Coming in 4Q

Origin Property Public Company Limited (SET: ORI) has announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
847.94 709.02
Earning Per Share
0.3455 0.2891
% Change 19.59
6 Months 2022 2021
Net Profit (Loss)
Million Baht
2,386.09 2,386.09
Earning Per Share (Baht) 1.12 0.97
% Change 0.00

ORI generated a net profit for the third quarter of 2022, amount of 847.9 million baht, or 22.1% from the total revenues, an increase of 138.9 million baht, or 19.6%. Due to ORI has been transferring activities more than the same period of previous year. Both of non-joint ventures projects and joint ventures projects. Including Park Origin Thonglor has been transferred to ownership at the first time with high project valued amount 12,000.0 million bath. 

ORI performance for the third quarter ended September 30th, 2022. Real estate transferred activities of condominium and housing estate totaled 4,433.6 million baht. As results of transferred activities from non-joint ventures company amount of 2,880.7 million baht and joint ventures company amount of 1,552.9 million baht.

As a result, ORI recognized revenues of condominium under joint ventures with value amount 12,000.0 million baht, from mega project “Park Origin Thonglor” and also hotel business’s recovery of reopening the country. During the third quarter, ORI had an announcement for interim cash dividend payment amount 0.15 baht per share.  

For the third quarter of 2022, ORI has a good net profit margin at 22.1% which recognizes the profit of joint venture condominium projects continuing from the previous quarter 4 projects in total with Nomura Real Estate Development Co., Ltd. 3 projects.

ORI stated that it is confident that it will be able to generate sales of more than 35,000.0 million baht and set an All Time High record as the target. 

For the performance of the fourth 2022, Park Origin Thonglor still has been recognizing real estate transferred activities as planned while ORI is going to recognize 2 new condominium projects which transferring ownership, namely, Park Origin Ratchathewi, and Park Origin Chula Samyan with total projects value amount of 7,600.0 million baht, or an average 97.0% of project value. Moreover, ORI has a backlog of both non-joint ventures and joint ventures projects with a value amount 41,200.0 million baht. ORI expects that real estate transferred activities as targeted.