AP Reports 31% Decline in 1Q24 Earnings over Slower Contribution from Low-Rise Projects

AP (Thailand) Public Company Limited (SET: AP) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 1Q24 1Q23
Net Profit (Loss)
Million Baht
1,008.33 1,478.40
Earning Per Share
0.3210 0.4700
% Change -31.80

AP reported a net profit for 1Q24 at THB 1,008 million, decreased 31.80% from the same period of last year. Meanwhile, revenue came in at THB 7,939 million, decreased 15.6% YoY due to lower contribution from low rise projects, while condominium saw a rise in sales by 6.4%.

The overall margin stood at 35.7% of revenue, decreased by 90bps YoY.