ANAN Books THB195 Million of Profit in 1Q24 with Surge of Transfer from Ready-to-Move Projects

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

Year 1Q24 1Q23
Net Profit (Loss)
Million Baht
195.45 -59.56
Earning Per Share
0.0300 -0.0300

ANAN reported a net profit of Baht 195 million in 1Q24, a turnaround from a net loss of Baht 59 million in 1Q23.

Total revenue in 1Q2024 accounted for Baht 2,105.9 million, an increase of Baht 1,374.8 million or 188.0% YoY. Revenue from sales of real estate accounted for Baht 1,826.6 million, an increase of Baht 1,409.1 million or 337.4% YoY. The main reason for the increase was from the transfer of ready-to-move (RTM) projects such as Ideo Chula-Samyan, Coco Parc, Artale Asok-Rama 9, and Ashton Residence 41.

Meanwhile, revenue from project management services and commission income accounted for Baht 107.0 million, an decrease of Baht 21.8 million or 16.9% YoY, due to a decrease in the number of joint venture projects YoY, In addition, the Residences 38, a world-class residential project by Rabbit Holdings Public Company Limited, appointed the company as the project manager was generated revenue of Baht 10.6 million.

In 1Q2024, Selling and administration expenses accounted for Baht 505.8 million, an increase of Baht 116.4 million, or 29.9%, YoY.

As for the case of Ashton Asoke Project, ANAN noted that presently, the subsidiary’s management is actively seeking collaboration with the relevant government agencies in ascertaining appropriate alternatives to the solution. Therefore, presently the company’s management is unable to determine the potential impacts financially on both the separate and consolidated financial statements of the company for three-month period ended 31 March 2024 appropriately until when a clear alternative is known and approved by relevant government agencies.