Sansiri Public Company Limited (SET: SIRI) has released its full-year 2025 financial results, revealing a year marked by a contraction in both top and bottom-line figures compared to 2024. Total revenue for the year stood at THB 34.39 billion, representing a 12.3% decrease from the previous year. This decline was primarily driven by a 15.6% drop in revenue from project sales, which totaled THB 29.35 billion.
The core of the revenue slide stems from the low-rise segment. Single-detached house sales fell sharply by 30.1% to THB 12.72 billion, while townhomes and mixed-product projects saw declines of 17.5% and 16.3%, respectively. Conversely, the condominium market provided a significant bright spot as its revenue increased 13.1% to THB 10.82 billion, bolstered by key projects like FLO by Sansiri and THE BASE Bukit.
On the profitability front, net profit fell 14.1% YoY to THB 4.51 billion. This was largely due to a dip in the gross profit margin of project sales—from 31.7% in 2024 to 31.1% in 2025—and a lower share of profit from joint ventures. Despite these pressures, the company successfully mitigated some losses through rigorous expense management; selling and administrative expenses dropped to 18.8% of total revenue, down from 19.9% in 2024.
Notably, the hotel business saw a significant revenue jump by 82.6% to THB 968 million following the reopening of renovated properties like The Manner in the U.S.. However, this reopening also led to a 21.6% increase in finance costs to THB 505 million, as related interest expenses were no longer capitalized as project costs.
Ultimately, while SIRI faced a downturn in low-rise demand, its diversified portfolio and improved administrative efficiency helped maintain a net profit margin of 13.1%. As of year-end 2025, the company maintains a stable financial position with a gearing ratio of 1.43 times, remaining well within its restrictive financial covenants.
The board has approved a dividend payment of THB 0.08 per share, with an Ex-Dividend (XD) date of March 17, 2026, and a payment date of May 20, 2026.
