Thai real estate developer Sansiri Public Company Limited (SET: SIRI) delivered strong third-quarter 2026 financial results, reporting a net profit of THB 1,258 million, representing a 25.7% year-over-year surge. Total revenue climbed 8.1% year-over-year to THB 8,638 million, propelled by robust momentum in residential project transfers.
Key Financial Highlights
- Net Profit: THB 1,258 million (+25.7% YoY)
- Total Revenue: THB 8,638 million (+8.1% YoY)
- Project Sales Revenue: THB 7,397 million (+7.2% YoY))
- Interest-Bearing D/E: 1.60x (covenant ceiling: 2.50x)
Real estate project sales remained Sansiri’s core revenue engine, generating THB 7,397 million. Condominium transfers surged 50.5% year-over-year to THB 4,129 million, commanding 55.8% of total property sales. The segment benefited from initial handovers at several key developments, including Via Ari, Shush Ratchathewi, and THE BASE Ratchada 19.
Conversely, low-rise residential revenue contracted 21.4% year-over-year to THB 3,268 million amid persistent macroeconomic headwinds and cautious consumer spending. Single-detached house sales declined 15.5% to THB 3,041 million, while townhome sales dropped 59.2% to THB 227 million. In property services, hotel operations grew 22.1% year-over-year to THB 290 million.
Earnings expansion was anchored by higher operational gross margins and increased profit contributions from joint-venture investments. Residential gross profit margin widened to 30.3% from 29.8% a year earlier. Consequently, net profit margin rose to 14.57%, up from 12.52% in 3Q25. Selling and administrative expenses totaled THB 1,476 million, accounting for 17.1% of revenue.
Sansiri maintained a solid liquidity buffer with an ending cash balance of THB 3,882 million. Total assets expanded 2.1% to THB 148,447 million. Interest-bearing debt reached THB 81,462 million, resulting in a gearing ratio of 1.60x—comfortably below the company’s restrictive financial covenant limit of 2.50x.
During the quarter, Sansiri launched 9 new projects valued at THB 17,000 million. Management noted that late-September regional flooding has heightened buyer focus on developer credibility and flood mitigation standards, areas where Sansiri maintains strategic competitive advantages.
