Mr. Vittakarn Chandavimol, Chief Corporate Strategy and Creation, AP Thailand Public Co., Ltd. (SET: AP), the country’s leading property developer with a promise of Cheevit Dee Dee Tee Lueak Eng Dai, said that in the first quarter of the year, the company was able to record a total revenue of Bht 11,805 million from its portfolio of low-rise products, condominiums (100% JV) and other businesses. Net profit was at Bht 1,478 million, up on the previous quarter’s net profit of Bht 1,154 million by 28% while net-debt-to-equity ratio was at 0.66 in line with the company’s D/E management policy to limit the ratio at no higher than 1.
During the last quarter, low-rise products, including townhomes and single detached homes were still the key drivers for the company’s solid revenue and profit growth. Revenue from low-rise products stood at Bht 8,657 million or 73% of total revenue with the company’s SDH brand THE CITY being the main contributor in AP’s low-rise portfolio.
As for the condominium business group, the overall industry started to show some promise. Positive signs were seen in ownership transfer. In the last quarter, ownership in ASPIRE Sukhumvit-Onnut Phase 1 was all transferred. Also, the company continued to record revenues from the transfer of other ASPIRE condominiums such as ASPIRE Rattanathibet Weston and ASPIRE Erawan Prime as well as joint-venture condominium development like RHYTHM Charoenkrung Pavillion, the latest condominium project whose revenues were only realized as of the last quarter.
In the second quarter, AP will launch a total of 16 new projects worth Bht 21,030 million. These include 7 single detached home projects worth Bht 9,380 million, 8 townhome projects worth Bht 8,150 million, 1 condominium project worth Bht 3,500 million. As at 30 April 2023, the company was able to record total presales of Bht 14,264 million, of which Bht 10,601 million were from low-rise products, Bht 3,663 million were from condominiums. It also had a backlog worth Bht 33,000 million.
For 2023, the company plans to launch as many as 58 new projects worth around Bht 77,000 million. The sales target for the year has been set at Bht 58,000 million with total revenue from all businesses, including 100% JV projected at Bht 57,500 million. For updates on all new single detached home, townhome and condominium projects from AP in 2023, click https://apth.ly/APNewHome2023.