Mr. Vittakarn Chandavimol, Chief Corporate Strategy and Creation, AP Thailand Public Company Limited (SET: AP), said that the company has continued to enjoy a solid growth as evidenced in continuously increasing numeric growth rates for total revenues, profit, presales and number of new projects launched – all recording significant increases. In the first half of the year, the company recorded sizable total revenues of Bht 25,276 million from low-rise products, condominiums (100% JV) and other businesses. This is an increase of 23% on the first half of 2021 when total revenues of Bht 20,506 million were booked. Net profit was as high as Bht 3,304 million, up 31% on the same period of last year when it recorded a net profit of Bht 2,518 million. Net Debt-to-equity ratio was at a strong of 0.51 for the period and the company is poised to move on smoothly with Bht 13,607 million in available credit line. These achievements are a result of preparing the organisation to stay resilient.
On track to reach annual revenue target of Bht 47,000 million
Low-rise products including single detached homes and townhomes continue to be the key drivers generating revenues for the company coupled with a recovery of the condominium market which has continued to be a contributor. In the third quarter, the company will have its revenues realised from ownership transfer in two newly-completed condominium developments, namely RHYTHM Ekkamai Estate and LIFE Sathorn Sierra. As at 31 July, the company had a backlog of Bht 33,637 million, so it is confident of achieving the target.
Over half of Bht 50,000 million presales target achieved
Despite having to operate under uncertainties with inflation, rising fuel prices and other costs, the company continued to enjoy new records. At the end of July, AP Thailand recorded presales of Bht 29,960 million, which was 60% of the Bht 50,000 million annual target. The presales grew by over 45% on the first half of last year with superstars like single detached homes and townhomes driving the jump in growth. Condominium sales also improved reflecting a recent recovery of demand for the product – a positive sign for the overall condominium market.
On track to roll out 160 projects across Thailand
The company remains on track to break through all limitations. In the second half of the year, it has a total of 160 ready-to-sell projects worth Bht 122,350 million in Bangkok and the provinces to offer homebuyers Cheevit Dee Dee Tee Lueak Eng Dai. In the provinces, AP Thailand will continue to rely on low-rise products including single detached homes and townhomes under the brand Apitown. Over the last two years, the company has rolled out Apitown projects in five provinces i.e. Khon Kaen, Rayong, Nakhon Si Thammarat, Chiang Rai and Ayutthaya. In the second half of 2022, it will have Apitown projects rolled out in three more provinces: Apitown Udon Thani, Apitown Chachoengsao and Apitown Ubon Ratchathani, together with multiple new projects in Bangkok, including 16 townhome projects worth Bht 16,440 million, 18 single detached home projects worth Bht 24,030 million and 3 condominium projects worth Bht 10,400 million.