Ananda Development Public Company Limited (ANAN), a leader in urban residential development and the top market player in condominium projects near electric train stations, has showcased remarkable operational growth with transfer revenues reaching 6.759 billion baht, a 147% increase from the same period last year and exceeding the target by 28%. The company reported sales of 10.618 billion baht, surpassing its target by 39%. Ananda maintains its full-year transfer target at 38 billion baht, representing a 152% growth from the previous year.

Mr. Chanond Ruangkritya, CEO and Managing Director of Ananda Development Public Company Limited stated, “The company reported transfer revenues in Q2 at 6.759 billion baht, including transfers from joint venture projects, which is a 147% increase from the same quarter last year and 28% above the target. Additionally, we achieved a net profit of 584 million baht, up 109% year-on-year and 303% quarter-on-quarter, primarily due to recognizing profits from joint ventures amounting to 539 million baht, compared to a loss of 300 million baht in the same period last year. Furthermore, our net profit margin reached 24%, up from 7% in the same quarter last year.

In Q2, the company launched one new condominium project and one horizontal project, with a total value exceeding 7.223 billion baht, including the Ideo Rama 9-Asoke condominium project valued at 6.822 billion baht, located near the MRT Rama 9 station, and the Unio Town Petchkasem 110 townhome project valued at 401 million baht.

Despite achieving sales from new projects and previously launched projects totaling 10.618 billion baht, exceeding the target by 39%, the company maintains its full-year sales target at 35.1 billion baht. As of the end of Q2 2018, the backlog stood at over 54.6 billion baht, supporting transfers over the next three years, an increase of 10% from the same quarter last year and up 2% from the previous quarter.

The company exceeded its transfer targets, including the Ashton Chula-Silom condominium project, which surpassed expectations, and the Ashton Asoke project, which was able to transfer faster than anticipated in Q2, originally expected to transfer in Q4. The company aims for a 152% growth in transfers from 2017 to 38 billion baht in 2018. The backlog for transfers in 2018 is valued at over 23.3 billion baht, accounting for 85% of the transfer target for the second half of the year, including the share of transfers from Ananda and Mitsui Fudosan from nine condominium projects scheduled for completion and transfer in 2018, in addition to eight new condominium projects completed in 2017.

Moreover, the company achieved sales exceeding targets from the Ideo Rama 9-Asoke project, which had a sales rate of over 63.5% during the new project launch, and plans to launch three new condominium projects in the second half of the year. This success is attributed to the projects' locations near electric train stations, providing convenient transportation, and the incorporation of various technologies and innovations to enhance living comfort, all at affordable prices.

The company's cash flow remains strong, with over 1.5 billion baht in cash at the end of the quarter.

Additionally, the annual general meeting of shareholders approved an interim dividend payment of 11.5 satang per share, an increase of 92% from the previous year, with continuous annual dividend increases since the company's IPO.

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