(Head Office) AP has announced a record-breaking total revenue of over 27.11 billion baht at the end of the third quarter of 2018, driven by continuous growth in horizontal products and condominiums. The highlight of the quarter is the VITTORIO ultra-luxury condominium, which significantly boosted revenue after the entire project was sold out. Net profit also surged by 62% to over 2.9 billion baht, with total sales for the first 10 months reaching 38.54 billion baht. As the year comes to a close, the company is confident that it will exceed its sales targets once again.

          Mr. Anupong Asavaphokin, CEO of AP (Thailand) Public Company Limited, stated that the performance in the third quarter exceeded expectations and was very satisfactory. This resulted in a record high growth rate for AP at the end of the third quarter, generating total revenue from horizontal products and condominiums (100% JV) and other businesses of 27.113 billion baht, an increase of 49.9% compared to the same period last year, which had total revenue of 18.09 billion baht. This growth was driven by the continuous expansion of horizontal products and condominiums, particularly in this third quarter. Part of the increased revenue came from the gradual transfer of ownership of the VITTORIO ultra-luxury condominium project, which has been highly successful and has sold out completely. The net profit at the end of the third quarter reached 2.903 billion baht, a 62% increase compared to the same period last year, which had a net profit of 1.792 billion baht.

          “One of the key successes in AP's project development is having a diverse range of products that meet the needs of urban dwellers, based on a true understanding of latent demands. This includes determining pricing packages and the number of projects located in areas around Bangkok. The VITTORIO project is one of the key drivers contributing to the overall revenue growth at the end of the third quarter this year, alongside other AP projects such as single houses, townhomes, and condominiums, which continue to see ongoing ownership transfers. This reflects consumer confidence in AP's products. We are confident that the company will achieve its revenue targets,” Mr. Anupong added.

          For the performance in the first 10 months as of October 31, the company has generated total sales of 38.545 billion baht, with condominium sales valued at 20.93 billion baht and horizontal products valued at 17.615 billion baht, resulting in the company achieving approximately 96.8% of its revised sales target for 2018 (sales target of 39.8 billion baht).

          In the fourth quarter, the company plans to launch a total of 12 projects valued at 16.84 billion baht, with 9 projects already launched worth 13.2 billion baht. There are 3 remaining projects to be launched in the final stretch of the year, with a total value of approximately 3.64 billion baht. One highlight is the official pre-sale launch of the luxury villa The Palazzo Srinakarin on November 17-18. Additionally, there are over 100 projects in prime locations around Bangkok still available for sale, with a remaining sales value of approximately 53 billion baht, and we are confident that by the end of the year, we will exceed our sales targets.

          “The company continues to strive towards the ambitious goal of becoming one of the top three real estate developers in Thailand, under the important mission of delivering a better quality of life in living spaces. This encompasses all dimensions, including innovating new designs for the Thai real estate industry and planning to establish a special unit to seek, create, and develop innovations that enhance and elevate living experiences in real estate to new ways of life, ensuring quality, convenience, and safety, and truly meeting the meaning of quality of life that customers desire, sustainably,” Mr. Anupong concluded.

In summary, for the financial figures of the third quarter of 2018, the company reported total revenue from horizontal products and condominiums (100% JV) and other businesses of 9.203 billion baht, growing by 54.3% compared to the same period last year, which had total revenue of 5.965 billion baht. The net profit was 915 million baht, growing by 43.9% compared to the third quarter of 2017, which reported 636 million baht.

As of October 31, 2018, the company has a backlog valued at 54.147 billion baht, consisting of horizontal projects valued at approximately 7.542 billion baht and condominiums valued at 46.605 billion baht (including joint venture projects), which are expected to be recognized within the year at approximately 4.025 billion baht, with the remainder to be gradually recognized until 2023.

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