AP Thailand Reports First Half of 2021 Performance, Achieving New Record with Total Revenue of 20.506 Billion and Profit of Over 2.518 Billion, Strong Financial Foundation, Continues Land Acquisition
AP Thailand Reports First Half of 2021 Performance Achieving New Record with Total Revenue of 20.506 Billion and Profit of Over 2.518 Billion, Strong Financial Foundation, Continues Land Acquisition
· AP Thailand, under the mission 'EMPOWER LIVING', aims to deliver a better quality of life that customers can choose. The summary of the first half of 2021 shows a total revenue increase to 20.506 billion baht, with a net profit of 2.518 billion baht.
· With a strong financial position, the company is ready to move forward with a low D/E ratio of only 0.61 and available cash of over 14 billion baht.
· There remains a budget of nearly 7 billion baht for land purchases, with plans to continue acquiring land to replace sites that have been sold.
· In the second half of the year, the company is confident that total revenue will grow as targeted to 43.1 billion baht, with a backlog of over 33.729 billion baht, and is preparing to expand into new segments in the Super Luxury and mass condo markets.
Bangkok (August 10, 2021) – Mr. Wittakarn Janthawimon, Deputy Managing Director of Corporate Strategy and Innovation at AP Thailand Public Company Limited, stated, "Despite the overall economic volatility due to the ongoing pandemic, the company has continued to operate and achieve results exceeding expectations. The performance for the first half of 2021 shows total revenue from horizontal products, condominium (100% JV), and other businesses reaching a new record of 20.506 billion baht, a continuous increase compared to the same period in previous years. The net profit exceeded 2.518 billion baht, a 37% increase from the previous year's net profit of 1.832 billion baht. The net debt-to-equity ratio remains very low at only 0.61 times, reflecting the company's internal management capabilities alongside effective product portfolio and cash flow management amidst the current crisis.
The company continues to seek new land locations to replace horizontal projects that will gradually close this year due to the end of sales. The total budget for land purchases this year is set at 12 billion baht, of which approximately 5.2 billion baht has been used in the first half, leaving 6.8 billion baht for future project developments, managed under a strong liquidity framework. Currently, we have available cash of over 14 billion baht and are assessing the situation daily with utmost caution.
“AP Thailand's business plan continues to progress with a strong internal team and a product distribution strategy covering over 100 locations across Thailand. Importantly, cash flow management is crucial, with a backlog of 33.729 billion baht expected to generate revenue over the next three years. Additionally, we are ready to expand our residential development business into new segments, preparing to launch luxury homes in the Sathorn-Praram 3 area, starting at 35-60 million baht, with a Pre-Sale event scheduled for September. We are also rebranding ASPIRE to expand our condo base in the mass product market, with the launch of ASPIRE Rattanathibet-Weston starting at 1.59 million baht in September.”
For the second half of the year, the company plans to launch a total of 26 new projects worth 33.440 billion baht, including 22 horizontal projects valued at approximately 20.440 billion baht and 4 condominium projects worth approximately 13 billion baht. The plan also includes the transfer of ownership for 2 new condos, LIFE Ladprao Valley and LIFE Asoke Hype, with a total project value of 12.3 billion baht. As of July 31, 2021, the company achieved total sales (Net Pre-Sale) of up to 20.662 billion baht, accounting for 58% of the sales target of 35.5 billion baht.
The company continues to execute its business plan with caution while being ready to adapt quickly, managing cash flow under the organization's overarching mission 'EMPOWER LIVING', which aims to deliver a better quality of life that customers can choose through valuable and meaningful products and services.
AP Thailand, under the mission 'EMPOWER LIVING', delivers a better quality of life that customers can choose.
