Frasers Property (Thailand) Public Company Limited, or "FPT", the leading integrated real estate service provider in Thailand, announced its first-quarter performance for 2022 (January - March 2022) with total revenue of 3.414 billion baht. The company's overall performance improved significantly as it continued to drive the organization strongly under the One Platform strategy, alongside the implementation of proactive business strategies for all business segments, including residential real estate, industrial, and commercial sectors, while also emphasizing continuous effective management. Additionally, the company benefited from the recovery of the domestic economy as people adapted to the COVID-19 situation and the spread of the Omicron variant.

Mr. Thanapol Sirithanachai, Chief Executive Officer (Country Chief Executive Officer) of Frasers Property (Thailand) Public Company Limited, stated, "FPT began 2022 fully prepared to move towards becoming Thailand's leading integrated real estate brand by driving growth through expanding our customer base across all business segments. We have adjusted our strategies and business plans to align with the economic situation to penetrate the market and attract new customers, while also focusing on developing innovative products and services to deliver experiences that meet the ever-changing needs of our customers."

Overall, from January to March 2022, FPT achieved satisfactory performance in the first three months, generating total net revenue of 3.414 billion baht and a net profit of 311 million baht, with a higher gross profit margin of 6.4% compared to the same period last year. This was due to the strategic adjustment of the residential real estate segment, "Frasers Property Home," which focused more on single-house projects to expand the segment of high purchasing power customers. As a result, single-house projects grew by 25% in the first quarter compared to the previous year. The company also adjusted its sales closing and house transfer strategy to a three-month timeframe, allowing for quicker revenue recognition and reducing construction cost risks.

Furthermore, the company has continued to develop house designs that better meet customer needs, resulting in positive responses for single-house and townhouse projects, despite a high rate of loan rejections.

For project openings between April and December 2022, the company plans to launch 19 projects, including single houses, duplexes, townhouses, and projects in provincial areas, with a total value of 30 billion baht.

The "Frasers Property Industrial" and "Frasers Property Commercial" business segments generated consistent revenue streams for the company, recording revenue of 571 million baht in the first quarter (January - March 2022). The factory and warehouse business maintained a high occupancy rate of 85.4%, with a continuous demand for rental space driven by tenants in high-growth industries such as logistics, automotive, and electronics. The company also benefited from the slowdown in exports due to the ongoing conflict between Russia and Ukraine, which has led to rising oil prices, resulting in increased short-term demand from tenants in the portfolio. This short-term demand is expected to continue until the end of 2022. Additionally, the company is progressing with its development plans, preparing to deliver factory and warehouse spaces totaling over 150,000 square meters within this year.

In the commercial real estate sector, the company has maintained a high occupancy rate, with office buildings retaining over 90% occupancy. The company continues to emphasize flexible lease management strategies while providing high-quality Grade A office spaces in the central business district. One of the leading mixed-use projects, 'Samyan Mitrtown,' has seen an increase in tenants and users as the public has become less concerned. The new mixed-use project 'Silom Edge' is progressing according to plan, with over 80% completion and set to open in September 2022. Currently, 60% of the office space, or 6,000 square meters, has been reserved by tenants, and over 30% of the retail space has been booked, with the company expected to start recognizing revenue in the third quarter of this year.

Comparison Table of Financial Performance for the Period of 3 Months (January - March)

Financial Performance for the Calendar Quarter Q1/2022 (January - March 2022)