PROUD showcases strong performance with Q3/2022 results, achieving revenue of 883 million baht and a net profit of 119 million baht. Revenue has increased by 702% compared to the previous quarter, marking a record high. The business outlook for Q4/2022 is promising, with continued revenue recognition from the Intercontinental Residences Hua Hin project and the launch of new luxury horizontal projects, VI ARI, and high-rise projects in Convent Alley to meet strong purchasing demand.

Mr. Phumiphat Sinacharoen, CEO of Proud Real Estate Public Company Limited (PROUD), revealed that the company achieved a record revenue of 883 million baht and a net profit of 119 million baht in Q3/2022.

For the nine-month period of 2022, the company reported total revenue of 992 million baht and a net profit of 61 million baht, an increase from the same period last year when there was no revenue, marking a true turnaround driven by the sales and gradual delivery of the Intercontinental Residences Hua Hin project.

“The business outlook for Q4/2022 is even more positive, supported by increased revenue recognition from the transfer of ownership of the Intercontinental Residences Hua Hin project, and we expect to finalize sales of the project within this year,” he added.

Additionally, the company is moving forward with plans to launch a new luxury horizontal project in the CBD area, VI ARI, a single-family home project in the heart of Ari, valued at 507 million baht, with an average selling price of around 80 million baht per unit. Another high-rise project in Convent Alley will feature luxury condominiums, reinforcing the strength of the central city location, along with comprehensive health care services for residents in collaboration with BNH Hospital and the Bedee by BDMS application, with a total value of 3.9 billion baht, expected to launch in Q4/2022 and Q1/2023, respectively.

Moreover, over 70% of customers at the Intercontinental Residences Hua Hin have transferred ownership in cash (without using housing loans), reflecting a positive signal for the luxury housing market, which has been less affected by inflation and the discontinuation of relaxed housing loan regulations (LTV). This is due to the financial capability and readiness of buyers, leading to accelerated decisions to purchase and transfer ownership in the final quarter of 2022, helping to drive sales in the last quarter to meet set targets. Currently, the Intercontinental Residences project has achieved 93% sales,” Mr. Phumiphat stated.