Noble Development Public Company Limited has reported its financial results for Q4/2022, achieving total revenue of 3.946 billion baht, an increase of 141% YoY, and a net profit of 338 million baht, up 9,185% YoY. This supports a total revenue of 8.678 billion baht for 2022 and a net profit of 455 million baht, with pre-sales reaching a record high of 17.4 billion baht, resulting in a total backlog of 19.627 billion baht. The company announced a dividend of 0.20 baht per share, with the XD mark set for May 9, 2023, while reiterating its growth plan for 2023, aiming to launch 10 projects worth a total of 23.3 billion baht, targeting revenue of 15 billion baht and pre-sales of 23 billion baht.

Mr. Thongchai Busarapant, Vice Chairman and Co-CEO of Noble Development Public Company Limited stated that the overall economic recovery since Q4/2022 has positively impacted the real estate market, aligning with consumer purchasing power. As a leader in residential property development in prime locations in Bangkok and its vicinity, the company has benefited from the returning purchasing power, as evidenced by the successful sales of its projects, leading to a continuous turnaround in performance during Q4/2022, with total revenue of 3.946 billion baht, growing 141% YoY, and a net profit of 338 million baht, growing 9,185% YoY. This significant growth is primarily due to the delivery of five newly completed condominium projects, which were gradually delivered from Q3 to Q4/2022, including 1.) Noble State Sukhumvit 39, 2.) New Srinakarin-Lasalle, 3.) Noble Around Ari, 4.) New Ngamwongwan, and 5.) New Center Bangna, resulting in total revenue of 8.678 billion baht and a net profit of 455 million baht for 2022.

Meanwhile, pre-sales in 2022 soared to 17.4 billion baht, marking a record high since the company's establishment, representing a 117% YoY increase, in line with the overall economic recovery and returning consumer purchasing power. This positively affected sentiment among both real demand customers and investors. All 11 new projects launched by the company, with a total project value of 31.55 billion baht last year, received continuous positive responses, resulting in a backlog of approximately 19.627 billion baht at the end of 2022, along with completed projects ready for occupancy (inventory) estimated to be delivered in 2023 valued at 11.391 billion baht, which will support sales and ownership transfers to generate revenue and good returns in 2023.

Additionally, the company's board meeting on February 22, 2023, approved the allocation of net profit for 2022 to pay dividends to shareholders at a rate of 0.20 baht per share, translating to a dividend payout ratio of 60.2%. The company will present this at the annual general meeting of shareholders on April 27, 2023, for approval and to determine the list of shareholders entitled to receive dividends (record date) on May 10, 2023, and the ex-dividend date (XD) on May 9, 2023, with dividend payments scheduled for May 25, 2023. Furthermore, the company has expanded its real estate management business, including real estate agency and brokerage services, to create synergy with its core business by establishing three new subsidiaries: 1.) Surf Solution Co., Ltd., 2.) Surf Service Solution Co., Ltd., and 3.) Surf PM Co., Ltd.

Mr. Thongchai further stated, “For 2023, the company believes that sentiment will continue to recover well, especially with the reopening of China, which will increase demand from Chinese customers. The company has completed inventory and ongoing projects to cater to both Thai and foreign consumers looking to purchase residences for personal use or investment. This is due to a shift in purchasing behavior among Chinese consumers in Thailand, who are increasingly favoring completed properties as they can see the actual projects, along with a growing demand for larger units to accommodate family living, moving away from the previous trend of buying for investment purposes.”

For its 2023 plan, the company aims to launch a total of 10 new projects with a combined project value of approximately 23.3 billion baht, including 9 low-rise projects worth a total of 13.4 billion baht and 1 high-rise project worth 9.9 billion baht. These projects will be distributed across various locations in Bangkok, including the western and eastern areas, as well as central urban locations like Wireless Road. Given the overall economic recovery, along with the existing backlog and new low-rise projects that can recognize revenue immediately, as well as completed inventory in high-potential locations such as Noble State Sukhumvit 39 and Noble Around Ari, the company expects significant growth in its operations in 2023, projecting total revenue of 15 billion baht and sales of 23 billion baht,” Mr. Thongchai concluded.