AP Thailand Announces First Quarter Revenue Exceeding 11.8 Billion Baht, Aiming for Deeper and More Intensive Work

• AP Thailand, under the promise of "A Good Life You Can Choose," revealed that its first quarter figures for 2023 continue to show strong growth, driven by single-family homes and townhomes, resulting in total revenue of 11.805 billion baht, with a net profit of 1.478 billion baht and a low net debt-to-equity ratio of just 0.66 times.
• The condominium market is sending positive signals, with transfer volumes beginning to return to previous levels, alongside revenue from the opening of the new building RHYTHM Charoenkrung Pavilion.
• As of April 30, total sales exceeded 14.264 billion baht, with plans to launch 16 new projects worth a total of 21.030 billion baht in the second quarter.
• Emphasizing deeper and more intensive work to maintain leadership in the residential property development business, the company aims to launch 58 new projects throughout the year, valued at approximately 77 billion baht, with a sales target of 58 billion baht and total revenue target of 100% JV at 57.5 billion baht.
• Stay updated on all new projects from AP, including single-family homes, townhomes, and condominiums throughout 2023 by clicking https://apth.ly/APNewHome2023.

Mr. Witakarn Janthawimon, Deputy Managing Director of Corporate Strategy and Innovation at AP Thailand Public Company Limited, a leader in the Thai property development business, under the promise of "A Good Life You Can Choose," stated that in the first quarter, the company generated total revenue from horizontal products, condominium (100% JV), and other businesses amounting to 11.805 billion baht, with a net profit of 1.478 billion baht. This represents an increase from the previous quarter, which had a net profit of 1.154 billion baht, equating to a 28% increase, and a net debt-to-equity ratio of 0.66 times, in line with the policy to manage the net debt-to-equity ratio at a level not exceeding 1 time.

In the past quarter, horizontal products such as townhomes and single-family homes have been key drivers of strong revenue and profit growth, with revenue from horizontal products accounting for 8.657 billion baht or 73% of total revenue. The single-family home brand THE CITY has been a major contributor to revenue in the horizontal segment.

For the condominium segment, the overall business is showing positive trends, with signs of ownership transfers improving. In the past quarter, the company not only completed the ownership transfer of the entire project ASPIRE Sukhumvit-On Nut Phase 1 but also generated revenue from the transfer of condominiums under the ASPIRE brand, such as ASPIRE Rattanathibet Weston and ASPIRE Erawan Prime, continuously, along with the joint venture condominium RHYTHM Charoenkrung Pavilion, which began to recognize revenue in the past quarter.

In the second quarter, AP plans to launch a total of 16 new projects valued at 21.030 billion baht, comprising 7 single-family home projects worth 9.380 billion baht, 8 townhome projects worth 8.150 billion baht, and 1 condominium project worth 3.500 billion baht. As of April 30, 2023, the company has generated total sales of 14.264 billion baht, divided into sales from horizontal products worth 10.601 billion baht and condominiums worth 3.663 billion baht, with a backlog of 33 billion baht.