Noble Development Public Company Limited, or "the Company," reported that its performance in the first half of 2023 generated total revenue of 4,478 million baht, growing 76% year-on-year, and net profit soared to 184 million baht, a remarkable 990% increase year-on-year. The Company announced plans to launch six new projects worth a total of 17,900 million baht in the second half of the year (August-December), along with good news of an interim dividend of 0.081 baht per share, with an ex-dividend date set for August 24, 2023. It also hinted at a special profit booking in Q3/66 from the sale of investments in two joint venture projects to PROUD.

Mr. Thongchai Busarapant, Vice Chairman and Co-CEO of Noble Development Public Company Limited, a leader in real estate development for residential projects in prime locations in Bangkok and its vicinity, revealed that the Company successfully advanced its business during the first half of 2023, defying challenges from the gradual recovery of the domestic economic situation.

In the first half of 2023, the Company achieved total revenue of 4,478 million baht, a 76% year-on-year growth, and a net profit of 184 million baht, up 990% year-on-year. Despite not having any new completed condominium projects ready for transfer in the first half of 2023, the Company maintained strong operational growth. The growth in revenue during this period primarily came from the delivery of completed projects ready for occupancy (Inventory), such as Noble B19 Sukhumvit, Noble State Sukhumvit 39, New Noble Srinakarin-Lasalle, Noble Around Ari, New Noble Ngamwongwan, and New Cove North Ratchaphruek, among others.

For pre-sales in Q2/2566 and the first seven months, the figures stood at 4,040 million baht and 9,706 million baht, respectively (including the New District R9 project and the New Cross Kukot Station project, which the Company continues to manage in its previous role). The sales for the first seven months of 2023 came from completed projects ready for occupancy amounting to 2,808 million baht and new projects under construction totaling 6,898 million baht, resulting in a backlog of 17,940 million baht as of the end of July 2023 (excluding the New District R9 and New Cross Kukot Station projects), which will be recognized over the next 2-3 years.


Nue District R9

“In Q2/2566, the Company began recognizing revenue from property management services, including real estate agency and brokerage services and after-sales services under Surf Solutions Co., Ltd. This business represents an extension of the core business as a property developer and a comprehensive after-sales service provider, including services for selling and renting, managing juristic persons, and providing furniture sourcing services. This enables the Company to have a steady stream of recurring revenue and achieve its growth targets,”

Additionally, at the board meeting on August 10, 2023, a resolution was passed to approve the payment of an interim dividend for the first half of 2023 at 0.081 baht per share, totaling 111 million baht, which equates to a dividend payout ratio of 60.1%. The ex-dividend date is set for August 24, 2023, with the dividend expected to be paid out in early September.

“Regarding the real estate market situation in the second half of the year, the Company maintains a positive outlook due to the recovery of the market both domestically and internationally. The Company has observed a clear market recovery since the first half of the year, even though foreign customers from China have not fully returned. However, the Company has diversified its foreign customer base to include more variety, such as from Taiwan, Singapore, Hong Kong, and Myanmar. It also acknowledges that the purchasing behavior of foreign customers has changed, with a greater emphasis on buying for personal residence, although there is still a growing segment of customers purchasing for investment,”

For 2023, the Company has adjusted its plan to launch nine new projects worth over 22,200 million baht, which is less than the original plan of ten projects worth 23,300 million baht. The first project will be Noble Terra Rama 9-Ekkamai, a high-end single-house project expected to officially launch in September. The Noble Aqua Riverfront Ratburana project is a high-end townhome project by the Chao Phraya River, also expected to launch in September, along with a large condominium joint venture project with Hongkong Land on Witthayu Road.

Furthermore, Mr. Thongchai added that the Company has completed the agreement for the sale of investments and the transfer of shares in the New District R9 and New Cross Kukot Station projects to PROUD as of July 25, 2023, receiving over 1,400 million baht in cash flow immediately, which will be recorded as special profit in Q3/2566, strengthening the Company’s financial performance.