PROUD announces its 9-month financial results for 2023, reporting total revenue of 1.324 billion baht and a net profit of 149 million baht, a 143% increase. The company anticipates continued growth in Q4/2023 as it gradually recognizes revenue from the Intercontinental Residences Hua Hin project and launches attractive promotions to boost sales in the final quarter of the year, preparing to recognize additional revenue from the New Cross Kookat Station project, with a backlog reaching 10.491 billion baht.

Mr. Phumiphat Sinacharoen, CEO of Proud Real Estate Public Company Limited (PROUD), revealed that the company's 9-month performance for 2023 shows total revenue of 1.324 billion baht, an increase of 330 million baht from the same period last year, which had total revenue of 994 million baht, representing a 33% increase. The net profit stands at 149 million baht, up from 61 million baht in the previous year. For Q3/2023, the company reported total revenue of 123 million baht and a net profit of 2 million baht.

Overall, the company's 9-month performance has grown in both revenue and profit, driven by revenue recognition from the transfer of ownership of the Intercontinental Residences Hua Hin project, which has achieved 96% of sales, totaling 3.644 billion baht, with a backlog of 187 million baht. The company expects to complete sales of the project by the end of this year.

Looking ahead to Q4/2023, the business outlook remains positive, supported by strong demand in the high-end real estate market and the gradual recovery of the tourism sector, which is expected to bring foreign tourist numbers back to pre-COVID-19 levels. This will likely increase purchasing power from foreign buyers, both for residential and investment purposes.

The company is ramping up marketing activities and launching promotions for all ongoing high-rise and low-rise projects to stimulate sales and recognize revenue in the final quarter of the year, including the Intercontinental Residences Hua Hin project, Weha Hua Hin project, Romy Convent project, and Viarie project. Additionally, the New Cross Kookat Station project, valued at 2.104 billion baht, has achieved 100% sales, with ownership transfers expected to begin in Q4/2023, allowing for additional revenue recognition as planned.

As of September 30, 2023, the company has a backlog of 10.491 billion baht, the highest ever recorded. It is anticipated that approximately 300-400 million baht will be recognized in revenue for the remainder of 2023, with the remaining amount to be gradually recognized until 2026.