Sena has revealed its financial results for the first nine months of this year, reporting a net profit of 556 million, an increase of 168 million or 43% compared to the same period last year. Total revenue reached 7,366 million, an increase of over 2,000 million or approximately 38% year-on-year. The company is set to push forward in Q4/66 with a focus on sustainable business aligned with global megatrends, exploring the “carbon credit” business, and launching models for “zero-energy homes” and “low-carbon condos,” with plans to introduce 10 new projects to boost sales in the year-end period, catering to environmentally conscious consumers.

Ms. Athika Boonrodchue, Assistant Managing Director of Finance and Investment at Sena Development Public Company Limited, a leading real estate developer and the first to develop a fully solar-powered village, stated that for the first nine months of 2023 (January-September), Sena Group's total revenue from property transfers and other project income under joint ventures amounted to 7,366 million baht, an increase of 2,014 million baht or 38% compared to the same period last year, resulting in a net profit of 556 million baht, which is 8.58% of total revenue.

“The net profit for the first nine months of this year, compared to the same period last year, was 830 million baht, reflecting a decrease of 274 million baht. However, in 2022, the first nine months included other income not derived from core business amounting to 442 million baht. If we exclude this, the net profit from normal operations in 2022 was only 388 million baht. Compared to the net profit for the first nine months of 2023, the company has seen an increase of 168 million baht or 43%,” Ms. Athika explained.

For the first nine months of this year, revenue from property transfers was 6,053 million baht, an increase of 2,266 million baht or 60% compared to the same period last year. Revenue from project management and rental businesses within the Sena Group was 949 million baht, up 11%. The solar business generated 129 million baht, a 329% increase. Other income, excluding joint ventures, was 120 million baht. Pre-sales for the nine-month period totaled 7,894 million baht, down 11% due to economic conditions and rising interest rates affecting consumer decisions on new home purchases. The interest rates have also accelerated property transfers.

The company has a backlog of sales awaiting revenue recognition (Backlog) as of September 30, 2023, valued at approximately 5,586 million baht, consisting of projects outside joint ventures worth 940 million baht and projects under joint ventures worth 4,646 million baht. Approximately 2,714 million baht is expected to be transferred this year, primarily from six projects that are gradually transferring ownership, including The Niche Mono Mega Space Bangna, The Niche Mono Ramkhamhaeng, Piti Sukhumvit 101 Bangjak, Sena Kith Chalongkrung - Lat Krabang Phase 1, Sena Kith Chalongkrung - Lat Krabang Phase 2, Sena Kith BTS - Saphan Mai, and horizontal projects set to begin ownership transfers in Q4, including Sena Vela Rattanathibet - Bang Bua Thong, Sena Vela Sukhumvit - Bang, and Sena Viva Theparak - Bang Bo.

For Q4/66, the company remains committed to developing its business under the concept of Made From Her, with the vision of being The Lifelong Trusted Partner, focusing on developing residences and businesses that meet the needs of a good life at all ages while supporting a Decarbonized Lifestyle, particularly in energy conservation, with a goal to launch another 10 projects valued at 16,506 million baht.

Sena continues to move forward in collaboration with partner Hankyu Hanshin Corporation to develop the zero-energy home and low-carbon condo concepts. Recently, it has supported the comfortable living concept with Panasonic and Chulalongkorn University, as well as collaborating with Zeroboard, a carbon measurement platform, to enhance the efficiency of the zero-energy home concept, which is seen as a competitive advantage and will play a crucial role in increasing sales and revenue for the company. Meanwhile, Sen X Public Company Limited, a comprehensive real estate and housing service provider, has the capability to increase profitability, with plans to enhance project profitability in 2024 through cost management strategies and increasing sales value under the energy-saving home campaign, which can reduce long-term electricity costs for customers, as reflected in the overall gross profit for the past nine months, which increased by 823 million baht or 66% compared to the same period last year.

In the solar business, the company has completed installation contracts for solar panels at 10 shopping malls and various industrial factories, resulting in increased revenue and profit, with revenue for the nine-month period rising by 99 million baht or 329%. Additionally, it is preparing to invest in reforestation to create carbon credits (SENA Reforestation), set to begin in early next year, which is under study and considered an interesting investment in a megatrend to expand the business.

Meanwhile, the financial business, known as “Cash with a Heart,” which is related to housing finance, continues to provide advice on loan applications, offering loans and hire purchase services for customers purchasing properties from the Sena Group. Having a financial business can support the core real estate business, which is a strength in competing in the real estate market at this time.

“The overall Thai real estate market remains highly competitive. We believe that zero-energy homes and low-carbon condos will meet the needs of the new generation of consumers who are increasingly environmentally conscious and seeking eco-friendly products. Not only do these products help protect the planet, but they also benefit residents in the long term, particularly in energy use, and this advantage will aid in increasing Sena's housing purchase decisions,” Ms. Athika concluded.