PROUD reveals its direction for Q1 2024 as the tourism sector recovers, with strong foreign purchasing power in both Bangkok and Hua Hin. The company is preparing to conclude the InterContinental Residences Hua Hin project while gradually recognizing revenue from the Nue Cross Khu Khot Station project at full capacity. The marketing strategy will continue to stimulate sales by highlighting the uniqueness of each project under the philosophy of 'More Than Just Living.' The company is also moving forward with investments in new projects on high-potential land to maintain steady growth in performance. For the fiscal year 2023, the company reported revenue of 1.537 billion baht and a net profit of 102 million baht.

Mr. Pasu Liptapanlop, Executive Director of Proud Real Estate Public Company Limited (PROUD), stated that the business outlook for Q1 2024 is positive. The gradual recovery of the tourism sector significantly benefits the company, as the foreign purchasing group, which is the company's target market, shows increased demand for residential properties and long-term accommodations, including vacation homes. This has led to satisfactory interest in the company's projects in Bangkok and Hua Hin from foreign buyers. Therefore, the company will continue to adjust its marketing and sales strategies to emphasize the uniqueness of its projects while connecting with diverse needs for both investment and personal residence, in line with the brand's promise of 'More Than Just Living.' Additionally, the company is accelerating special pricing promotions and various gift packages to attract interest and demand for residential ownership in Bangkok and vacation homes, particularly from tourists in Hua Hin during the New Year festival and other significant events early in the year.

For the fiscal year 2023, the company reported revenue of 1.534 billion baht, a decrease from 2.110 billion baht in the same period last year, with a net profit of 102 million baht, down from 229 million baht in the previous year. The decline in performance for 2023 was due to reduced revenue recognition from the transfer of ownership of the remaining units in the InterContinental Residences Hua Hin project, which currently has a backlog of 112 million baht, accounting for 3% or only 6 units, expected to be concluded soon. However, in December 2023, the company began to gradually recognize revenue from the Nue Cross Khu Khot Station project, which is being recognized faster than initially targeted.

The company continues to pursue a strategy of developing projects that are currently for sale to align with the needs of the target market, as well as regularly organizing marketing activities to stimulate sales. The projects currently for sale include one horizontal project, VI Ari, and three vertical projects: VEHHA Hua Hin, ROMM Convent, and NUE District R9, which will be key to generating continuous revenue. Currently, the company has a total backlog of 11.288 billion baht to be gradually recognized as revenue from 2024 to 2026. The company remains confident in its strong financial stability and is moving forward with investments in new land acquisitions in the Ratchaphruek area to develop new projects valued at approximately 3.7 billion baht, addressing the needs of the high purchasing power market to maintain steady growth in performance.