“Sena Development” showcases its performance for 2023 with total revenue across all businesses of 10,954.56 million baht, representing an increase of 11.9% compared to the same period last year, driving gross profit to 3,265.26 million baht, accounting for 31.6% of total net revenue. The company effectively manages costs in line with selling price trends and has accumulated a total Back Log of 4,762 million baht, awaiting continuous revenue recognition. They have also announced a dividend payment of 0.234214 baht per share, providing investors with a return of approximately 9.5% based on the closing price on February 27.

Ms. Athika Boonrodchu, Assistant Managing Director of Capital Allocation and Investment at Sena Development Public Company Limited (SENA), a leading real estate developer and the first developer of fully solar-powered villages, as well as a leader in energy-efficient homes and low-carbon condos, revealed that the Sena Group has experienced growth across all businesses in 2023, with total revenue of 10,954.56 million baht divided into three main business segments: real estate, project management and other services, and clean energy. Compared to the same period last year, total revenue increased by 1,167.48 million baht, or 11.9%, while gross profit stood at 3,265.26 million baht, representing 31.6% of total net revenue.

“Despite the economic conditions presenting both internal and external risks affecting demand, leading to a decline in the real estate market, Sena plans to manage its various businesses efficiently, particularly in cost management to align with changes in core development costs. This is to set prices appropriately and meet the housing needs of different target groups, especially middle-income earners seeking to own assets that can provide stability in their lives. Sena has developed various services to assist buyers in accessing housing more effectively,”

Ms. Athika elaborated that in the real estate sector, Sena has a clear strategy for setting selling prices according to economic conditions and efficiently managing selling costs, with pre-sale sales amounting to 10,577 million baht and recognized revenue from ownership transfers at 8,432 million baht, divided into 82% high-rise projects and 18% low-rise projects, an increase of 699 million baht or 9% compared to the previous year. Additionally, there is a backlog of sales awaiting revenue recognition valued at 4,762 million baht as of the end of 2023.

However, the Sena Group still has a total remaining inventory for sale of 52,981 million baht, which includes completed condo projects ready for sale and immediate revenue recognition at 11,661 million baht, and condo projects remaining for sale in 2024 valued at 4,501 million baht.

In the project management and other services sector, Sena has seen a 16% increase in revenue due to more project management contracts and a remarkable 44% growth in golf course business. Meanwhile, the clean energy sector, which includes solar business, electric vehicle sales, and new ventures such as carbon credit forest planting, has generated a 47.5% increase in revenue compared to the same period last year.

Furthermore, the company maintains a net interest-bearing debt to equity ratio (Net IBD) of 1.14 times, which is considered healthy. Recently, the company's board of directors approved a dividend payment of 0.234214 baht per share, representing 81% of the consolidated financial statements or 60% of the standalone financial statements, providing investors with a return of approximately 9.5% based on the closing price on February 27.