ORN has announced its Q3 2024 financial results, achieving a revenue of 439.78 million baht, a remarkable increase of 115%, with a net profit of 56.65 million baht, up 31.56%. For the first nine months of 2024, total revenue reached 818.47 million baht, with a net profit of 64.76 million baht, defying the slowdown in the real estate market. This reflects the success of the company's strategy in developing projects that meet the needs of both Thai and foreign customers, emphasizing prime locations and affordable pricing in line with the growth of Chiang Mai, leading to a significant increase in transfer volumes and pushing the backlog to 1.382 billion baht. The company is committed to developing both horizontal and vertical projects to cater to diverse lifestyles, maintaining its position as a market leader in Chiang Mai's real estate sector, trusted by both foreigners and locals. Additionally, the Mill Hill International School Thailand is over 50% complete and is set to open in September 2025.

Mr. Pridikorn Buranupakorn, CEO of Orn Sirin Holding Public Company Limited (ORN), revealed that the company's Q3 2024 performance showed total revenue of 439.78 million baht, an increase from 204.51 million baht in the same period last year, representing a rise of 235.27 million baht or 115%. The net profit was 56.65 million baht, up from 43.05 million baht in the previous year, marking a 31.56% increase.

For the first nine months of 2024, the company reported total revenue of 818.47 million baht and a net profit of 64.76 million baht. Overall, the company's performance remains strong, driven by transfer volumes from ongoing projects, with 490.49 million baht from vertical projects including The Astra Sky River, The Next Chok City Hall, and Arise Mahidol, and 324.79 million baht from horizontal projects such as Habitat Super Highway, Habitat Ring Road-Sankamphaeng, Believe Ring Road-Sankamphaeng, and Orn Sirin Ville Chotana, among others.

The company has seen an increase in distribution and administrative costs due to expanding sales channels for housing and condominiums targeting foreign customers, which is expected to further boost sales in Q4 2024.

As of September 30, 2024, the company has a backlog of approximately 1.382 billion baht, which will gradually contribute to revenue starting in Q4 2024.

“The company has consistently shown growth in performance, achieving increased sales despite the sluggish real estate market, reflecting operational potential through the development of residential projects that comprehensively meet the needs of both Thai and foreign customers. This is achieved by strategically selecting project locations and offering prices accessible to various customer segments. Additionally, Chiang Mai is an economically ready province with significant growth opportunities in the future, leading to increased interest from both Thai and foreign residents seeking long-term housing and vacation homes in Chiang Mai, reinforcing our position as a trusted market leader in Chiang Mai's real estate sector,” Mr. Pridikorn stated.

Meanwhile, Mill Hill International School Thailand is currently conducting activities to introduce its curriculum, receiving positive feedback from both Thai and foreign parents. Construction is over 50% complete, with expectations to finish by Q1 2025 and commence operations by September 2025.