"Origin" has announced its Q1/2018 financial results, showing a net profit of 488.6 million baht, an increase of 184% compared to Q1/2017. The company is confident that it will achieve its revenue target of 15 billion baht by the end of the year.

          Mr. Pirapong Jarunek, CEO of Origin Property Public Company Limited (ORI), the developer of condominiums under the brands Park, Knightsbridge, Notting Hill, Kensington, and the Britania brand for horizontal projects, revealed that for Q1 2018, the company had total revenue of 2,473.7 million baht, an increase of 182% compared to Q1 2017 (%YoY). This growth was primarily due to the company recognizing revenue from 18 condominium projects carried over from 2017, along with a new project, KnightsBridge Tiwanon, that began transferring ownership in March 2018. Additionally, the company achieved presale sales of approximately 5,090 million baht in the first quarter, representing an increase of over 255% from the same period last year, reflecting the company's ability to deliver projects that meet customer demand.

          For Q1/2018, the net profit was 488.6 million baht, growing 184% from the same period last year, with a net profit margin of 19.8%, slightly up from 19.6% in Q1 2017. This increase is attributed to the completion of new projects that recognized revenue as planned, along with strong gross profit margins and revenue recognition from project management in collaboration with Nomura Real Estate Development Co., Ltd. from Japan, resulting in robust growth in both revenue and profit for the company this quarter. In Q1/2018, the company launched three new condominium projects under the brand “Knightsbridge”: 1. Knightsbridge Space Ratchayothin, 2. Knightsbridge Space Rama 9, and 3. Knightsbridge Collage Sukhumvit 107, with a total project value of over 6 billion baht, achieving over 70% in total sales, equivalent to more than 4.2 billion baht.

          Mr. Pirapong also stated that in 2018, the company plans to launch new projects worth over 30 billion baht, meaning that in the remaining three quarters, there are outstanding projects worth over 24 billion baht waiting to be launched, including mixed-use projects under the Park Origin brand in three locations, which are highlighted projects for the company this year, along with an additional 3-4 horizontal projects set to launch.

          “We are confident that having a quality backlog over the past few years, combined with operations proceeding as planned, will help the company achieve sales exceeding 20 billion baht and revenue reaching 15 billion baht, in line with our set targets,” Mr. Pirapong stated.

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