SENA showcases robust performance in Q3/61 with a net profit of 196.7 million baht, up 29.5%, and a profit of 586.5 million baht over 9 months, reflecting an 89.2% increase compared to the same period last year, driven by revenue growth. The company is confident that its annual performance will meet targets, anticipating that new lending criteria from the Bank of Thailand will encourage consumer purchasing decisions towards the end of this year and early next year. The Q4/61 plan includes launching 2 new condominium projects under the “Niche Mono” brand, valued at 7 billion baht, and preparing to issue bonds worth 1 billion baht.      

          Ms. Athika Boonrodchu, Assistant Director of Capital Allocation and Investment at Sena Development Public Company Limited (SENA), a leading real estate developer for both horizontal and vertical projects, revealed the current direction of the real estate market. Despite the Bank of Thailand's announcement to adjust housing loan criteria effective from April 1, 2019, which may impact the overall market in Q4 and early next year before the measures take effect, it is expected that consumers will be encouraged to make purchasing and transfer decisions. Meanwhile, developers will implement special promotions to stimulate purchasing power, leading to continued sales growth through the final quarter of this year.

          For the performance in Q3/2561, the company and its subsidiaries reported a net profit of 196.7 million baht, accounting for 18.2% of total revenue, an increase of 44.8 million baht or 29.5% compared to the same period last year.

          Overall, the performance for the first 9 months of 2561 has met the set targets, achieving sales of 7,066 million baht, a 100% increase from the same period in 2560, with condominium projects contributing 94% (including JV projects) and horizontal projects 6%, equivalent to 69% of the sales target of 10,300 million baht. Additionally, total revenue reached 3,900.7 million baht, a 30% increase compared to the same period last year.

          The main revenue sources came from the gradual transfer of real estate projects, comprising 12% from horizontal projects and 79% from condominium projects. The net profit stood at 586.5 million baht, representing 15.1% of total revenue, an increase of 276.5 million baht or 89.2% compared to the same period last year, which reported a net profit of 310 million baht. Revenue recognition from condominium projects was the highest at 2,589.7 million baht, up 83.8% year-on-year, while single-detached houses/townhomes/commercial buildings reported revenue of 667.4 million baht, down 46.2% year-on-year. Revenue from rental and services was 507.7 million baht, up 106.2% year-on-year, while revenue from the solar business was 37 million baht, down 35.5% year-on-year, and other income was 98.9 million baht, up 108.6% year-on-year. However, in Q4, several projects are ready for gradual transfer, including Niche ID Petchkasem – Bangkae valued at 704 million baht, Niche ID Rama 2 – Dao Khanong valued at 614.5 million baht, Niche ID Seri Thai valued at 703.3 million baht, and 2 Shop House projects valued at a total of 673.5 million baht.

          For 2561, the company targets revenue of 5,200 million baht and sales of 10,300 million baht, reflecting a 20% growth from the previous year. The backlog of sales awaiting revenue recognition as of the end of September 2561 stood at 9,101.92 million baht (including 4 JV projects: Niche Mono Sukhumvit-Bearing, Niche Pride Tao Poon – Interchange, Niche Mono Charan Nakhon, and Piti Ekkamai). Of this amount, approximately 1,500 million baht is expected to be recognized in Q4 this year.

          In Q4/2561, the company plans to launch 2 projects with a total value of 7,151 million baht, including the Niche Mono Mega Space Bangna, a 40-story condominium with 795 units valued at 2,220 million baht, with a pre-sale on November 17, 2561, and 140 units already booked, worth 400 million baht. The Niche Mono Ramkhamhaeng project will feature Building A at 38 stories, Building B at 32 stories, and Buildings C, D, and E at 7 stories, totaling 1,700 units valued at 4,931 million baht, with 95 units already booked, worth 254 million baht.

          In mid-December, the company plans to issue bonds to support future business expansion, preparing to offer long-term bonds with a maturity of 3 years and 2 months, totaling no more than 1,000,000 units, with a total bond value of 1 billion baht. The bond will offer a fixed interest rate of 4.60%. Nomura Pattanasin Securities Public Company Limited, Yuanta Securities (Thailand) Company Limited, and Globlex Securities Company Limited have been appointed as the underwriters, with subscriptions starting from December 11-13.

Thank you for the information from www.sena.co.th