SENA showcases its Q1/62 performance with revenue of 1,212.9 million baht, an increase of 124.5 million baht or 11.4% and is pleased to recognize revenue for the first time from the transfer of ownership from various low-rise projects in provincial areas. The company is preparing to launch 3 new projects worth a total of 2,279 million baht in Q2/62, targeting the real demand segment in Bangkok, its outskirts, and provincial areas. Recently, SENA is also preparing to submit a community solar project, hoping to boost the solar home market.

          Assoc. Prof. Dr. Kesara Thanyalakphak, Deputy CEO of Sena Development Public Company Limited (SENA), a leading real estate developer of both low-rise and high-rise projects, revealed that the overall real estate market in Q1 and Q2 of 2019 is expected to slow down. In this quarter, there will be no increase in new supply or selling prices, but it is anticipated that most operators will focus on launching new projects in the second half of the year instead, while demand remains positive, particularly for housing from the real demand segment, including single houses and townhomes. The company continues to run campaigns to stimulate consumer purchasing power, resulting in a total revenue of 1,212.9 million baht in Q1/2562, an increase of 124.5 million baht or 11.4% compared to the same period last year, primarily driven by revenue from property sales and services.

          Meanwhile, net profit was 159.8 million baht, accounting for 13.2% of total revenue, a decrease of 4.8 million baht or 2.9% compared to the same period last year, which had a net profit of 164.6 million baht. This was due to the company running promotions to boost sales since 2018 and recognizing revenue in 2019, along with increased financial costs as the company is in the process of constructing several projects, such as “Niche Mono Sukhumvit - Pu Chao,” “Niche ID Rama 2,” “Niche Mono Sukhumvit 50,” and “The Kit Plus Phahonyothin – Kukot.”

          The increase in revenue in the first quarter of this year came from residential sales of 997.4 million baht, an increase of 100.9 million baht or 11.3% compared to the same period last year. This includes revenue from joint ventures and the development of low-rise real estate in provincial areas under Sena Wanich Development Co., Ltd., which was able to recognize revenue for the first time from the transfer of ownership from low-rise projects in provincial areas, amounting to 32.9 million baht. Additionally, the “Niche” brand accounted for 235 units valued at 531.0 million baht, the “The Kit” brand for 91 units valued at 156.5 million baht, and single houses, townhomes, and commercial buildings under the “Sena Park Ville,” “Sena Park Grand,” “Sena Ville,” and “Phra Maphon” brands for 25 units valued at 138.4 million baht, as well as shop houses and avenues for 18 units valued at 138.5 million baht.

          At the same time, the company also generated rental and service income of 182.7 million baht, an increase of 17.4 million baht or 10.5% compared to the same period last year. The revenue composition includes apartment rental income of 3.9 million baht, property management income of 8.6 million baht, warehouse rental income of 7.5 million baht, income from Sena Fest community mall of 19.8 million baht, golf course income of 31.6 million baht, project management income of 99.4 million baht, land rental income of 0.9 million baht, and real estate sales consulting income of 10.9 million baht.

          Revenue from the solar business was 4.5 million baht, a decrease of 0.8 million baht or 15.1%. However, the company has agreed to purchase equipment for the installation of rooftop solar power systems with Index Living Mall Public Company Limited, which will allow for revenue recognition in 2019. Additionally, the company is looking for opportunities to sell electricity directly to private entities or through Private PPA.

          “The future of solar continues to grow as technology advances and costs decrease. Currently, the Energy Regulatory Commission (ERC), along with the Provincial Electricity Authority (PEA) and the Metropolitan Electricity Authority (MEA), has opened for proposals to sell electricity from community solar projects that remain after use. As a leader in developing solar villages, SENA plays a significant role in promoting government policies, expecting that homes with solar will receive more acceptance from buyers in the future,” said Assoc. Prof. Dr. Kesara.

          Furthermore, the company has a backlog of sales awaiting revenue recognition amounting to 11,704 million baht as of the end of March 2562 (including JV condominium projects in Bangkok and its outskirts, such as “Niche Mono Sukhumvit Bearing,” “Niche Pride Tao Poon-Interchange,” “Piti Ekkamai,” “Niche Mono Charoennakorn,” “Niche Mono Mega-Space Bangna,” “Niche Mono Ramkhamhaeng,” and low-rise projects in provincial areas including “The Living Naraya 2,” “Baan Burapha Bo Win,” and “Prow Town”), which will gradually recognize revenue from 2019 to 2021.

          In Q2/2562, the company is moving forward with the launch of 3 projects worth a total of 2,279 million baht, including Sena Grand Home Tiwanon-Rangsit with 88 units valued at 695 million baht, Niche Pride Somdej Chao Phraya with 213 units valued at 1,094 million baht, and Sena Wanich Udon Thani with 137 units valued at 490 million baht.

          Nevertheless, SENA continues to follow its business plan to achieve its goal of launching 20 new projects in Bangkok, its outskirts, and provincial areas, with a total value of over 18,779 million baht. The company is ready to introduce new innovations to develop products to reinforce its position in residential development through the perspective of “small is BIG” under the concept “MADE FROM HER 2019,” paying attention to every detail of life from a feminine perspective, responding to the needs of those seeking housing today.

 

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