Origin Property Public Company Limited (ORI) has announced its Q1/2020 financial results, reporting a profit of 595 million baht while maintaining a gross profit margin of 39.9% and a net profit margin of 24.7%. This follows the recognition of profits from two newly completed joint venture projects, generating over 1,441 million baht in transfers and recognizing joint venture profits of over 141 million baht (based on a 51% shareholding). When including all property transfer activities, the company achieved total revenues of 3,394 million baht. In Q2/2020, the company will promote three online platforms and launch campaigns to manage inventory, indicating that in the second half of the year, new completed projects worth over 17 billion baht will be gradually transferred, supporting revenue and profit levels amid challenging market conditions.

Mr. Pirapong Jaroonaek, CEO of Origin Property Public Company Limited (ORI), revealed that for Q1/2020, the company had total revenue of 2,408 million baht and a net profit of 595 million baht, a decrease of only 17% compared to the same period last year due to the COVID-19 situation that slowed transactions. However, the overall performance was better than the market's expectation of a 30-40% decline.

Despite the challenges posed by COVID-19, the company managed to maintain a gross profit margin of 39.9% and began recognizing profits from joint venture condominium projects with Nomura Real Estate, marking the first time these two newly completed projects, KnightBridge Prime Ratchayothin and KnightBridge Collage Ramkhamhaeng, achieved over 93% sales from a total project value of over 3,700 million baht, resulting in over 1,441 million baht in transfers and recognizing joint venture profits of over 141 million baht (based on a 51% shareholding). When including all property sales, the company achieved total revenues of 3,394 million baht, growing 13.1% year-on-year and 2.9% quarter-on-quarter.

Q1/2020 was a challenging quarter due to the COVID-19 situation. Nevertheless, the company successfully boosted sales through proactive marketing strategies and established the 'Everyone Can Sell' team. In Q1/2020, sales reached 4,852 million baht, approximately 23% of the annual sales target, with sales from the housing project segment amounting to about 1,682 million baht, which is 775 million baht more than Q1/2019, representing an 86% increase. This aligns with the company's plan to expand its housing project portfolio due to the growth of the electric train network in suburban areas. Additionally, this customer segment primarily seeks homes for actual living, with lower demand volatility compared to condominiums, thus diversifying revenue risk. The company's housing projects under the Britania brand received positive consumer feedback due to their distinctive design and modern amenities that truly meet the needs of today's consumers. This is evident from the launch of two new projects in the last week of March: Grand Britania Wongwaen-Ramintra and Britania Sai Mai, which received a good response, achieving over 220 million baht in sales in Q1/2020, alongside condominium sales of around 3,170 million baht, with ready-to-move projects valued at approximately 3,733 million baht.

“In 2020, the company has adjusted its operational model to align with the situation through proactive marketing strategies and online platforms, driving sales, transfers, and consumer and employee care under a Zero-COVID approach. We will maintain standards and continuously adapt to navigate this challenging year. Additionally, the company has a new partner, GS Engineering & Construction Corporation (GS E&C) from South Korea, a major player in the global construction and real estate industry, to jointly develop two new condominium projects to be launched this year: The Origin Ladprao 111 and KnightsBridge Space Rama 4,” Mr. Pirapong stated.

Mr. Pirapong further stated that for Q2/2020, the company will focus its marketing plans on the Ready to Move segment and inventory products through various campaigns, such as the 'Keep Your Distance' campaign, allowing buyers to live rent-free for up to three years to alleviate their burden during the COVID-19 situation, along with other benefits across 23 projects in the group. The 'Always Online' campaign utilizes three platforms: LINE OA, Lazada, and Shopee, facilitating consumers at every step of the real estate transaction process, from information gathering, booking, room inspections, to ownership transfers. The company emphasizes hygiene by providing Private Visits for those who need to visit the projects.

The company will closely monitor the COVID-19 situation and continuously adjust its operational model to stay responsive to the circumstances and effectively handle various situations. It is expected that the overall situation in the second half of the year will be brighter than in the first half, with 12 projects awaiting launch in the second half, including four condominium projects and eight housing projects, with a total value of over 16.7 billion baht. At the same time, the company has a significant backlog that will convert into revenue from condominium and housing projects gradually completed in the second half of the year, totaling 12 projects worth over 17 billion baht (including joint venture projects valued at 5.3 billion baht), providing the company with opportunities to generate additional sales, revenue, and profits continuously in the latter half of the year.

Mr. Pirapong added that the company's board of directors has approved the proposal to the annual general meeting of shareholders on August 27, 2020, to pay a dividend for the company's operations in the last six months of 2019 at a rate of 0.29 baht per share, totaling no more than 711.33 million baht. In 2019, the company paid an interim dividend as per the board's resolution on August 14, 2019, for the first six months of 2019 at a cash rate of 0.205 baht per share, totaling no more than 502.06 million baht. This represents a total annual Dividend Yield of over 11% based on yesterday's closing price. The company will pay the dividend in cash, with the XD date set for September 1, 2020, and September 2, 2020, as the Record Date for shareholders entitled to receive the dividend, with payment to shareholders by September 25, 2020.

Origin Property Public Company Limited (ORI) has a diverse business structure, including:
1. Residential Development Business: Developing condominiums and housing projects, with 73 projects completed, including brands like PARK ORIGIN, The Origin, KnightsBridge, Notting Hill, Kensington, and BRITANIA, with a total project value exceeding 114 billion baht.
2. Recurring Income Business: Including hotels, serviced apartments, and retail.
3. Service Business: Including property management, real estate agency, and consulting services, with a vision to continuously expand into new business types to become a comprehensive real estate operator.