Noble Development Public Company Limited announced its Q1 2020 financial results, reporting total revenue of 2.168 billion baht, a decrease of 41.3%, and a net profit of 410.9 million baht, down 68.6% compared to the same period last year. The revenue recognition from real estate sales amounted to over 2.083 billion baht, meeting the set target, which came from the transfer of ownership of completed condominium units.

Mr. Thongchai Busarakham, Chairman, Co-CEO, and Managing Director of Noble Development Public Company Limited, stated, "The decrease in revenue in Q1 this year compared to the same period last year is due to part of the revenue recognition from Q1 last year being from the sale of land awaiting development. However, in Q1 this year, the company achieved satisfactory revenue recognition from the transfer of ownership of condominium units and housing projects, successfully reaching the transfer target from completed projects of over 2.083 billion baht, an increase of 5.2% from the same period last year. This includes projects such as Noble Recole Sukhumvit 19, Noble BE 23, Noble Ploenchit, Noble Revolve Ratchada, Noble Revolve Ratchada 2, Noble Above Wireless-Chuanthida, and Noble Gable Kanzo Watcharapol."

“Nevertheless, the company focuses on stable business operations, preparing to cope with the real estate market affected by the COVID-19 situation since early this year, both domestically and internationally. The company has delayed the launch of new projects in Q1 2020, launching only one project, which is Noble Above Wireless-Chuanthida, in January, as it is a completed project ready for occupancy in the central city area of Wireless-Chuanthida, near BTS Ploenchit. The company managed to generate sales from the new project launch and previously launched projects in Q1 2020, totaling over 1.035 billion baht.

The company aims to drive sales from ready-to-move-in projects this year, targeting an additional total value of over 4 billion baht, and is preparing to launch new projects, expected to gradually launch in the second half of the year when the market situation improves. The company is confident that it can achieve its pre-sale target this year, totaling over 12 billion baht.

As of the end of Q1 2020, the company had a backlog of 15.437 billion baht, with expected revenue recognition within this year of over 8 billion baht from three condominium projects expected to be completed in Q3 onwards, including Noble B19 Sukhumvit, Noble Around Sukhumvit 33, and New Noble Chaengwattana. This gives confidence in the annual target and revenue of 10 billion baht, resulting in good and stable financial liquidity for the company. Additionally, on April 30, the company sold over 31 rai of land in Furano, Japan, signing a sale and purchase agreement valued at approximately 200 million baht, which is expected to recognize revenue by November.

With a strong business operation, stable performance, and effective liquidity management, the company announced a dividend payment for the second half of 2019 at a rate of 2.20 baht per share, responding to the shareholders' resolution to approve the dividend payment on April 29, with a payment scheduled by May 28, reinforcing its status as a dividend stock in a volatile market,” Mr. Thongchai concluded.