Noble Development Public Company Limited (NOBLE) has announced its financial results for the year 2020, reporting total revenue exceeding expectations at 10.895 billion baht and a net profit of 1.878 billion baht. This growth is attributed to revenue recognition from the transfer of ownership of condominiums and completed housing projects from both Thai and international customers. The company also declared a dividend for the second half of 2020 at a rate of 0.50 baht per share. CEO Thongchai Busarapant has ordered the launch of 11 new projects this year, valued at a total of 45.1 billion baht, reinforcing its strong position as a leading residential property developer in Thailand.

Thongchai Busarapant, Chairman and Co-CEO of Noble Development Public Company Limited (NOBLE), a leader in residential property development in prime locations of Bangkok and its suburbs, revealed that for the year 2020, ending December 31, 2020, the company achieved total revenue of 10.895 billion baht, surpassing its target of 10 billion baht, with a net profit of 1.878 billion baht and a net profit margin of 17.2%. This was driven by an impressive gross profit margin of 38.9%. In the fourth quarter of 2020, the company reported total revenue of 3.483 billion baht and a net profit of 640 million baht.

The significant factors contributing to the growth in revenue and net profit were the recognition of revenue from the transfer of ownership of condominiums and completed housing projects from both Thai and international customers, such as the Noble B19 Sukhumvit project, Noble Around Sukhumvit 33, New Noble Chaeng Watthana, Noble Ploenchit, Noble B33 Sukhumvit, and Noble Recol Sukhumvit 19, among others, with over 4.6 billion baht coming from international markets.

Additionally, the company achieved significant success with the launch of 5 new projects in 2020, valued at 10 billion baht, particularly under the “NUE” brand, with 3 projects launched in the third quarter of 2020, including New Noble Ngamwongwan, New Noble Ratchada – Ladprao, and New Noble Faichai – Wang Lang, achieving pre-sales of 40% - 60%. This resulted in total pre-sales across all projects for the year 2020 exceeding 6.6 billion baht, with over 3.2 billion baht coming from projects that are completed and ready for occupancy, allowing for immediate revenue recognition and strengthening the company's liquidity. Furthermore, the company successfully generated sales from international markets totaling over 1.75 billion baht, reflecting its strength as a leader in the international real estate market, achieving a market share of 36% of total sales from all operators in condominium sales in Bangkok and its suburbs for international customers in 2020. Additionally, the company had a backlog of 12.805 billion baht at the end of 2020, which will be gradually recognized over the next 3 years, with a net debt-to-equity ratio of 1.15, providing the company with increased flexibility in borrowing from financial institutions.

The company's board of directors has also approved the allocation of net profit for the year 2020 to pay dividends for the second half of 2020 to shareholders at a rate of 0.50 baht per share, which will be proposed for approval at the annual general meeting of shareholders on April 28, 2021. The record date for shareholders entitled to receive dividends is set for May 11, 2021, and the XD date is May 10, 2021, with dividend payments scheduled for May 27, 2021.

For the overall business outlook in 2021, the Chairman and Co-CEO of Noble Development (NOBLE) emphasized that this year, the company aims for a revenue target of 11 billion baht, with plans to launch another 11 projects valued at a total of 45.1 billion baht and a pre-sale target of 16 billion baht, aiming to become a top 5 property developer in Thailand within the next 3 years.

Recently, the company launched the Noble Form Thonglor project, valued at over 5.4 billion baht, highlighting its prime location in the heart of Thonglor under the concept “ONE FORM – One Form of Life that Has It All.” Revenue from this project will begin to flow in from 2024 onwards.