SENA Q1/64 Reports Profit of 228.6 Million Baht, Growing Despite COVID-19 Challenges

Signals Portfolio Adjustment with Focus on Condos Under 1 Million Baht“Sena Kit”

 

SENA Reinforces Framework “SENA Strong” Maintaining Q1/64 Profit at 228.6 Million Baht, Growing from Last Year Amid the New COVID-19 Crisis. Moving Forward with Plans to Launch 18 Projects Worth a Total of 16,764 Million Baht. Hinting at Q3/64, Preparing to Reset New Projects Under the Brand “Sena Kit” to Capture Real Demand in Job Market Areas, Starting with “Sena Kit Chalong Krung – Lat Krabang” Pre-sales in Early July.

Ms. Atika Boonrodchu, Director of Fund Allocation and Investment at SENA Development Public Company Limited, a leading developer of both horizontal and vertical real estate projects, revealed that the real estate market situation in the first quarter of 2021 was still affected by the ongoing economic slowdown and the COVID-19 outbreak. However, the company managed to maintain its market base in segments with purchasing power, particularly among those seeking to own their homes. The company and its subsidiaries reported a net profit of 228.6 million baht for Q1/64, partly due to increased profit sharing and effective cost management in sales and project management, along with a marketing strategy focused on launching new projects in areas with high housing demand.

For the total revenue of the company in Q1/64, it amounted to 907.8 million baht, a decrease of 7% mainly due to a decline in rental business caused by the COVID-19 outbreak. Meanwhile, revenue from residential sales totaled 623.6 million baht, an increase of 10.3% due to sales from horizontal projects totaling 221.7 million baht, which is an increase of 119.4 million baht or 116.7% from 5 projects, including Sena Park Grand Wongwaen – Ram Inthra, Sena Ville Lam Luk Ka-Klong 6, Sena Ville Borommaratchachonnani Line 5, Sena Ville Ram Inthra, and Sena Grand Home Ram Inthra Km. 8.

Currently, the company has a backlog of sales awaiting revenue recognition valued at 7,399 million baht as of March 31, 2021, and will gradually recognize revenue of 4,390 million baht in the remaining part of this year, with further recognition in the following year.


The company has adjusted its plan for new project launches in 2021 from an initial 17 projects worth 15,700 million baht to 18 projects totaling 16,764 million baht, comprising 7 horizontal and 11 vertical projects to align with the changing purchasing power. Under the “SENA Strong” initiative, the company remains confident that the demand for housing is still a significant factor. In Q1/64, the company launched one project, Sena Kit Westgate - Bang Bua Thong, valued at 250 million baht. In Q3/64, it plans to launch an additional 8 projects worth over 6,109 million baht, including 5 horizontal and 3 vertical projects. In July, it plans to start selling “Sena Kit Chalong Krung – Lat Krabang” starting at 799,000 baht.