PPS has reported its Q2/2021 financial results, showing a profit growth of 129.92% compared to the same quarter last year, with revenue reaching 92.21 million baht. The business outlook for Q3/2021 is positive, with continuous revenue recognition and ongoing bidding for public and private sector projects, supporting a backlog of 454.5 million baht.

Dr. Pongthorn Tharachaiprasert, CEO of Project Planning Service Public Company Limited (PPS), revealed that for Q2/2021, the company reported total revenue of 92.21 million baht, an increase from 85.94 million baht in the same period last year, representing a rise of 6.27 million baht or 7.29%. The net profit stood at 3.80 million baht, a turnaround from a net loss of 12.70 million baht in the same quarter last year, marking an increase of 16.5 million baht or 129.92%.

For the first half of 2021, the company reported total revenue of 176.01 million baht, down from 191.84 million baht in the same period last year, a decrease of 15.83 million baht or 8.25%. The net loss was 1.38 million baht, significantly reduced from a net loss of 21.34 million baht in the same period last year, a decrease of 19.96 million baht or 93.53%.

The increase in Q2/2021 results in both revenue and profit was attributed to revenue recognition from large public sector projects and private sector projects that the company secured more of compared to the same period last year. Additionally, the company effectively controlled costs and expenses. Furthermore, the board of directors approved the return of Mr. Prasong Tharachaiprasert to the executive director position.


Dr. Pongthorn Tharachaiprasert, CEO of Project Planning Service Public Company Limited (PPS)

The business outlook for Q3/2021 appears promising, with ongoing revenue recognition from public and private projects, including the Suvarnabhumi Airport Phase 2 project, the third runway at Suvarnabhumi Airport, Office Building 2 at Don Mueang Airport, staff accommodation at Phuket Airport, the development of the government complex expansion area in Zone C, projects from the Department of Public Works, projects from the Lotus Group, The Custom House project, Emsphere project, and Holiday Inn Express Samui Bophut & Holiday Inn Resort Samui Bophut.

At the same time, the company is continuously preparing to propose public and private sector projects, with a backlog of 454.5 million baht as of the end of June, expected to recognize about 146 million baht this year, and there are also projects awaiting contract signing amounting to 95 million baht. It is anticipated that the COVID-19 situation will continue to impact the overall real estate sector due to the private sector's slowdown in investment.

Nonetheless, the company is closely monitoring the situation. In the second half of the year, it is negotiating the extension of the Suvarnabhumi Airport contract and preparing to bid for mixed-use projects and hospital works, which the company expects to secure as planned. Additionally, although Bangkok has announced the closure of construction sites, most of the company's projects can continue due to cooperation with contractors in implementing disease control measures in specific areas (Bubble and Seal) to prevent outbreaks among construction workers, ensuring safe working conditions in construction camps, in accordance with the guidelines set by the Ministry of Public Health or government authorities,” Dr. Pongthorn stated.