Supalai Public Company Limited showcases robust performance in the first nine months of 2021, with a profit of 4.191 billion baht, up 76%, and revenue of 18.522 billion baht, up 44% compared to 2020. The company is set to launch new projects in both horizontal and condominium segments in the fourth quarter, confident that it will achieve its annual revenue target of 28 billion baht.

Mr. Traitecha Tangmattatham, Managing Director of Supalai Public Company Limited, stated that in the second and third quarters, the real estate business was directly impacted by the severe COVID-19 outbreak and economic slowdown, resulting in a decrease in the launch of residential projects and a decline in purchasing power among potential homebuyers. However, the company has continuously adapted to the rapidly changing challenges, leading to sustained and strong growth in its performance. The total revenue for the first nine months reached 18.522 billion baht, representing a growth rate of 44%, while net profit was 4.191 billion baht, reflecting a growth rate of 76%. The primary reason for the revenue increase and excellent profitability was the transfer of ownership of newly completed condominiums, with revenue boosted by the transfer of two condominium projects at the end of the second quarter of 2021, continuing into the third quarter, along with one project scheduled for transfer in the third quarter.


Mr. Traitecha Tangmattatham, Managing Director of Supalai Public Company Limited

Additionally, the share of profits from joint ventures and associated companies for the first nine months of 2021 amounted to 364 million baht, an increase of 92% from the previous year, due to the majority of ownership transfers for projects in Australia occurring in the first half of 2021. In the third quarter, the company generated revenue of 7.522 billion baht, up 25% compared to 2020, with a debt-to-equity ratio of 56% and an average financing cost of 1.76% per annum as of September 30, 2021. The backlog of sales awaiting revenue recognition stood at approximately 32.843 billion baht as of September 30, 2021, with expectations to gradually transfer to customers and recognize revenue of 9.786 billion baht in 2021, and the remaining 23.057 billion baht over the next three years to support the company's future revenue growth.

For the first nine months, total sales reached 17.553 billion baht, comprising 13.744 billion baht from horizontal projects and 3.809 billion baht from condominium projects. Sales from horizontal projects grew by 4% year-on-year due to the launch of 16 new projects, while the decline in condominium sales was attributed to the sluggish condominium market and the absence of new project launches in the first nine months of 2021. The company is confident that if new projects are launched, the condominium market will begin to recover positively, as customer visits to projects have significantly increased since August 2021, indicating a segment of buyers with purchasing power and demand.

In the fourth quarter of 2021, the COVID-19 situation in the country has seen a significant decrease in infection rates since mid-year. The government has relaxed lockdown measures, allowing people to return to normal life. Additionally, the Bank of Thailand has announced the easing of regulations on housing loans and related loans, allowing full 100% financing for home purchases, which is a positive sign for economic recovery. The company plans to launch a total of 12 new projects valued at 16.1 billion baht, including 8 horizontal projects worth 10.35 billion baht and 4 condominium projects worth 5.75 billion baht. In October, the company launched its first condominium project of 2021, Supalai Premier Samsen-Ratchawat, which received overwhelming positive feedback from customers, with pre-sales generating over 1 billion baht, marking a significant phenomenon against the current real estate market trends.

The company is confident that its performance for the entire year of 2021 will meet the target of 28 billion baht, expecting to achieve the highest revenue in the late fourth quarter due to the launch of new projects, which will subsequently improve sales figures. Furthermore, the real estate market has already passed its most critical crisis point, with the COVID-19 outbreak beginning to ease and the country's economic direction starting to recover following the government's policy to reopen the country to international tourists starting November 1, 2021.