'Nirvana Daii' announced that its total revenue for the first quarter of 2022 grew by 47% to 1.089 billion baht, driven by the continuous recovery of the horizontal real estate market, which supported a strong backlog and an overall profit increase of 163% to 161 million baht, resulting from land sales for asset utilization restructuring.

Mr. Sorasak Somwattana, Chief Executive Officer of Nirvana Daii Public Company Limited or 'NVD', revealed the company's performance for the first quarter of 2022, stating that the company recognized total revenue of 1.089 billion baht, an increase of 47% compared to the same period last year and 31% from the previous quarter. This growth was supported by a strong backlog at the end of 2021, following the easing of the COVID-19 situation and the ongoing recovery of the horizontal real estate market.

The revenue in the first quarter came from two main segments: 1) revenue from property sales of 1.021 billion baht, up 47% from the same quarter last year, and 2) revenue from construction contracts of 68 million baht, also up 47% from the same quarter last year, primarily from construction contracts with other property developers.

“The first quarter of 2022 was Nirvana's third-highest revenue quarter compared to previous quarters. We transferred ownership of 23 rai of land in the southern area of the new Bangkok-Krit road. The cash flow from this land sale will be used to purchase new land for project development that aligns with the current economic conditions. This not only helps increase opportunities for creating new backlogs but also allows Nirvana to offer a variety of housing options to consumers in high-potential locations in the Bangkok-Krit area,” Mr. Sorasak stated.

In the first quarter of 2022, Nirvana reported an overall profit of 161 million baht, an increase of 163% from 61 million baht in the first quarter of 2021, but a decrease from 500 million baht in the fourth quarter of 2021, due to land sales and asset utilization restructuring as mentioned above.

Mr. Sorasak further stated, “Nirvana remains cautious in its business operations. Although the horizontal real estate market is clearly recovering, there are still negative factors such as rising oil prices and the impacts of the Russia-Ukraine war. We will focus on strengthening our existing brands while launching new brands to meet the needs of customers and all market segments.”

In 2022, Nirvana plans to launch 7 new residential projects with a total value of 11 billion baht in various locations in Bangkok, including Bangkok-Krit, Bangna, Ekkamai-Ramintra, and Rattanathibet, as well as expanding the Nirvana ELEMENT Bangna project, which is one of the company's best-selling single-house projects in the Bangna area.

Additionally, the company plans to acquire new land parcels to develop high-end townhome projects to support the Nirvana DEFINE Srinakarin-Rama 9 project, which is expected to close within the next 2-3 quarters. Nirvana remains committed to continuously managing its assets while seeking high-potential land to maximize value for the company, aiming for ongoing revenue and profit growth.