PROUD aims for a turnaround this year, with positive business trends in the second half of 2022. The gradual recognition of income from the transfer of the Intercontinental Residences Hua Hin, a world-class branded residence condominium, is expected to drive revenue growth and lead to profitability in Q3/2022. For Q2/2022, the company reported revenue of 110 million baht, a 100% increase, with a net loss of 19.9 million baht. Meanwhile, VEHHA, the tallest condominium in Hua Hin, has received a positive response, prompting plans for business expansion with the launch of two new luxury projects in Bangkok's CBD.

Mr. Phumiphat Sinacharoen, CEO of Proud Real Estate Public Company Limited (PROUD) stated that the company's business direction in the second half of 2022 shows promising signs, with a trend towards a turnaround in both revenue and profit. This is driven by the gradual recognition of income from the transfer of ownership of the Intercontinental Residences Hua Hin project, valued at 3.81 billion baht, comprising 238 units. Currently, 92.5% of the units have been sold, amounting to 3.495 billion baht, with a gross profit margin of up to 38%. Transfers began in the last week of June and will continue. The reported revenue of 110 million baht represents only 2.9% of the project value (8 units out of 238). The company aims to achieve a sold-out status and complete transfers by the end of 2022, with a backlog of 2.857 billion baht, which is expected to help restore performance and eliminate accumulated losses, leading to profitability in Q3/2022.

Meanwhile, the VEHHA project, the tallest luxury condominium in a prime location in Hua Hin, valued at approximately 2.29 billion baht on a 5-rai plot with 364 units, began sales in July 2022 and has received a positive response. The company targets Thai customers, making up about 80% of sales, while the remaining 20% are foreign clients. Following the launch, there has been significant interest from buyers, primarily from Russia and the Scandinavian region. Construction is set to begin in Q4/2022 and is expected to be completed by Q2/2025, with a sales target of 50% by the end of this year.

Additionally, the company is looking to expand its business with plans to develop two new luxury projects in the CBD (Central Business District) of Bangkok, maintaining PROUD's identity of "MORE THAN JUST LIVING," which emphasizes a lifestyle that enhances the lives of people and the surrounding community. This approach aims to meet the diverse needs of customers and broaden the revenue base.

“We expect that in the second half of 2022, the purchasing power of luxury real estate customers in the country will remain a potential market, as these customers have high purchasing power and a continuous demand for residential assets. Moreover, following the government's announcement to open the country, along with the recovery of the tourism sector in Thailand, we anticipate attracting high-spending foreign buyers, such as from China, Russia, and other foreigners looking for retirement or long-term residences, which will signal a return to normalcy in the domestic real estate market,” Mr. Phumiphat stated.

For Q2/2022, the company reported total revenue of 110 million baht, a 100% increase compared to the same period last year when no revenue was recognized due to the commencement of ownership transfers, with a net loss of 19.9 million baht, down from a net loss of 38.3 million baht in Q1/2022. The increase in revenue is attributed to ongoing sales and transfers of the Intercontinental Residences Hua Hin project. The company expects to see significant profits in the second half of the year.