Munkong has announced its Q2 2022 financial results (ending June 30, 2022), reporting total net revenue of 479.48 million baht and a net loss of 109.38 million baht. This includes revenue from residential real estate development of 322.97 million baht and recurring income from rental and service businesses totaling 124.84 million baht. The company is also moving forward with plans to expand its rental warehousing and wellness business in line with global growth trends.

The industrial real estate sector, particularly the Bangkok Free Trade Zone project, has benefited from the rapid growth of e-commerce and logistics, achieving an occupancy rate of 94% in the health sector. Munkong has established a joint venture with Bumrungrad Hospital to develop a comprehensive health service business covering all aspects, including enhancement, prevention, cure, and restoration, in line with the company's operational plans and direction to ensure stable income and sustainable growth, capitalizing on Thailand's strengths in healthcare and internationally recognized medical services. According to the International Healthcare Research Center, Thailand was ranked the 5th best health tourism destination in the world for 2020-2021.

Mr. Worasit Phokachai Pat, CEO of Munkong Housing Public Company Limited (MK), stated that while the performance this quarter did not meet expectations, it is evident that the growth potential of the rental and service business is continuously improving. In the second half of the year, the company plans to aggressively implement various strategies in line with government policies. In the industrial real estate sector, Prospect Development Co., Ltd. has planned to expand its operations in three strategic industrial and logistics locations into six projects, aiming to develop rental space to reach 1,000,000 square meters with an annual budget of over 1.5 billion baht. The company also plans to sell part of its assets in BFTZ projects 2 and 3, valued at 1.8 billion baht, to the Prospect Real Estate Investment Trust, which is expected to generate approximately 20% profit.

Additionally, in the health sector, following the success of the Bang Kachao Wellness Project, which aims to develop a world-class medical wellness destination, the company has received positive feedback from domestic customers. For the second half of the year, the company plans to target international markets in line with the government's reopening policies to drive the economy and tourism. Furthermore, the company is looking to expand its health business by establishing a joint venture with Bumrungrad Hospital, a leader in the medical business both nationally and internationally. Currently, they are reviewing business and financial plans to align with the goal of developing comprehensive health services covering all aspects, including enhancement, prevention, cure, and restoration, to reinforce the company's leadership in integrated and holistic healthcare concepts in the future.

The company is confident that with its operational strategies and aggressive direction in the second half of the year, focusing on increasing the revenue share from rental and service businesses (recurring income) in the industrial real estate development and health service sectors, which show continuous growth potential, will lead to improved overall performance for the year 2022. Additionally, the company continues to seek new opportunities and expand its business to strengthen and achieve sustainable growth moving forward,” Mr. Worasit concluded.