PROUD reported its 2022 financial results with revenue soaring to 2.108 billion baht and a net profit of 229 million baht, achieving a record high. This success is attributed to the transfer of ownership for the InterContinental Residences Hua Hin, with strong growth expected in the first half of the year from over 45% of ownership transfers still pending. The company is also looking to acquire additional land and launch new projects to sustain growth, confident that 2023 will continue to see top performance.

Mr. Phumiphat Sinacharoen, CEO of Proud Real Estate Public Company Limited (PROUD) stated that in 2022, the company generated revenue of 2.108 billion baht, a significant increase from the previous year when there was no revenue, and a net profit of 229 million baht, up from a net loss of 97 million baht in the prior year.

For the fourth quarter of 2022, the company reported revenue of 1.116 billion baht and a net profit of 168 million baht, marking a record high, driven by continuous ownership transfers for the InterContinental Residences Hua Hin throughout the latter half of 2022.

“The strong growth and record-setting performance in 2022 were primarily driven by customers transferring ownership of the InterContinental Residences Hua Hin, with 55% of the total project value transferred in the latter half of the year, amounting to over 2.1 billion baht. Additionally, over 70% of customers for this project paid in cash, indicating that this customer segment was not affected by the economic slowdown and reflects positive demand from high purchasing power real demand groups. This gives the company confidence that the remaining 45% of ownership transfers, valued at over 1.7 billion baht, will be completed within the first half of 2023, signaling continuous business growth in the first half of 2023,” he added.

In addition to the InterContinental Residences Hua Hin, which is set to close this year, PROUD has launched a new project in Bangkok, the Romy Convent project, with a total project value of 4.15 billion baht, which has received an overwhelming response from the real demand segment. Following this, the VI ARI project in Ari Soi 3 is set to launch in April. There are also ongoing sales for the VEHHA HUA HIN project, valued at 2.29 billion baht, which is a new landmark in Hua Hin and continues to see increasing sales, with construction expected to start in Q2 2023 and completion anticipated by 2025. Currently, the company has projects in hand valued at a total of 10.748 billion baht.

“The record highs in both revenue and profit for Proud Real Estate are a result of the company's restructuring and efficient management. The launch of new projects is proceeding as planned, alongside the improving economic outlook in Thailand and the recovery of tourism, which is boosting purchasing power among both Thai and foreign customers, positively impacting the overall real estate business. With these supportive factors and improved revenue and profitability, the company is preparing to expand new projects to ensure continuous growth, planning to acquire new land while focusing on rare CBD locations. We are committed to developing projects under the philosophy of 'More than just living,' creating residences that meet the needs of a valuable, comprehensive, and superior lifestyle. We are confident that 2023 will see continued top performance, with revenue growth expected this year,” Mr. Phumiphat concluded.