Singha Estate Public Company Limited announced a record revenue of over 12.53 billion baht in 2022, with a net profit of 490 million baht, and will pay a dividend of 0.02 baht per share. This marks the beginning of success in developing the residential business just one year after a major restructuring in 2023, with plans to launch new low-rise housing projects worth over 10 billion baht, bolstered by profits from the hotel business as the tourism sector recovers rapidly.

In 2022, the company adjusted its strategy to respond to market conditions and effectively stimulate revenue from the recovery of economic activities, resulting in a new high in revenue last year. The low-rise residential segment performed exceptionally well, achieving rapid sales growth after just one year of launching new projects to the market and debuting last year, as customers recognized the quality and trusted the standards of Singha Estate, reinforcing its success as a true leader in luxury home development.

The SIRANINN Residences Pattanakarn project, valued at over 2.9 billion baht, was beautifully launched at the end of 2022 with transfer sales exceeding 830 million baht, or 28%, just two months after its launch. This marks a significant step in building a quality home brand in a more diverse target market. Additionally, revenue from the hotel business increased to 8.693 billion baht, nearly doubling compared to 2021, due to a diverse strategy in geographical locations that attract tourists from various regions and effective portfolio management.

Efficient management in pricing, proactive marketing, and targeting new customer segments, especially those with purchasing power, alongside property improvements to meet new experiential tourism trends, successfully increased the average daily room rate (ADR) in 2022 for hotels in several countries, such as the Maldives and the United Kingdom, to record highs.

Meanwhile, the commercial real estate business generated revenue of 1.014 billion baht, improving by 5%, due to increased rental rates despite challenging circumstances, along with the partial opening of retail space in the S-OASIS project on Vibhavadi Rangsit Road, which will have a full launch in the second quarter of 2023. The industrial estate and infrastructure business made progress according to plan, recognizing revenue for the first time from the sale and transfer of land in the S-Angthong industrial estate, totaling 198 million baht.

Ms. Thitima Rungkwansiriroj, CEO of Singha Estate Public Company Limited, or 'S', stated, "The strong performance this time is a result of driving revenue across all our business segments, alongside stringent cost management, leading to a net profit of 490 million baht in 2022, with profits recorded for three consecutive quarters. Thus, 2022 is a year of harvesting success for Singha Estate from our dedication to adapting to overcome challenges in the market and the recovering economy. Furthermore, the company remains committed to sustainability in all dimensions under the policy of creating balanced diversity for sustainable growth (Sustainable Diversity) to build business strengths that mutually promote each other, while launching several new projects according to our business plan within 2022, which will be a crucial cog in driving Singha Estate's revenue growth in the future."

Business Direction for 2023
- Hotel Business: The hotel segment is expected to grow significantly compared to 2022, as we see positive momentum in recovery from the fourth quarter of 2022 continuing into early 2023, especially for hotels in Thailand and the Maldives. The success of developing and managing the SAii brand has helped push ADR to exceed pre-COVID-19 levels by 17%. This momentum, combined with rapidly increasing travel demand from Chinese tourists and effective portfolio management by SHR in proactive marketing, targeting new customer segments, and those with purchasing power, is expected to drive overall hotel portfolio revenue growth of up to 20%, complemented by the opening of the So/Maldives hotel, the third resort in the Crossroads Maldives project, in the fourth quarter of 2023.

- Residential Real Estate Business: The company aims to develop low-rise housing projects after a major restructuring in the residential business just one year ago. In 2022, the operational results were highly successful, with pending sales awaiting revenue recognition from the Santiburi The Residences and SIRANINN Residences projects totaling around 4 billion baht, targeting the ultra-luxury market with strong purchasing power and less sensitivity to economic conditions. The company will proceed with five new low-rise housing projects valued at around 10 billion baht, focusing on quality homes to Singha Estate standards, which will gradually launch in 2023, generating revenue within the year and helping to nearly double revenue from the residential business.

- Commercial Real Estate Business: This segment will grow from the full-year revenue of the S-OASIS building, an office building for the new generation, catering to the hybrid work lifestyle, which is in demand due to current work trends. With over 54,000 square meters of rental space and modern amenities, maintaining environmental standards at an international level, the S-OASIS building had major tenants reserving space by the end of 2022, positively impacting the rental rate in 2023.

- Industrial Estate and Infrastructure Business: The transfer of ownership activities is expected to proceed as planned in 2023, benefiting from the reopening of the country and the demand for industrial factory space, especially for agricultural products and related industries, along with government stimulus factors. This will be further supported by the commercial operation of two power plants in the fourth quarter of 2023, which will be another factor driving the company's profits to continue growing.

“The collaboration between our affiliated companies and business partners will play a crucial role in creating balanced diversity for sustainable growth, creating value for all stakeholders and strengthening Singha Estate's financial position, in line with the company's goals,” Ms. Thitima added.