PROUD has announced its Q1/2023 results, achieving revenues of 904 million baht and a net profit of 138 million baht, a turnaround from a loss of 38 million baht in the same quarter last year. The company has successfully eliminated its accumulated losses, thanks to the transfer of ownership for the InterContinental Residences Hua Hin project, in line with its plans. PROUD is also moving forward to explore investments in rare CBD land, preparing to expand both high-rise and low-rise projects targeting high-end customers for continued growth.

Mr. Phumiphat Sinacharoen, CEO of Proud Real Estate Public Company Limited (PROUD), revealed that for Q1/2023, the company generated revenues of 904 million baht, an increase from the same period last year when there were no revenues, and achieved a net profit of 138 million baht, up from a net loss of 38 million baht in the previous year. The company has successfully cleared its accumulated losses, attributed to the ongoing transfer of ownership for the InterContinental Residences Hua Hin project, which has reached 78% of ownership transfers, valued at 3,003 million baht out of a total project value of 3,840 million baht. There is a backlog of 519 million baht from the InterContinental Residences Hua Hin project, which is expected to be completed by Q3/2023.

Additionally, the ROMM Convent project, a luxury condominium in a rare location on Sathorn-Convent Road, has received overwhelming demand since its launch in late February 2023, attracting real demand from buyers looking for actual residence and long-term investment, achieving over 40% in pre-sales from a total project value of 4,150 million baht. The VEHHA HUA HIN project, a luxury condominium in the heart of Hua Hin valued at 2,290 million baht, is currently on sale and has received positive feedback, with sales continuously increasing, and construction is set to accelerate in Q2/2023.

Meanwhile, the VI ARI project, an exclusive single-house development with only 6 units in a prime location in Ari Soi 3, valued at 504 million baht, is currently on sale and is set for an official launch in June 2023, with expected sales recognition in Q4 of this year.

The company currently has a backlog of projects awaiting revenue recognition totaling 1,968 million baht, which will gradually be recognized as revenue from 2023 to 2026. "We are confident that this year will be a turnaround year for the company, driven by our commitment to strong and stable revenue and profit growth. We are looking for opportunities to expand our business and prepare to invest in new land parcels while continuing to focus on rare CBD locations to drive growth. We are preparing to launch luxury low-rise and high-rise projects targeting upper-tier customers, as this market still shows strong purchasing power, which will help us achieve our revenue and profit targets," Mr. Phumiphat stated.