Noble Development Public Company Limited (NOBLE) has announced its first-quarter results for 2023, reporting total revenue of 2.135 billion baht, a 43% increase year-on-year, and a net profit of 73 million baht, soaring 1,195% YoY. Meanwhile, sales reached 4.402 billion baht, boosting the backlog to 22.396 billion baht, benefiting from renewed confidence and the return of foreign customers. The company reaffirmed its total revenue target for the year at 15 billion baht and sales at 23 billion baht as planned.

Mr. Thongchai Busarapant, Vice Chairman and Co-CEO of Noble Development Public Company Limited (NOBLE), a leader in real estate development in prime locations of Bangkok and its vicinity, stated that the company has successfully operated in the first quarter of 2023, reflecting a recovery in confidence following the easing of the pandemic situation. The company recorded total revenue of 2.135 billion baht, a 43% increase YoY, and a net profit of 73 million baht, growing 1,195% YoY. This significant growth was primarily due to revenue recognition from the transfer of ownership of completed condominium projects carried over from Q4/2022, such as Noble State Sukhumvit 39, New Srinakarin-Lasalle, Noble Around Ari, New Ngamwongwan, and New Center Bangna, as well as increased income from construction management services and other revenues from contract cancellations and project management fees from joint ventures.

In Q1/2023, the company achieved total pre-sale sales of 4.402 billion baht, comprising 1.060 billion baht from ready-to-sell inventory and 3.342 billion baht from properties under construction and new projects. This aligns with the overall economic recovery and the resurgence of consumer purchasing power, positively impacting sentiment among both real demand buyers and investors.

During Q1/2023, the company launched two new projects valued at a total of 3.8 billion baht, including 1. New Core Kukat Station, valued at 2.2 billion baht, an 8-story low-rise condominium with 6 buildings located next to Lam Luk Ka main road and near a BTS station, and 2. New Hive Suksawat, valued at 1.6 billion baht, comprising townhomes and commercial buildings with a total of 156 units. Both projects received positive feedback from customers due to their design and location, resulting in a backlog of 22.396 billion baht at the end of Q1/2023, expected to be recognized over the next 2-3 years.

“For 2023, the company believes that sentiment will continue to recover positively. After diversifying our foreign customer base to include more variety, such as from Taiwan, Singapore, and Myanmar, we are prepared for the reopening of the country, especially with the reopening of China increasing demand from Chinese customers. Currently, the foreign customer segment is returning to normal, and Chinese tourists are gradually entering Thailand, positively impacting the overall real estate market and increasing sales from foreign customers. For instance, the New District R9 project, a high-rise condominium located near Central Rama 9 and just 180 meters from the MRT, connects to all lifestyles in the heart of the New CBD, has already achieved over 81% sales, with more than 38% of sales coming from foreign customers.

Mr. Thongchai further stated that the overall economic recovery, combined with the existing backlog and upcoming horizontal projects to be launched in 2023, will significantly benefit the company's operational direction in 2023, with expected total revenue growth to 15 billion baht and sales reaching 23 billion baht as targeted.