Primo Service Solution, or PRI, <\/span><\/strong><\/span>has announced its Q1/2023 performance, achieving over 132% growth with revenue of 396 million baht and a net profit increase of 98%, responding to the recovering real estate market. <\/span><\/strong><\/span>This has driven all business segments to experience significant growth, and the company is ready to accelerate the expansion of its real estate services across upstream, midstream, and downstream sectors through both organic growth and partnerships. They are confident in achieving the annual revenue target of 1.3 billion baht.<\/span><\/strong><\/span><\/p>

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Ms. Jatuporn Wilai Kaew, CEO of Primo Service Solution Public Company Limited (PRI), <\/span><\/strong><\/span> a leader in comprehensive modern real estate services, revealed that for Q1/2023 (January 1 - March 31, 2023), the company achieved total revenue of 396 million baht, an increase of 132% compared to Q1/2022 (%YoY), with a net profit of 88 million baht, up 98% from the same period last year (%YoY). The revenue for Q1/2023 accounts for 30% of the annual revenue target of 1.3 billion baht.<\/span><\/span><\/p>

“The increase in revenue and profit comes from the continuous expansion of our business base since late 2021 to early 2022. Many businesses have started to grow and generate revenue fully after operating for about a year. Additionally, the real estate market is recovering with the reopening of the country, leading to an increase in tourists and investors traveling to Thailand for both tourism and business. This has resulted in the company managing more projects across upstream, midstream, and downstream sectors, increasing from 120 projects in Q4/2022 to over 130 projects by the end of Q1/2023,” Ms. Jatuporn stated.<\/span><\/span><\/p>

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In Q1/2023, the business segment generating the highest revenue for the company was the downstream business – post-sale residential services (<\/strong>Living & Earning Services)<\/strong><\/span><\/span>, which contributed 225 million baht, accounting for 57% of total revenue and showing a growth rate of 223% compared to Q1/2022. This revenue increase is attributed to the growing demand for design and decoration services within both common areas of real estate projects and residential spaces, as well as new income from an increasing number of cleaning service clients.<\/span><\/span><\/p>

For the midstream business – living management services (<\/strong>Living Services)<\/strong>, revenue reached 121 million baht, growing by 59.5% due to the increase in the number of projects, which has led to higher income from managing condominium juristic persons, housing estates, and residential properties. Meanwhile, the real estate brokerage and joint venture services have also seen continuous revenue growth due to the overall recovery of the real estate business.<\/span><\/span><\/p>

In contrast, the upstream business – pre-living services (<\/strong>Pre-Living Services)<\/span><\/strong> generated 49 million baht, an increase of 101% from the same period in 2022, as revenue from architectural design services, structural engineering, and building systems engineering began to materialize. The company has also seen an increase in its client base for consulting services and construction management, along with new training courses under UPM Academy, contributing to revenue growth.<\/span><\/span><\/p>

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Ms. Jatuporn further stated that for Q2/2023, the company will continue to expand its Super Living Service empire through both organic growth and inorganic growth by partnering with experts in the field and considering mergers and acquisitions (M&A) to broaden the scope of its service offerings across upstream, midstream, and downstream sectors in various dimensions, aiming for sustainable growth in the future. Currently, the company is still seeking partners to enhance its capabilities in providing comprehensive real estate-related services, aiming to become a leader in the real estate service market.<\/span><\/span><\/p>

“We will introduce new services in new segments and gradually expand into provincial markets starting from Q2/2023. Therefore, we are confident that the revenue for 2023 will meet the target of 1.3 billion baht, representing a growth of about 42% from 2022, with the number of projects managed for juristic persons and sales management expected to reach the target of 150 projects,” <\/span>Ms. Jatuporn concluded.<\/span><\/span> <\/span><\/span><\/p>