Property Perfect summarizes its first half performance, showing improvement across all sectors with revenue growth of 17.2% and a gross profit margin increase to 35.7%. The second half is expected to outperform the first half, with the launch of 9 new projects valued at 13.25 billion baht, supporting total annual revenue to reach 13 billion baht. The hotel business is seeing a surge in bookings from international tourists, particularly in Bangkok, with an average occupancy rate of 70% in the first 6 months.

Mr. Wongsakorn Prasithwiphat, Managing Director of Property Perfect Public Company Limited, revealed that the overall performance of the group in the first half of 2023 has improved, with recovery across all business categories. As a result, the company reported operational revenue of 4.958 billion baht, an increase of 17.2% compared to the same period last year. This growth includes a 0.3% increase from the real estate sector, a significant 125.2% increase from the hotel business, and a 56.0% increase from leasing and services.

The gross profit margin has strengthened to 35.7%, compared to 25.5% in the same period last year. In the first half, the real estate sector achieved a gross profit margin of 33.3%, up from 29.4% the previous year. The hotel business showed a clear recovery with a gross profit margin of 48.2%, compared to just 6.3% in the first half of last year, while leasing and services achieved 9.7%, compared to -1.1% the previous year. Additionally, there was a significant contribution from joint venture profits amounting to 116 million baht, a positive change from a loss of 42 million baht in the first half of 2022.

“For the operational revenue of the group this year, we expect it to reach 13 billion baht, with revenue from the real estate sector at 9.6 billion baht, the hotel business at 2.85 billion baht, and leasing and services at 550 million baht. Furthermore, there will be additional revenue from joint ventures of 5 billion baht. In the second half, the company is fully prepared to launch new projects, moving forward with 9 projects valued at 13.25 billion baht, continuing to focus on horizontal markets across all segments. At the same time, we are emphasizing marketing luxury products located near leading international schools, with 6 luxury home projects under the brands “Perfect Masterpiece” and “Lake Legend” to cater to customers seeking residences near international schools, which have seen a clear increase in demand. We are also developing new house designs in existing projects and have intensive marketing and promotional plans in place.”

The hotel business of the group continues to recover, especially in Bangkok, where occupancy rates have increased significantly. In the first half of this year, the average occupancy rate was 70%, compared to 35% last year. Meanwhile, hotels in provincial areas remain popular among Thai travelers, with an average occupancy rate of 50% in the first half of the year. However, it is anticipated that revenue from the hotel business this year will exceed last year by 57%, driven by an increase in international tourists visiting the country, particularly in the second half, which is the peak travel season.