Noble Development Public Company Limited, or NOBLE, showcases impressive performance! It announced that for the first nine months of 2023, total revenue reached 7,274 million baht, a 54% increase year-on-year, and net profit was 719 million baht, up 517% year-on-year. This growth reflects the recovery of the real estate market, bolstered by strong sales of ready-to-move projects and special profits from the sale of investments in two joint ventures to PROUD. The sales for the first ten months of 2023 have already exceeded 12,288 million baht, with plans to launch two new projects worth over 3.1 billion baht by the end of this year, reaffirming the company's strong financial position and good liquidity.

Mr. Thongchai Busarapant, Vice Chairman and Co-CEO of Noble Development Public Company Limited, stated, "NOBLE", a leader in real estate development for residential projects in prime locations in Bangkok and its suburbs, revealed that the company's performance for the first nine months of 2023 showed total revenue of 7,274 million baht, growing 54% year-on-year, due to the overall recovery of the real estate market. The company has been able to gradually sell ready-to-move projects while maintaining sales to international clients. Additionally, the company has been delivering backlog sales as planned, having delivered three new projects in the first nine months of 2023, including one condominium project, New C-Square Suan Luang Station, and two landed projects, New Hive Suk Sawat and Noble Awaye Cha-Am, which have contributed to revenue growth.

Furthermore, the net profit for the first nine months of 2023 was 719 million baht, growing 517% year-on-year, marking a significant leap primarily due to increased operational profits from rising total revenue and recognition of special profits from the sale of investments in joint ventures, namely Rama 9 Alliance Co., Ltd., which develops the New District R9 project, and Kookat Station Alliance Co., Ltd., which develops the New Cross Kookat Station project for Proud Real Estate Public Company Limited (PROUD), along with various fees received as a project management partner, including management fees, incentive fees, and success fees.

In the third quarter of 2023, the company reported total revenue of 2,796 million baht, a 27% increase year-on-year, and a net profit of 535 million baht, up 289% year-on-year, driven by increased revenue from services and construction management from joint ventures, along with the recognition of special profits from the sale of investments in two joint ventures.

For the presales in the first ten months of 2023 (January-October), the company achieved over 12,288 million baht (excluding sales from the New District R9 and New Cross Kookat Station projects), resulting from strong demand for ready-to-move products due to the project's design and location. This has led to a backlog of over 19,492 million baht, which will be gradually recognized over the next 3-4 years. Additionally, there are ready-to-move and in-development products worth over 35,253 million baht.

In the first ten months of 2023, the company launched six new projects worth a total of 17,100 million baht, including 1. New Core Kookat Station 2. New Hive Suk Sawat 3. Noble Awaye Cha-Am 4. Noble Terra Rama 9 – Ekkamai 5. Noble Aqua Riverfront Rat Burana and 6. The Embassy Wireless. The company also plans to launch two new projects worth over 3.1 billion baht by year-end, bringing the total for the year to eight projects worth 20.2 billion baht.

Mr. Thongchai also discussed the overall real estate market in the fourth quarter of 2023, the final stretch of the year, noting that the overall momentum remains strong. The company continues to focus on selling ready-to-move products, such as Noble State Sukhumvit 39 and Around Ari. Condominium projects that are ready to move in urban locations priced at 5-6 million baht per unit have seen continuous sales driven by demand from international clients looking for personal residences. Meanwhile, affordable projects under the NUE brand near BTS stations, such as the Yellow Line in the Srinakarin area, have also been gradually sold off, aligning with the opening of the new transit lines.

For high-end landed projects, the company recently launched two new projects: Noble Terra Rama 9 – Ekkamai and Noble Aqua Riverfront Rat Burana, which have seen continuous sales. This indicates that if projects are located in prime areas with clear selling points, they can attract customers and generate ongoing sales. However, affordable landed projects have been impacted by economic conditions and stricter credit control policies, affecting sales.

As for NOBLE's financial status, it remains strong with good liquidity. As of the end of the third quarter of 2023, the company had cash on hand, including bank deposits earmarked for bond repayments, totaling 1,591 million baht, and a net interest-bearing debt to equity ratio (net IBD/E ratio) of 2.16 times, or an adjusted net IBD/E ratio (including bank deposits earmarked for bond repayments) of 2.05 times. This reflects the company's ability to borrow from financial institutions if needed for various investments. However, due to the current volatility in the financial market, being prepared and maintaining good liquidity is crucial.