Allied Trust closed its total revenue for the first 9 months of 2023 at 1,274.7 million baht, with a net profit of 481.6 million baht, an increase of 3.6% due to fierce competition in the retail sector and recovering purchasing power. The trust is set to pay a dividend of 0.1600 baht per unit for the third quarter, while announcing a delay in further investment in the 111 Pradit Manutham project due to market volatility and rising interest rates.

Mr. Kwinthir Eamsakulrat, Managing Director of Allied REIT Management Co., Ltd., as the manager of Allied Trust, revealed that the performance for the first 9 months of 2023 showed total revenue of 1,274.7 million baht, an increase of 107.1 million baht or 9.2%, with net investment income of 481.6 million baht, up 3.6% compared to 2022. This was attributed to increased rental and service income. In the third quarter, the trust reported total revenue of 426 million baht, an increase of 15.7 million baht or 3.8% from the same quarter last year, driven by rental and service income of 399.4 million baht, which is a 6.5% increase year-on-year.

As a result of the third quarter performance in 2023, the trust announced a dividend payment of 0.1600 baht per unit, totaling 139.9 million baht. Over the past 9 months, Allied Trust has paid a total dividend of 0.4970 baht per unit, amounting to 434.4 million baht, representing a return rate of 10.7% based on the market price at the end of the third quarter of 2023.

"In 2023, competition in the retail space will intensify, especially in Bangkok, supported by several factors, including strong consumer confidence and the opening of new retail projects. Compared to the same period last year, the Thai consumer confidence index has reached its highest level in 3 years since the onset of COVID-19, leading to an increase in retail space in Bangkok from 7.9 million square meters in 2022 to 8.2 million square meters in the last quarter, a 3.3% year-on-year increase. This growth is partly attributed to the recovery of tourism, which stimulates the economy. If the government implements economic stimulus measures, it could further support the retail market's growth," he stated.

Additionally, it was noted that major retail developers are seriously expanding their storefronts and exploring innovative online formats to attract customers ahead of competitors. They are also focusing on providing superior experiences for customers both online and offline, leading to the belief that the retail market, especially in Bangkok, will continue to grow.

Currently, Allied Trust manages 13 projects, including the Crystal Design Center, The Crystal Ekamai-Ramintra, The Crystal SB (Ratchaphruek), Amorini Ramintra, Ampark Chulalongkorn, Plenary Mall Watcharaphon, Samakorn Place Ramkhamhaeng (West), Samakorn Place Rangsit, Samakorn Place Ratchaphruek, The Scene Town in Town, Kad Farang Village, and The Crystal Chaiprakarn, resulting in a total net leasable area of approximately 160,170 square meters.

Mr. Kwinthir further stated that for the 111 Pradit Manutham project, which originally planned to invest an additional amount not exceeding 670 million baht, the trust management has decided to postpone the investment in this project until market conditions are more favorable for investment, due to recent market volatility from rising interest rates. Additionally, the assets for further investment have a suitable operational timeline and can provide the best returns for the trust.