Frasers Property (Thailand) Public Company Limited, or "FPT," the first comprehensive real estate leader in Thailand, has announced its financial results for the first half of the fiscal year 2024 (October 2023 - March 2024), generating total revenue of 6,591 million baht and a net profit of 487 million baht. In the second quarter of fiscal year 2024 (January - March 2024), total revenue was 3,524 million baht with a net profit of 165 million baht. Although the housing business has been impacted by economic factors, it continues to move forward with plans to launch four new projects in the second half of the year, alongside a strategic adjustment in the real estate portfolio for the industrial and commercial sectors to sustain continuous revenue growth, with occupancy rates remaining high at 86% and 92% respectively.

Mr. Thanapol Sirithanachai, Chief Executive Officer of Frasers Property (Thailand) Public Company Limited, stated that the strength of the business, which operates as a comprehensive real estate platform, has enabled the company to achieve stable performance, with revenue from property sales and rental income growing continuously through its factory and warehouse businesses, as well as Grade A office buildings, retail spaces, and hotels. The company regularly upgrades its products and services to retain existing customers and expand into new customer segments while continuing operations in line with market conditions amid economic pressures.

For the first six months of fiscal year 2024 (October 2023 - March 2024), total revenue was 6,591 million baht, with revenue from property sales at 4,102 million baht, a decrease of 881 million baht or 17.7% compared to the same period last year. Rental and service income was 1,506 million baht, an increase of 155 million baht or 11.5% year-on-year, and other income was 983 million baht, up by 187 million baht or 23.5% year-on-year, resulting in a net profit of 487 million baht.

In the second quarter of fiscal year 2024 (January - March 2024), the residential real estate sector received positive responses from customers, leading to sales exceeding 6,000 million baht. However, it still faces challenges from high interest rates and elevated household debt levels, affecting the approval rates for bank loans, resulting in revenue of 2,371 million baht. The company launched a new project, The Grand Chaeng Watthana-Muang Thong, valued at 2,100 million baht, as part of its operational strategy to clear inventory alongside marketing campaigns. Additionally, the company plans to launch four more new projects worth a total of 5,100 million baht, covering high-quality homes under The Grand, Grandio, and Neo Home brands in Bangkok and other provinces, as well as low-rise condominiums under the KLOS Ratchada 7 brand.

The industrial and commercial real estate sectors generated total revenue of 772 million baht, with the factory and warehouse rental business benefiting from foreign investors relocating and expanding production bases from China, resulting in increased demand for factories and warehouses. The company has an overall portfolio occupancy rate of 86%. In this quarter, it delivered warehouses both built-to-suit and built-to-function, covering approximately 40,000 square meters. Additionally, it is developing two projects in Thailand and Vietnam with over 86,000 square meters, set to be delivered in the second half of the year. The company is also preparing to expand investments in Indonesia, where occupancy rates are nearly 100%.

Regarding leased office buildings and retail spaces, the company maintained a portfolio occupancy rate of 92%, with revenue increasing due to contractual rent adjustments. The company continuously upgrades its buildings to enhance facilities that align with tenants' lifestyles and needs. The hotel business has been boosted by the free visa policy for Chinese tourists and the ongoing influx of international tourists visiting Thailand.

Furthermore, the company has received a corporate credit rating from TRIS Rating at "A" with a "Stable" outlook for the third consecutive year, reflecting confidence in the business operations and stability of Frasers Property Thailand.