Noble Development Public Company Limited or NOBLE has announced its 2024 financial results

  • Total revenue of THB 11,568 million
  • Annual pre-sales reached THB 16,957 million, up 13.6% YoY
  • Transfer volume at THB 11,237 million, growing 71.0% YoY
  • Backlog accumulated at the end of 2024 exceeded THB 25,455 million, ensuring revenue recognition for the next 4 years

Additionally, the company announced its 2025 plan, targeting a more diverse customer base with sales goals of THB 16,000 million and transfers of THB 15,000 million, along with the launch of 4 new projects valued at over THB 6,200 million.

Mr. Thongchai Busarapant, Vice Chairman and Co-CEO of Noble Development Public Company Limited or NOBLE, stated that the 2024 performance was satisfactory, despite the economic conditions and the overall real estate market not recovering as anticipated due to household debt issues and high loan rejection rates. The company managed to achieve continuous growth, with total revenue of THB 11,568 million, a 16% YoY increase from higher transfer volumes and service income, resulting in a net profit of THB 432 million.

Over the past year, the company launched 4 projects valued at THB 18,400 million, with highlights including the New Epic Asoke-Rama 9, a high-rise condominium near MRT Rama 9, featuring the largest common area in the area, valued at over THB 13,000 million, and currently over 55% booked, driving pre-sales to THB 16,957 million at the end of 2024, a 13.6% YoY increase.

Moreover, sales and transfers to foreign customers continued to grow, with primary clients from Taiwan, China, and Myanmar. In 2024, the company's projects received positive responses, especially the New Epic Asoke-Rama 9, The Embassy Wireless, and Noble Around Ari, which collectively achieved sales of over THB 12,000 million. In terms of property transfers, 2024 saw 4 completed projects ready for transfer, including New Noble Ratchada-Ladprao, New Connect Condo Don Mueang, New Core Kukot Station, and New Mega Plus Bangna. The New Noble Ratchada-Ladprao project, which began transferring ownership at the start of 2024, has already transferred over 95%. In the fourth quarter, the New Core Kukot Station and New Mega Plus Bangna projects began transferring, collectively achieving over THB 3,000 million in transfers, partly benefiting from the reduced transfer fee measures. Additionally, there were continuous property transfers in horizontal projects such as Noble Terra Rama 9-Ekkamai and Aqua Riverfront Ratburana, contributing to total transfers of THB 11,237 million for the year.

Mr. Sira Udon, Chief Operating Officer of the Real Estate Business Group, added that the company has been implementing strategies to maintain a suitable portfolio in both horizontal and condominium segments, as well as expanding its portfolio to a more diverse customer base to mitigate risks, which has proven to be a beneficial strategy for the company.

By the end of 2024, the company had a backlog of THB 25,455 million, and in 2025, it plans to start transferring 4 completed projects, including:
1. Noble Form Thonglor
2. New Evo Ari
3. Noble Create
4. New Riverrest Ratburana
Currently, all 4 projects have a combined backlog of over THB 8,500 million.

For its business goals in 2025, the company has set a pre-sales target of THB 16,000 million and plans to launch 4 new projects valued at over THB 6,200 million. In January, the company launched the New Rain Chaeng Watthana, a low-rise condominium in the heart of Chaeng Watthana, which has seen continuous interest since its launch. The company is also preparing to launch the New Coast Kukot Station, inspired by coastal designs, to enhance the Kukot metropolis. Previous projects have seen great success in the first two phases, and the recently opened Khu Khot Crossing Mall, a commercial mall adjacent to residential areas and the sky train, aims to meet the lifestyle and convenience needs of residents. Additionally, in the second half of 2025, the company plans to launch 2 more horizontal projects: New Wood Westgate and New Scape Bangna.

Furthermore, the company has reinforced its financial strength by issuing THB 1,500 million in bonds in January 2025, which received full subscription, affirming investor confidence. The company plans to issue additional bonds in mid-2025 to support long-term growth plans. The company remains committed to strong growth alongside sustainable development, emphasizing environmentally friendly, social, and governance (ESG) practices, as reflected in receiving the Commended Sustainability Awards at the SET Awards 2024 for the first time, reinforcing its commitment to stable and sustainable growth to become a model organization in the capital market in the future.