Ticon allots B12bn for land purchase

Ticon allots B12bn for land purchase

Over 90% of demand from overseas

Ticon Industrial Connection (TICON), the SET-listed developer of ready-built factories and warehouses, expects to expand its warehouse space by 30% this year with a budget of 12 billion baht for land purchases.

As foreign investments continued to flow into the country over the first six months, Ticon had 41 new customers for both factories and warehouses. Over 90% are international companies, with 50% coming from Japan. Most customers are in the automotive, electronics and modern trade sectors.

As of July, combined new leased space at Ticon's factories and warehouses amounted to 254,981 square metres, said managing director Virapan Pulges.

"The company is confident we will be able to increase new space for rent to 400,000 sq m, or 30% growth by year-end," he said.

In the first half, Ticon reported 32% growth in net profit year-on-year to 421 million baht. Revenue from factory and warehouse rent was 558 million.

Mr Virapan said the company expects to see continuous growth of warehouse rent business in the second half, especially in the areas of Bang Na-Trat Road, Bang Phli, and in provinces along border areas due to industrial expansion and preparation for the Asean Economic Communities (AEC).

During the first half, Ticon and its subsidiary TPark spent 6 billion baht to purchase 1,200 rai in the eastern industrial zones and northeastern border provinces, said Mr Virapan.

Recently, Ticon bought 226 rai in Amata City and Amata Nakorn estates after TPark acquired 200 rai in Khon Kaen earlier this year. Last month TPark purchased 180 rai in the Bangkok Free Trade Zone to be developed into TPARK Bangplee 2.

The group has a total of 7,268 rai of ready-for-use land and aims to increase its land bank to 7,500 rai by year-end, he said.

Ticon reported a reviewed second-quarter net profit of 165.73 million baht, up 111.90% year-on-year.

From January to June, the reviewed net profit totalled 420.59 million baht, up 31.97% year-on-year, the company said in a statement to the SET on Tuesday.

TICON shares closed yesterday on the SET at 18.8 baht, up 10 satang, in trade worth 31.4 million baht.

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