AP Thailand shows strong low-rise performance
published : 12 May 2021 at 13:18
Q1 revenues of over 10,770 million baht with 33,700 million baht backlog
AP (Thailand) Public Company Limited, on a mission to EMPOWER LIVING to deliver good quality of life on customers’ terms, recently revealed financial figures for the first quarter of 2021 which reflect solid growth. The strong figures stem from the positive performance of of single detached homes and townhomes that pushed the company’s total revenues to over 10,770 million baht with net profit of over 1,400 million baht. The firm is also well positioned to cope with uncertainty with a total backlog worth 33,700 million baht.
Mr. Vittakarn Chandavimol, Chief Corporate Strategy and Creation, AP (Thailand) Pcl., said that, “In the first quarter, the company recorded 10,770 million baht in total revenues from low-rise products, condominiums (100% VJ) and other businesses. That represents a growth of 58% over the same period of the previous year when total revenues stood at 6,820 million baht. Net profit was at over 1,400 million baht, up 127% on the same period of last year when it posted 618 million baht net profit.”
“The pandemic crisis has continued to cause damage to the economy,” he continued. “Many agree that the past year has already been difficult for business operations but the new wave of outbreak has made it more clearly evident that greater hardships and challenges lurk ahead.”
“For a real estate company to survive, besides good management of corporate readiness and cash flow, we must have ready-to-sell products available across multiple locations. This strategy can drive AP to continued success as it increases our opportunities, particularly in the low-rise portfolio which remains our superstar performer. The company has recorded growth in revenues from low-rise products quarter on quarter, reflecting organic strength in handling changes in market conditions.”
In 2021, AP Thailand plans to have as many as 144 residential projects worth over 115,480 million baht under development across the country. As at 30 April 2021, the company had a backlog worth over 33,700 million baht and was looking to generate 43,100 million baht in total revenues, as projected (100% JV included).
This June, the company will launch three new projects. These include two single detached home projects, namely, CENTRO Ratchapruek-Suanphak 3 and CENTRO Phahol-Vibhavadi 2, with a combined value of 1,650 million baht. Plus a home office project, District Ramintra-Chatuchot, worth 110 million baht. In the second half of the year, AP Thailand looks forward to realising revenues from the transfer of ownership in two new condominium projects: LIFE Ladprao Valley and LIFE Asoke Hype, both with a combined value of 12,300 million baht.
The company has continued to carefully execute business plans with constant resilience enabled by cash-flow management under the main mission to ‘EMPOWER LIVING’, as it stands ready to deliver good quality of life on customers’ terms with high value.