AP Sets New Profit Record in 1H21, with Revenue of ฿20Bn from Strong Financial Footing

Mr. Vittakarn Chandavimol, Chief Corporate Strategy and Creation, AP (Thailand) Public Company Limited (AP), said, “Despite the upheaval in the economy due to the pandemic, we continue to perform well beyond our expectations. In the first half of 2021, a new record was achieved for our total revenues from low-rise products, condominiums (100% JV) and other businesses. We were able to record Bht 20,506 million of total revenues, a continued increase on the same period of the previous years. Net profit stood at over Bht 2,518 million, an increase of 37% on the same period of last year when its net profit totaled Bht 1,832 million. Net Debt to equity ratio was at a low of 0.61. All of these reflected the company’s internal management ability and the sum of its foolproof and efficient management of product portfolio and cash flow amid the pandemic.”

The company has continued to look for land in new locations to replace a number of low-rise projects that will be sold out within this year. For 2021, the company allocated Bht 12,000 million for land purchase. Around Bht 5,200 million of the funds has been spent in the first half of the year and the remaining Bht 6,800 million will be used to purchase land for future developments. With good cash flow management, the company has over Bht 14,000 million in readily available funds and extremely cautious daily situation evaluation.

“AP Thailand’s business plans have been executed smoothly with our strong corporate team in charge, a strategy to distribute our products across more than 100 locations around the country and healthy cash flow management. Our backlog is currently valued at Bht 33,729 million, which will be realised over the next three years. We are ready to proceed with our plan to expand our portfolio into new segments. We are preparing for Baan Klang Krung Sathupradit-Rama 3, the only luxury single detached home development in the centre of the city, which will be available exclusively for Bht 35-60 million. The presale event for the project is scheduled for September. We also have a makeover plan for the brand Aspire to increase our presence in the mass product market. We are getting ready to launch Aspire Rattanathibet-Weston in September for a starting price of Bht 1.59 million.

For the second half of the year, the company plans to launch a total of 26 new projects worth Bht 33,440 million, 22 of which are low-rise projects worth Bht 20,440 million, and 4 are condominium projects worth Bht 13,000 million. It also has plans to transfer ownership in 2 new condominium developments: LIFE Ladprao Valley and LIFE Asoke Hype, valued at a combined Bht 12,300 million. As at 31 July 2021, the company recorded Bht 20,662 million in net presales, which 58% of its set target of Bht 35,500 million.