AP’s 3Q Profit Jumps 135% after Hits All-Time High of ฿1.45Bn

AP (Thailand) Public Company Limited (AP) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

AP reported Q3 net profit and revenue of 1,451 million baht and 9,150 million baht, respectively. Compared to the same period of last year, net profit increased by 134.6% YoY, while revenue increased by 55.4% YoY, resulting from an improving property revenue (exclude JV) of 59.1% YoY and service revenue. Altogether, Q3 revenue reported at 9,150 million baht (+55.4% YoY) making 9M 2020 revenue of 22,341 million baht (+21.2% YoY).

 

Q3 2020 gross margin stepped up from the previous quarter reporting at 31.4% with property gross margin of 30.0%. Similarly, 9M 2020 gross margin reported at 31.5%. 

 

In addition, AP recorded the highest-ever JV revenue of 6,068 million baht (+1,200.3% YoY) in Q3 2020. As a result, 9M 2020 revenue presented at 12,837 million baht (+215.0% YoY). This led to a quarterly historical high in “Share of profit from investments in joint ventures” at 776 million baht in Q3 2020 making 9M 2020 value of 1,550 million baht.