AP Thailand Shows Strong Low-Rise Performance, Driving to Revenues of over ฿10Bn in Q1

AP (Thailand) Public Company Limited (AP), on a mission to EMPOWER LIVING to deliver good quality of life on customers’ terms, today, revealed financial figures for the first quarter of 2021 which reflected solid growth on the strength of single detached homes and townhomes whose performance pushed the company’s total revenues to over Bht 10,770 million and net profit to over Bht 1,400 million.  

The firm is also well positioned to cope with uncertainty with a total backlog worth Bht 33,700 million.  This June 2021, it is planning to launch three new projects, two of which are single detached homes CENTRO Ratchapruek-Suanphak 3 and CENTRO Phahol-Vibhavadi 2, worth a combined Bht 1,650 million, and a home office project called District Ramintra-Chatuchak worth Bht 110 million, and is also planning to transfer two new condominium projects: LIFE Ladprao VALLEY and LIFE Asoke Hype, worth a combined Bht 12,300 million. 

Mr. Vittakarn Chandavimol, Chief Corporate Strategy and Creation, AP (Thailand) Pcl., said that in the first quarter the company was able to record Bht 10,770 million in total revenues from low-rise products, condominiums (100% VJ) and other businesses, a growth of 58% on the same period of the previous year when its total revenues stood at Bht 6,820 million. Net profit was at over Bht 1,400 million, up 127% on the same period of last year when it posted 618 million of net profit.

The pandemic crisis has continued to cause damage to the economy. Many agreed that the past year was already difficult for business operations. But the new wave of outbreak has made it more clearly evident of more hardship and challenges lurking ahead.  

For a company in the real estate industry to survive, apart from good management of corporate readiness and cash flow, having ready-to-sell products available across multiple locations is one strategy driving AP’s success as it increases the company’s opportunities, particularly in the low-rise portfolio which remains the superstar. The company has had a growth in revenues from low-rise products quarter on quarter. It reflects organic strength in handling change of rules.

In 2021, the company plans to have as many as 144 residential projects worth over Bht 115,480 million under development across the country. As at 30 April 2021, the company had a backlog worth over Bht 33,700 million and believes it will generate Bht 43,100 million in total revenues as projected (100% JV included). 

In this June, the company will launch three new projects, including two single detached home projects namely CENTRO Ratchapruek-Suanphak 3 and CENTRO Phahol-Vibhavadi 2, both with a combined value of Bht 1,650 million and a home office project named District Ramintra-Chatuchot worth Bht 110 million. In the second half of the year, it 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 Bht 12,300 million.

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 valuable and meaningful product and service innovations.