ORI Sees 20% Increase in 2Q21 Earnings as Transferred Activities Grow

Origin Property Public Company Limited (ORI) announced its 2Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

ORI reported a net profit of 852 million baht in 2Q21, increased 20.48% from a net profit of 707 million baht in 2Q20.

ORI stated that Real estate transferred activities of condominium and housing estate totaled 3,961.5 million baht, higher than the second quarter of 2020 by 130.0 million baht, increased by 3.4%.

The transferred activities from non-joint ventures company amount of 3,085.4 million baht and joint ventures company amount of 876.2 million baht, resulting in gain of transferred activities from joint ventures company amount of 125.5 million baht (51% shareholding proportion).

The company had sales from the new launch projects (pre-sales) of 8,100.92 million baht, increased by 23% compared with the same period of the previous year. Including the sales from condominium projects 75% of total sales and the housing project 25% of total sales. In terms of project status, the revenue is from ready to move projects at 72% and from presale or on-construction projects at 28%.

For fighting brands in the second quarter of this year are investment property brand “Hampton” and housing brand of “Grand Britania” has gained the good response from the customers as well. Therefore, the company increased backlog sales and constantly increased transferred activities.

 

ORI still managed to maintain the high net profit margin at 22.4% by recognizing the profit from joint venture condominium projects (Joint Venture) with Nomura Real Estate Development Co., Ltd. totally 4 projects namely Knightsbridge Prime Onnut, Knightsbridge Collage Ramkhamhaeng, Knightsbridge Prime Ratchayothin and Knightsbridge Space Ratchayothin. This resulted in gain from investments of joint ventures in the second quarter of 2021 which amounted to 94.6 million baht (51% shareholding proportion).

Moreover, ORI also recognized the profit from new launching 1 joint venture condominium projects with Escon Japan (Thailand) Co., Ltd. namely Knightsbridge Sukhumvit-Thepharak which the amount of 53.0 million baht (51% shareholding proportion).

 

In addition, the Board of Directors approved an interim dividend payment of Bt0.12 per share to be paid on September 9, 2021. The ex-dividend date is August 24, 2021.