AP Thailand Earns THB3.55 Billion in First 9 Months as Business Grows amid Lockdown

Mr. Vittakarn Chandavimol, Chief Corporate Strategy and Creation, AP (Thailand) Public Company Limited (AP), commenting on the overall real estate industry in the final stretch of the year, said that 2021 is another year that the industry faced challenges and uncertainties from the pandemic, especially the lockdown that has been in force for the last  three quarters.  However, he said that during the final lap of the year, the situation is expected to be better thanks to improving economic activity and consumer sentiment as well as the LTV relaxation that will last until the end of 2022. All are positive signs, he said, adding that not only will these factors stimulate the real estate industry, they will also help drive other related business sectors.  

This year the company was able to record a sales turnover of 31,210 million baht at the end of October 2021, which was 88% of the Bhf 35,500 projected for the year’s sales. Of the total sales, 28,594 million baht were contributed by low-rise projects. Meanwhile, the company is planning to launch a total of 12 new projects worth 8,570 million baht in the last two months of the year, 9 of those projects are townhomes worth 5,010 million baht under Baan Klang Muang and Pleno brands, all of which come with a selling point that ‘redefines vertical life’. The remaining three projects are single detached homes under Centro brand worth 3,560 million baht, all of them are ‘homes that understand life’.

The year 2021 still has low rise products as the superstars of the real estate sector. This is evidenced in the company’s constantly growing sales and transfer numbers.  It is organic growth that clearly reflects the company’s potential. Despite the lockdown in the year’s third quarter that greatly impacted the economic stability, the company has been able to maintain its growth momentum. In the first nine months of the year, the company recorded 30,324 million baht in total revenues from low-rise products, condominiums (including 100% JV) and other businesses. Its net profit was as high as 3,549 million baht, while its debt-to-equity ratio was as low as 0.56. All of these reflect the company’s corporate management ability coupled with its careful, efficient portfolio and cash-flow management amid all uncertainties.    

The company remains cautious with its business plan and will continue to stay resilient with great cash-flow management as it goes on the main mission to EMPOWER LIVING by offering customers good quality of life on their own terms through valuable and meaningful product and service innovations.

Additional information

AP has plans to develop in 2021 a total of 24 projects worth 27,550 million baht, of which 22 are low-rise projects worth around 19,560 million baht and 2 are condominium projects worth around 7,900 million baht.

Of those projects 12 have been launched. They are valued at 18,980 million baht. Therefore, it has 12 projects worth 8,570 million baht to be launched this year.