SPALI’s 3Q21 Earnings Hit THB1.7 Billion with a 27% Growth in Revenue from Property Sales

Supalai Public Company Limited (SPALI) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

In 3Q21, SPALI’s net profit was Baht 1,719.59 million, an increase of Baht 503.02 million or 41% from the same period of the last year, mainly due to the increase in revenue from sales of real estate. Therefore, basic earnings per share was Baht 0.88 per share or increased from Baht 0.62 per share of the same period of the last year.

The revenue from sales of real estate in the amount of Baht 7,377.67 million, an increase of Baht 1,553.48 million or 27% from the same period of the last year, divided into the revenue of 47% from the transfer of ownership of detached houses and townhouses and the remaining 53% was from the transfer of ownership of condominiums. The revenue was increased due to the transfer of ownership of 2 condominium projects at the end of the second quarter of 2021 and continued to be transferred in the third quarter of 2021. In addition, the company has another project that the transfer of ownership due is in this third quarter.

For the first nine months of 2021 period, the revenue from sales of real estate in the amount of Baht 18,055.16 million, an increase of Baht 5,692.43 million or 46% from the same period of the last year, divided into the revenue of 53% from the transfer of detached houses and townhouses and the remaining 47% was from the transfer of ownership of condominiums. The main reason for the increase in revenue was due to the transfer of ownership of new condominium projects. The revenue increased from the transfer of ownership of 2 condominium projects at the end of the second quarter of 2021 and continued to be transferred in the third quarter of 2021. In addition, the company has another project that the transfer of ownership due is in this third quarter. 

In addition, the share of profit from investments in joint ventures and associates for the nine-month period of 2021 was Baht 363.97 million, an increase of Baht 174.26 million or 92% from the same period of the last year. This was because most of the project ownership transfers of real estate of projects in Australia are in the first half of 2021.

According to the reasons as stated above, resulting to the net income for the nine-month period of year 2021 was Baht 4,191.14 million, which was increased when compared with the same period of the last year that amounting to Baht 2,386.62 million, an increase of Baht 1,804.52 million or 76%.

As of 30 September 2021, SPALI and its subsidiaries have house and/or condominium backlogs of Baht 32,843 million. The company and its subsidiaries expect to transfer additional Baht 9,786 million of these backlogs over the next 3 months of the year 2021, and Baht 23,057 million over the next 3 years.