SIRI profits reach new highs, jumping 49% in 2022 with strong 9-month performance
Mr. Wichan Wiriyaphusit, Chief Financial Officer of Sansiri Public Company Limited (SIRI), shared Sansiri’s performance results for 2022 so far, revealing that the company and its subsidiaries made a net profit (attributable to shareholders of the company) of 2,488 million baht for the 9-month period. This is an increase of 49% compared to the company’s net profit of 1,674 million baht during the same period last year. Net profit for the third quarter of 2022 amounted to 1,268 million baht, an increase of 102% from the same quarter last year and an increase of 38% from the previous quarter. The net profit margin in the third quarter of 2022 was 14.3% of total revenue, a significant increase from last year’s net profit margin of 8.7% during the same quarter. The main factor contributing to the growth of the company’s net profit has been a sharp increase in its gross margin owing to residential project sales.
Total income for the first nine months of 2022 amounted to 21,913 million baht. Total revenue for the third quarter of 2022 alone amounted to 8,855 million baht, an increase of 23% from the same quarter the previous year and a 13% increase from the previous quarter, which can be attributed to sales of well-performing projects in all residential groups. This includes townhome projects which have seen an increase in sales of 115% with an emphasis on the luxury townhome market. The new concept residence Demi Sathu 49 and the townhome brand Siri Place have received excellent responses over the past four years. The introduction of Dream Destination, the new Siri Place series, has generated consistent income, with a total of 6 new Siri Place projects launched in 2022 thus far.
The majority of Sansiri's income has come from single-detached houses under the Setthasiri and Burasiri brands. Mixed-product residential properties that combine single-detached houses, twin houses and townhomes under the premises of a single project have also performed well. The brand Anasiri generated consistent revenue throughout 2022, which has resulted in good growth for low-rise projects. Revenue from condominiums has come predominantly from XT Huaikhwang, The Base Phetchaburi-Thonglor and D Condo Hideaway, which were the best performing condominiums among Thais and foreigners.
“In the last quarter of 2022, the real estate business has shown a positive trend. Customers continue to accelerate their decision making when purchasing or transferring property before the expiration of measures to stimulate real estate, such as the relaxing of LTV criteria which is set to end at the close of 2022. It is also the high season for tourism. This is an important quarter for customers looking to buy new homes. Sansiri plans to support the needs of both Thai and foreign customers by launching new projects in every segment,” Mr. Wichan explained.
Sansiri has recently launched two new condominiums worth a combined total of 3,200 million baht. Flo by Sansiri is a new river view condominium, which saw almost 200 units sold in the first week of its gallery opening. Official presales will be held 26–27 November 2022. The second condominium, THE BASE Downtown Khon Kaen, has already completed sales of 40% of its units, with the grand opening of its sales gallery set to take place 19–20 November 2022. In addition, three condominiums currently under development will be completed by the end of November. 2022 is expected to be a year of record net profits, exceeding all previous figures from the company’s 38 years of operation.
