Sansiri’s 9-month performance shows strong growth, with Net Profit of 4.76 billion baht
Sansiri’s 9-month performance shows strong growth, with Net Profit of 4.76 billion baht,
as company builds confidence in Q4 with launch of 22 projects worth 36 billion baht.
- Sansiri (SIRI) strengthens real estate sector and maintains planned growth level.
- Sansiri announces its 9-month 2023 operating results, disclosing a net profit of THB 4.76 billion. This figure surpasses profits from 2022 and positions the company to achieve the highest net profit in the real estate segment.
- Total revenue amounted to THB 28.047 billion, reflecting a 28% year-on-year growth from the success of luxury single-detached house projects and ready-to-move-in condominiums, which have been well-received.
- Plans for Q4 include the launch of 22 new projects, with a combined value of THB 36 billion, to support all segment needs.
- The final quarter is strengthened by confidence in the Sansiri brand and the peak season for home purchases. Customers are actively expediting transfers before the year-end, driven by stimulus measures. Sansiri aims to make history with its best performance in 39 years since the company's inception.
Mr. Wichan Wiriyaphusit, Chief Financial Officer at Sansiri Public Company Limited (SIRI),
Thailand’s leading real estate developer, discussed the company’s recent performance and future plans.
Sansiri announced a net profit of THB 4.76 billion (up 91% from the same period last year), with a net profit of THB 1.557 billion in the third quarter alone (up 23% y/y). This was partly due to the increase in profit sharing from joint ventures, particularly those with Tokyu Corporation, and effective control and management of expenses. Most importantly, profits during this nine-month period were the highest in 39 years since the company’s inception and greater than the net profit for the entire year of 2022, amounting to THB 4.28 billion. These results reflect the effective management of the company, which enables strong future growth, and are poised to continue growing in line with the business direction.
Meanwhile, the company’s total revenue for the first 9 months amounted to THB 28.047 billion (70% of the full-year target of THB 40 billion), representing an increase of 28% from the same period last year, with revenue in the third quarter of 2023 reaching THB 9.554 billion. This marks an increase of 8% from the same quarter last year. This stems from the continuous launch of new projects, comprising both low-rise and high-rise developments, with a specific focus on the single-detached house segment, where Sansiri holds the leading market position. For luxury projects, such as Narasiri Phahol – Watcharapol, sales have even exceeded expectations. Bugaan — the exclusive three-floor residence in the Sansiri Luxury Collection, which includes Bugaan Krungthep Kreetha and Bugaan Pattanakarn — has also received excellent feedback. Furthermore, Setthasiri Don Mueang, the inaugural project from the Setthasiri single-detached house brand which is scheduled to launch 10 new projects this year, has performed well and demonstrated strong brand penetration.
Positive feedback from ready-to-move-in condominium projects is another sign of the condominium market’s recovery and serves as an important indicator of real demand in the market for the third quarter. The recently launched ready-to-move-in NIA by Sansiri is one such project that can be sold immediately.
Mr. Wichan added, "Our annual revenue target is 40 billion baht, and within the first 9-month period we have recorded a total revenue of 28.047 billion baht. The remaining revenue of approximately 12 billion baht will come from the backlog of houses and condominiums that have been sold and are being gradually delivered, as well as from the sale of new projects such as NIA by Sansiri and five new Setthasiri projects."
"Towards the end of the year, we anticipate several positive factors. Customers are expected to accelerate their decisions to purchase and transfer housing before the expiry of the stimulus package, and this marks an important period for customers to explore and make decisions on acquiring new homes. The various campaigns launched by real estate operators and financial institutions will also help to boost sales at the end of the year,” Mr. Wichan explained.
Sansiri (SIRI) has achieved an AA level in the SET ESG Ratings for 2023 and has consistently been recognised among sustainable stocks for four consecutive years by the Stock Exchange of Thailand. This reflects the company’s commitment to conducting business with a focus on sustainability and consideration for the environment. Sustainable stocks are a significant investment trend globally, serving as an important criterion for investors when making decisions about investing in stocks and assessing business performance.
