Despite the country’s signs of economic recovery in the past year, the real estate market remains to be competitive - both from new and old developers - and continues to face stringent loan approval processes due to high household debt levels. This resulted in the Company and its subsidiaries to have had total revenue of Baht 18,101 million, a decrease of 6.3%, while a net profit of Baht 3,462 million, an increase of 12.2%, as compared to last year. This was the result of efficient selling and administrative cost management. Moreover, the Company and its subsidiaries’ interest-bearing debt to equity ratio decreased from 1.11 times to 0.95 times with shareholders’ equity also increasing by 8.1%. Additionally, the Company issued a 3-year debenture of Baht 5,500 million with an average coupon rate of 2.56% per annum. TRIS maintained the Company’s credit rating at A- (Stable).
At present, the Company and its subsidiaries have 79 projects under development worth approximately Baht 47,000 million. The projects comprise of housing and condominiums both in Bangkok, vicinities and upcountry.
The Company will continue to improve product quality and service level through innovations. In the past year, the Company launched new housing project under the name “Q District“ which provides product variety and pricing to serve different group of customers. In addition, the Company also gives importance on developing the projects to have a good quality of life and a better living.
For 2018, the Company and its subsidiaries will continue to focus on business practices with good corporate governance and transparency so investors, shareholders, and all related parties will be able to monitor and audit our performance. In 2017, the Company received an excellent rating in corporate governance assessment under the CGR campaign.
Lastly, the Board of Directors would like to take this opportunity to express our gratitude to our customers, shareholders, debenture holders, banks and financial institutions, business partners, employees, and all related parties for their ongoing support and for being a part of our continual success. We will continue to operate our business under good corporate governance policy for sustainable growth.
|(Mr. Boonsom Lerdhirunwong)
Chairman and Independent Director