Message from the Board of Directors

In 2024, the market conditions of the residential real estate development sector continued to face challenges stemming from a global economic slowdown. This was primarily due to several adverse factors, including inflation impacting consumer purchasing power, persistently high levels of household debt, an oversupply situation, and elevated policy interest rates. Furthermore, financial institutions maintained stringent policies regarding the approval of residential mortgage loans.

In response to these circumstances, the Company strategically adjusted its focus towards Hi-ended detached housing projects. This shift aimed to cater to the demand of customers with stronger purchasing capacity. In 2024, the Company launched a total of five low-rise projects in Bangkok and its vicinity, with a combined project value of Baht 9,804 million, representing a 14% increase compared to 2023.

In 2024, the Company and its subsidiaries reported total revenue from core business of Baht 8,439 million, a decrease of 6% compared to 2023. The net profit from operations was Baht 2,150 million, a decrease of 9%, and the interest-bearing debt to equity ratio remained at 0.39, the same as in 2023.

The hotel business in which the company has invested has demonstrated a significant increase in performance, reporting a profit growth of Baht 148 million, or a 12% increase, when compared to the fiscal year 2023. This positive result is attributed to a robust recovery driven by the expansion of both domestic and international tourism. The sustained growth in tourism is a direct consequence of supportive government policies and the recovery of the regional economy.

Regarding the company's commitment to sustainable development, we continue to prioritize and adhere to our policies and practices aimed at achieving sustainable development in accordance with the ESG (Environmental, Social, and Governance) framework. This encompasses environmental stewardship, social responsibility, and corporate governance, all underpinned by sound corporate governance principles. Our efforts include the development of residential properties and the promotion of environmentally friendly innovations. This is evidenced by our careful selection of construction materials that emphasize energy efficiency through the utilization of renewable energy sources, thereby aligning with the government's policy on reducing greenhouse gas emissions.

Furthermore, the company remains dedicated to conducting business under strong corporate governance. In the year 2024, the company received an "Excellent" rating in the Corporate Governance Report of Thai Listed Companies (CGR) survey for the ninth consecutive year.

On behalf of the Board of Directors of Quality Houses Public Company Limited, we extend our sincere gratitude to our valued customers, shareholders, business partners, financial institutions, and all stakeholders for their continued trust and unwavering support. We also wish to express our appreciation to all our employees for their dedicated and diligent efforts throughout the past year. Moving forward, the company remains steadfast in its commitment to conducting business in accordance with the principles of sustainable development and sound corporate governance, with the aim of creating value for society and maximizing benefits for the company and all its stakeholders.