Message from the Board of Directors

In 2022, the global economic situation, including the Thai economy, began to improve due to the easing measures of each country after the COVID-19 pandemic. This led to a modest recovery of the tourism and hospitality sector, which was the main factor for the improvement of spending and consumption, along with the relaxation of LTV measures, which helped stimulate spending in the real estate sector.

The Company has focused on the development of low-rise residential projects because the customers in this group tend be real demand. In 2022, the Company launched 4 low-rise projects in Bangkok and vicinity areas with a total project value of Baht 7,598 million, which was higher than in 2021. In addition, the Company’s hotel business reported an improvement in performance from foreign and domestic tourists after the easing of COVID-19 measures. However, the rental space demand for the office rental business slightly dropped due to an increase of work-from-home behavior of tenants.

For the above reasons, the Company's revenue from the sales of real estate and rental and service income was Baht 9,226 million, an increase of 14%.The Company had a net profit of Baht 2,396 million, an increase of 43%, and an interest-bearing debt to equity ratio of 0.41 (compared to 0.56 in the year 2021).

The Company received an “Excellent” recognition level according to the Corporate Governance Report of Thai List Companies (CGR) survey program for 7 consecutive years and the Company’s certification as a member of Thai Private Sector Collective Action Against Corruption (CAC) was renewed for the 2nd time.

On the issue of sustainable development, the Company adhered to the ESG management guidelines which cover environmental, social, and corporate governance and economic dimensions, under good corporate governance principles. Furthermore, in 2022, the Board of Directors appointed the Sustainable Development Committee to drive the Company to operate according to the policies and guidelines for sustainable development.

The Board of Directors, Quality House Public Company Limited, would like to thank all customers, shareholders, business partners, and all stakeholders who have always given continued support to the Company, as well as all employees who strived to perform their duties to the best of their abilities over the past year. The Company will continue to adhere to sustainable business operations under good corporate governance principles to create value for society and the maximum benefit of the Company and all stakeholders.