For immediate release
21 February 2023

AP Thailand posts Bht 49,388 million of total revenues
Net profit Bht 5,870 million, industry’s most aggressive launch plan confirmed  

• AP Thailand with a brand promise of Cheevit Dee Dee Tee Lueak Eng Dai shares higher-than-expected results for 2022
• Total revenues (100% JV) top Bht 49,388 million, up 23%
• Net profit stands at Bht 5,876 million, up 29%
• Net D/E at a low 0.58
• Commits to 2023 AP INCLUSIVE GROWTH with 58 new projects worth over Bht 77,000 million in the pipeline, industry’s most ambitious
• Set to highlight Q1 with THE CITY’s new home models of 100 square wah to share Bht 20-50 million luxury home market  

 Bangkok (21 Feb 23) Mr. Vittakarn Chandavimol, Chief Corporate Strategy and Creation,    AP Thailand Public Co., Ltd., said that in 2022 his company was able to generate   Bht 49,388 million in total revenues from low-rise products, condominiums (100% JV) and other businesses, an increase of 23.4% on the same period of 2021 when its total revenues stood at Bht 40,015 million. Net profit in 2022 was Bht 5,876 million, an increase of 29.4% on the previous year when it recorded a net profit of Bht 4,543 million. Net debt-to-equity ratio was at a low 0.58. 

In the fourth quarter of 2022, the company was able to generate Bht 11,822 million in total revenues from low-rise products, condominiums (100% JV) and other businesses, an increase of 22% while net profit stood at Bht 1,154 million, up 16.1% on the same period of the previous year.    

 The key factors contributing the most to the company’s growth last year included 1. Low-rise product portfolio which proved to be a strong performer and remained a major revenue generator earning the company Bht 35,605 million, an increase of 21.8% 2. A strong recovery of the condominium business.

Last year, the company had its revenues earned from three newly completed condominium projects, namely LIFE Sathorn Sierra, RHYTHM Ekkamai Estate and ASPIRE Erawan Prime.  As a result, last year the condominium business contributed Bht 12,767 million in revenues (100% JV), an increase of 29.5%.

As for the business plan for 2023, the company is set to move ahead with AP INCLUSIVE GROWTH strategy. It will use its expertise create opportunities and advantages in various dimensions as it delivers on the brand promise of giving Cheevit Dee Dee Tee Lueak Eng Dai by launching a total of 58 new projects worth around Bht 77,000 million, consisting of   22 single detached home projects worth Bht 34,800 million, 27 townhome projects worth Bht 26,400 million, 4 condominium projects worth Bht 11,800 million and 5 projects upcountry worth Bht 4,000 million. These projects are projected to bring the company Bht 58,000 million in presales with total revenues target, including those from 100% JV, projected at Bht 57,500 million.

The first quarter’s highlight will be the Single Detached Home Business Group’s aggressive inroads to grab a market share in the luxury home segment by rolling out   new of homes of 100-127 square wah with a functional area of 386-560 square metres under
THE CITY brand in three new locations: THE CITY Charan-Pinklao with 58 units worth Bht 1,350 million in total, THE CITY Pinklao-Borom with 68 units worth Bht 1,420 million and THE CITY Sukhumvit-Onnut 2 with 64 units worth Bht 1,380 million.