Sansiri records highest profit in Thai real estate industry, surging by 423% to THB 1,582M in Q1 2023.
Company to issue new debentures and launch super luxury project
Narasiri Phahol – Watcharapol, worth THB 5.1 billion, this year.
Sansiri’s Q1 2023 profit
-
Sansiri (SIRI) recorded total revenue for Q1 2023 of THB 8,505 million, an increase of 63% from the same quarter last year. This reflects an increase in revenue from all products, with the highest revenue coming from condominium sales, amounting to THB 2,717 million, a growth of 217%.
- Sansiri achieved a net profit of THB 1,582 million, representing a tremendous increase of 423%. Net profit margin accounted for 18.6% of total revenue, compared to last year’s net profit margin of 5.8% of total revenue.
- Sansiri plans to launch its new super luxury project “Narasiri Phahol – Watcharapol”, with homes priced at 35–70 million baht, worth a total of THB 5.1 billion. The grand opening is scheduled for 24–25 Jun 2023.
Mr. Uthai Uthaisangsuk, Chief Operating Officer of Sansiri Public Company Limited
Mr. Uthai Uthaisangsuk, Chief Operating Officer of Sansiri Public Company Limited (SIRI), announced that the company achieved a total revenue of THB 8,505 million in the first quarter of 2023. This represents a significant increase of 63% compared to the same period last year, with revenue coming from sales of well-performing projects across all residential groups. The majority of Sansiri's income this quarter can be attributed to condominium sales, which amounted to THB 2,717 million, an increase of 217%. The company’s main revenue came from the recently completed XT Phayathai, which began ownership transfers in December 2022. This was followed by XT Huai Khwang, Oka Haus, and EDGE Central Pattaya. Newly completed The Muve Bangna also began transfers this quarter.
During this quarter, Sansiri’s has generated a significant portion of its revenue from sales of low-rise projects, including single detached house projects, townhome projects, and mixed product projects. For single detached house projects, the greatest revenue has come from Narasiri Krungthep Kreetha, Burasiri Watcharapol, Setthasiri Charan – Pinklao 2, Setthasiri Rama 5, and Saransiri Rangsit. Meanwhile, revenue from sales of townhomes has increased by 104%, with significant sales coming from the new-concept luxury residence Demi Sathu 49. Revenue can also be attributed to sales from mixed-product residential projects that combine single detached houses, twin houses, and townhomes within a single project under the “Feel Just Right” banner. Anasiri is one such brand, which encompasses Anasiri Bangyai, Anasiri Krungthep – Pathumthani, Anasiri Tiwanon – Srisaman, and other residential properties.
Sansiri also recorded a profit this quarter from the sale of Satit Pattana School and an increase in profit sharing from joint ventures and associated companies. This resulted in a substantial increase in profit for the first quarter of 2023, with Sansiri’s net profit amounting to THB 1,582 million, a remarkable growth of 423% from the same period last year. The company’s net profit margin accounted for 18.6% of total revenue, which marked a significant improvement compared to the net profit margin of 5.8% in the first quarter of 2022.
In the second quarter of this year Sansiri will highlight its leading position in the luxury real estate market with the launch of a new best-in-class luxury single detached house project, Narasiri Phahol – Watcharaphon. With an exciting location that has excellent potential and connects to the Ramintra Art Narong Expressway, prices range from 35 to 70 million baht. The project captures the essence of the Brand Taste-Maker philosophy, with French-style details, and includes a common area of 6 rai. With a total project value of THB 5,100 million, the project will launch during 24–25 June this year.
Narasiri Phahol – Watcharapol
“We are not only focused on housing developments, but also on broader investment considerations. Sansiri acknowledges the significance of comprehensive and equitable investments. By undertaking this approach and raising funds, we can advance the company’s business plans forward and continue to build upon the achievements of the previous year,” concluded Mr. Uthai.