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AP to set 48 new developments

AP Bangkok one Feb 22 2024

AP Thailand, a developer listed on the SET, is gearing up to launch 48 new projects valued at a total of 58 billion baht, a decrease from the previous year. The company aims for a growth of 10-11% in presales, targeting 57 billion baht, with revenue expected to rise to 53.7 billion baht.

Vittakarn Chandavimol, the chief of corporate strategy and creation, highlighted that the company’s existing projects, totaling 164 sites, are sufficient to meet revenue and presales targets for this year. However, he acknowledged that the Thai economy is likely to face challenges with lingering impacts from various factors continuing from 2023, including global economic constraints due to geopolitical conflicts and consumer confidence in the local economy.

To navigate these challenges, AP Thailand aims to maintain financial stability through disciplined financial management and intends to achieve a flexible and robust financial condition to support long-term business goals. As of the end of 2023, the company’s debt-to-equity ratio stood at 0.79 times. Additionally, it had access to a credit line of 12.7 billion baht from financial institutions, capital totaling 12.6 billion baht from Japanese partner Mitsubishi Estate, and a cash flow of 2 billion baht.

The upcoming new projects will primarily consist of twin houses and townhouses, with 23 projects valued at 19.3 billion baht, followed by 15 single detached house projects worth 13 billion baht. Furthermore, the company will launch six condo projects worth 12.5 billion baht, two of which will be joint ventures with Mitsubishi Estate, totaling 7.2 billion baht.

In addition, four projects worth 3.2 billion baht are planned for provinces, including new locations like Songkhla and Suphan Buri, along with an existing one in Rayong.

AP Thailand reported 51.4 billion baht in presales last year, marking a 2% increase from 2022, with consolidated revenue amounting to 48.75 billion baht, a slight drop of 1.3%. The net profit was 6 billion baht, up 3% from the previous year. This year, the company has allocated a budget of 17 billion baht for land acquisition, following an expenditure of 16.8 billion baht in the previous year.

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