- Despite the protracted COVID-19 challenges, the Company managed to succeed through its ‘One Platform’ strategy and booked total revenue and net profit at THB 4,282 million and THB 510 million respectively for the first three months of 2021 (January - March 2021).
- For 1Q 2021, Frasers Property Home (Thailand) recorded a pre-sale value of THB 8,255 million, an increase of 24% Q-o-Q. Prompting to serve housing demands bolstered by the New Normal lifestyles which emphasize work from home and work-life blend, the residential asset class has 11 new residential projects to be launched this year.
- Frasers Property Industrial (Thailand) continues to achieve its revenue target. Last quarter, it secured a deal of 34,000 sqm Built-to-Suit Regional Distribution Center with Thai Beverage Logistics Company Limited. There are customers in logistics and delivery fulfillment services entering into agreements with the Company next quarter. The current occupancy rate is strong and healthy at 82.4%
BANGKOK – 7 MAY 2021
Frasers Property (Thailand) Public Company Limited or “FPT”, the first company with a fully integrated real estate platform in Thailand, announces its positive performance for the first three months of 2021 (January-March) with a total revenue of THB 4,282 million. Adopting its ‘One Platform’ strategy with its integrated asset classes of residential, industrial and commercial, the Company remains resilient despite experiencing business challenges and volatilities during the prolonged COVID-19 situation. At the same time, FPT drives its focus on ‘People’ and ‘Performance’ development to pursue sustainable growth and responsiveness to challenges.
Mr. Thanapol Sirithanachai, Country Chief Executive Officer, Frasers Property Thailand, said: “Leveraging the strength of FPT’s One Platform strategy and our diversified portfolio, the Company marks the beginning of 2021 with healthy performance for the first quarter. We are confident that we will be able to achieve the revenue target of THB 17,000 million by the end of the year. To further strengthen our platform and leading position in the industry, we have focused on equipping our employees with the right training and development programs as well as improving our internal management to enhance our business and service capabilities. We have continued to maintain high standards of safe distancing and hygiene measures and adopt touchless technologies at our office buildings. We have put in place telecommuting arrangements for staff and have been providing public health updates in a timely and transparent manner.”
Despite the challenges, Frasers Property Thailand recorded its total revenue and net profit at THB 4,282 million and THB 510 million respectively for the three-month performance (January-March 2021). Frasers Property Home (Thailand) booked pre-sales value at THB 8,255 million, an increase of 24% Q-o-Q. However, the home loan and customer rejection rate remain high at 51%, resulting in a sales revenue of THB 3,163 million. Given rising market demands, FPT is set to expand its residential portfolio in 2021 with 11 new projects serving New Normal consumer behavior with home features shaped by COVID-19.
Frasers Property Industrial (Thailand) and Frasers Property Commercial (Thailand) consistently generate recurring revenue streams for the Company through their rental and related services. The three-month performance (January - March 2021) was recorded at THB 543 million. The industrial asset class continues to enjoy the growth of e-commerce which has accelerated by the COVID-19 pandemic and benefit from the new global supply chain trend which focuses on reducing risk and diversifying supply chains. Overall occupancy rate remains healthy and above target at 82.4%.
Frasers Property Commercial (Thailand) has experienced limited impact from the telecommuting trend. The commercial portfolio performance remains stable/ resilient as the main tenants such as leading MNCs and forefront Thai companies with stable financials have shown healthy demand for office space. During COVID-19, the commercial asset class has the so-called ‘PREVENTIVE’ safe distancing measures put in place at its five Grade-A office buildings to help address the risks from COVID-19.
In addition, Frasers Property Thailand recently announced its new milestone embarking on an expansion to develop an industrial zone and logistics park in Binh Doung, Vietnam. The Company is expected to launch the project by mid-2022 and will realize revenue from this strategic investment in Q3/2022.
Financial performance for the 3-month period (January – March)
| 12-Month Financial Performance (January – December) |
2021 (Million Baht) |
2020 (Million Baht) |
Changes (Million Baht) |
Change (%) Y-o-Y |
|---|---|---|---|---|
| Revenue | 4,282 | 5,155 | -873 | -16.9 |
| - Sales revenue | 3,163 | 3,620 | -457 | -12.6 |
| - Rental and related service revenue | 543 | 691 | -148 | -21.4 |
| - Other revenue | 576 | 844 | -268 | -31.8 |
| Net profit | 510 | 852 | -342 | -40.1 |
Financial Performance of Q1/2021 (January – March 2021)
| Financial Performance | Calendar Year Q1/2021 (January – March) (Million Baht) |
|---|---|
| Revenue | 4,282 |
| - Sales revenue | 3,163 |
| - Rental and related service revenue | 543 |
| - Other revenue | 576 |
| Net profit | 510 |
