Frasers Property Thailand reports revenue of 3.7 billion baht for Q1/2023

• Focus on synergistic asset classes of residential, industrial, commercial business, and effective cost and expense control provide strong and stable integrated real estate platform, resulting in THB 3,706 million revenue and THB 317 net profit.
• Redefinition of residential business strategy on condominium market and expansion of luxury home portfolio rto focus on customers with high purchasing power.
• Recent issuance of debentures with a total offering of 4,000 million baht enhances the company’s financial flexibility.

BANGKOK, 8 FEBRUARY 2023

Frasers Property (Thailand) Public Company Limited or "FPT", Thailand's first integrated real estate leader, announced its operating results for the first quarter of the financial year 2023 (October-December 2022), with total revenue of 3,706 million baht, and a profit of 317 million baht. The Company's operating performance is due to the successful adaptation of the residential business strategy, which captures high purchasing power customers. Also, the industrial-commercial business remains robust with a high occupancy rate, resulting in continuous income streams from the assets, with 18.4% growth from the previous year. FPT received good response to its recent debenture issuances, which led to the issuance of additional debentures totalling 4,000 million baht. This enabled FPT to generate cash flow and enhance financial liquidity for use in operations and further business expansion.

Mr. Thanapol Sirithanachai, Country Chief Executive Officer of Frasers Property (Thailand) Public Company Limited, reveals the company’s strong operating performance for the first quarter of the financial year 2023 (October-December 2022), with total revenue of 3,706 million baht which is comparable to the previous year, excluding the special profits incurred during the same period of the fiscal year 2022. The integrated real estate platform across the residential-industrial-commercial businesses allowed Frasers Properties Thailand to sustain its steady growth.

The residential business generated sales revenue in the first quarter of 2,715 million baht. In the remaining fiscal year 2023 (January - September 2023), the company plans to launch nine new projects worth more than 14,000 million baht (or a total of 11 projects worth 17,500 million baht in the calendar year 2023), focusing on the launch of single-detached house projects at all price levels to fulfill the market’s demand as well as portfolio expansion into luxury and super luxury detached house projects with pricing at 60-120 million baht. Also, the company is set to develop low-rise condominium projects priced between 3-5 million baht in mid-2023, which will broaden the variety of products and accelerate revenue recognition.

The industrial business and commercial business, which generate revenue streams from rent and services, continued to grow significantly, generating revenues of 663 million baht, an increase of 18.4% from 560 million baht in the same quarter of the previous year. This additional revenue was generated on the back of delivery of new warehouse building spaces in Frasers Property Logistics Center 2 (Bang Phli 2), in Samut Prakan Province, and Frasers Property Logistics Park (Wang Noi 2), in Phra Nakhon Si Ayutthaya Province as well as an additional investment in logistics center projects in Indonesia in the third quarter of the financial year 2022. Currently, the industrial business is able to maintain a high occupancy rate of 84%, while anticipating the significant demand from many of the leading international brand customers who require warehouse space in Thailand for their business expansion and geographic risk diversification.

The commercial business has maintained a high occupancy rate of 91% for its leading Grade A office building portfolio, owing to an improving economy that has resulted in more out-of-home spending as well as loosening international travel restrictions. The favorable impact on the retail and hotel businesses has led to more than 80% of users.

In addition, the company has successfully issued debentures with a total offering value of 4,000 million baht to large and institutional investors. This reflects investor confidence in FPT's debentures that received an "A" with a "stable" credit rating from TRIS Rating Co., Ltd. The company will use the proceeds from the sale of this debenture to repay the debt and provide working capital for the sustainable growth of the business.

Financial performance of Q1/FY2023 (October - December 2022)