- Revenue of THB 7,130 million for H1FY23(October 2022 - March 2023) with THB 635 million net profit.
- Reported Q2FY23 (January - March 2023) revenue of THB 3,424 million, and net profit of THB 318 million.
BANGKOK, 10 MAY 2023
Frasers Property (Thailand) Public Company Limited (“FPT”), Thailand’s leading integrated real estate platform, reported a robust performance for the first half of the year (October 2022 - March 2023) with total revenue of THB 7,130 million and a net profit of THB 635 million. The achievement was largely due to higher contribution from the industrial and commercial portfolio, driven by strong demand for factory and warehouse space, as well as 92% occupancy rate of office space. This increased recurring income by 20% Y-o-Y. In addition, FPT's residential business performance is in line with expectations, with a focus on developing luxury single homes.
Mr. Thanapol Sirithanachai, Country CEO of Frasers Property (Thailand) Public Company Limited, said: “We are satisfied with the first half of FY2023 performance, which successfully achieved the Company's set goals. The Company's sustainable growth strategy emphasises the delivery of integrated real estate with a strong and distinct brand positioning, setting it apart from other developers. The Company's focus is to provide inspiring experiences to all stakeholders through its FPT Next 2025 roadmap, with the goal of becoming a 'Real Estate as a Service brand.' The roadmap prioritises enhancing products and services to meet customers' and users' needs, improving their way of living. This approach is enabling FPT to create resilience and sustainable growth for the present and future.”
The Company successfully generated a total revenue, during the past six months (October 2022 - March 2023), in the amount of THB 7,130 million, representing a net profit of THB 635 million and a total revenue for the Q2FY23 (January - March 2023) of THB 3,424 million, with a net profit of THB 318 million. The Company has successfully met its growth targets by implementing a strategy that balances the portfolio through the sale of developments and an increased ratio of revenue from rentals. This approach has created a healthy balance for the Company, ensuring sustainable growth.
The main driving force for industrial and commercial business’s continuous growth in H1FY23 (October 2022 - March 2023) came from recurring income of THB 1,350 million, a 20% increase Y-o-Y. During Q2FY23, there was a notable increase in demand for factory and warehouse rentals, particularly in the growing automotive and electronics sectors, as well as from foreign investors relocating their manufacturing bases to Thailand. As a result, the industrial portfolio occupancy rate reached 86%. The Company's contribution in Indonesia and Vietnam logistic parks also contributed additional revenue due to their consistently high occupancy rates. In addition, the Company is preparing to hand over a newly completed 19,000 sqm Built-to-Suit warehouse project in Frasers Property Logistics Park (Wangnoi 2) Ayutthaya in Q3FY23.
As for prime-grade office buildings in commercial business, the Company has maintained 92% occupancy rate with additional revenue from the new mixed-use development Silom Edge.
Additionally, marketing activities and events by the Samyan Mitrtown have helped boost traffic to the area. The Company has also experienced an improvement in the performance of its hotel development due to an increase in the number of tourists during the traveling season.
Meanwhile, the residential business has made a significant contribution to the total revenue generating THB 4,983 million in the first half of the year (October 2022 - March 2023) by launching five new single-detached house and townhome projects worth a total of THB 8,869 million with the strategy to focus on the luxury segment. In Q2FY23 the company launched a super-luxury housing development, selling price starting from THB 80 million under ‘The Royal Residence’ brand. For H2FY23 (April – September 2023) the Company plans to launch four additional housing developments worth a total of THB 5,000 million. These projects will target various groups of homebuyers, including those with high purchasing power, those looking for value-to-money townhomes, and the Company's first urban condominium located right next to public transportation, which will target the younger generation of office workers.
Comparison of financial results for a 6-month period (October 2022 - March 2023)
| Financial Performace For a 6-month period (October 2022 – March 2023) |
2023 (THB million) |
2022 (THB million) |
Difference (THB million) |
Difference (Percent) Y-o-Y |
|---|---|---|---|---|
| Total revenues | 7,130 | 7,457 | -327 | -4.4 |
| - Sale of real estate | 4,983 | 5,303 | -320 | -6.0 |
| - Rental and service fee | 1,350 | 1,131 | 219 | 19.4 |
| - Other income | 797 | 1,023 | -226 | -22.1 |
| Net profit | 635 | 1,060 | -425 | -40.1 |
Financial performance for the second fiscal quarter (January – March 2023)
| Financial Performance | Second Fiscal Quarter of 2023 (January – March) (THB Million) |
|---|---|
| Total revenues | 3,424 |
| - Sale of real estate | 2,268 |
| - Rental and service fee | 687 |
| - Other income | 469 |
| Net profit | 318 |
