“SA” showed its strength, gaining 720 million baht of revenue in the 1st quarter of 2021, and 6,400 million baht of backlog accumulated for the growth target
Siamese Asset Public Company Limited or SA, the integrated property developer, revealed the performance for the 1st quarter of 2021, which gained 720.6 million baht of revenue and 49 million baht of net profit, together with 6,400 million baht of backlog of which 2,300 million baht will be earned in this year, driving the revenue of 2021 to reach the target of 4,800 million baht. In this regard, SA established an asset management company (AMC) to directly buy NPL and NPA from the banks. The advantage from these low-cost assets will save the time and construction cost.
Mr. Kajonsit Singsansern, Chief Executive Officer of Siamese Asset Public Company Limited or SA, the integrated property developer under the concept “Asset of life: Profit for all livings” said that the performance of the 1st quarter of 2021 generated 720.6 million baht of revenue, growing by 41.7% from the same period of the previous year which gained the revenue of 508.4 million baht. Although the spreading COVID-19 pandemic slightly affected the sale volume in January, the sale volume in February slightly recovered and fully recovered in the beginning of March.
SA gained more revenues from the property-for-rent business. The branded residence property offered the services in the form of Hotel Interchain, such as Wyndham and Ramada. At the end of April, the earned rental revenue amounted to 2 million baht. It is expected that at the end of 2021, the rental revenue will reach 7 million baht per month which will support the managerial cost.
In the 1st quarter of 2021, the Company gained the net profit of 49 million baht and maintained the gross profit margin (GPM) at 263.4 million baht or equal to 40.8% of the property sale value of 645.1 million baht. This resulted from the sale cost management, efficient management, good control of property project management and lower cost in comparison with other property entrepreneurs.
At present, the backlog of SA amounts to more than 6,400 million baht of which 2,300 million baht will be earned in this year. The rest amount will be earned in the next 3 years. This will be a factor pushing the revenue in 2021 to the expected target of 4,800 million baht. In addition, SA is determined to build strong growth through new project development and other businesses to position SA as integrated property developer by adding value to existing assets and expanding outstanding growth businesses. The Company is confident that those strategies will support its operating results to achieve remarkable growth with stability and sustainability.
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