Ananda Development Public Company Limited (ANAN), leading condominium developer for urban lives and number one in condominium close to mass transit, announced an operational success with a leap growth, reporting a strong net profits of 232 million Baht, increasing 61% from the same period last year, supported by strong profits from joint venture projects. First quarter transfers including joint venture projects accounted for 5,631 million Baht, above the guidance by 39% and increased by 47% year on year. Presales of the quarter was above the company’s guidance by 19% to 4,815 million Baht.

Mr. Chanond Ruangkritya, CEO of Ananda, stated that “Ananda has delivered the satisfying results in the first quarter. Net profits of the first quarter stood at 232 million Baht, increasing 61% year on year, supported by shares of profit from joint ventures from our efforts on the business growth in the form of joint venture projects with our strategic partners, Mitsui Fudosan. We were well-performed in the first quarter in terms of transfers and presales which were above the guidance by 39% and 19%, respectively”.

As of March 2019, Ananda’s Backlog remained strong at 37 billion Baht, and will be recognized over the next 3 years. In addition, the company plans to launch 3 new projects in the second quarter with a total value of 12.5 billion Baht. The new launches include Ideo Q Phahol-Saphan Khwai, the biggest joint venture project that Ananda have never done before with development value of 9,765 million Baht. Ideo Q Phahol-Saphan Khwai will be launched soon in the second quarter, and the project is expected to be finished and transferred in 2021. Two housing projects with combined project value of 2,700 million Baht, including UNIO Town Pracha76, and URBANIO Changwattana, the new housing brand, will be launched in the second quarter as well.

These emphasizes a continuous growth of the company and the leading condominium developer close to mass transit station in Thailand. Full-year targets are maintained with on-track business plans.

Mr. Chanond added that “All in all, we continued to maintain financial discipline with keeping net interest-bearing debt to equity at 1 time as our long-term target. We need to ensure that we achieved the company’s growth without adding harmful risks which may affect the stability of the company in the long term”.