Singha Estate Q1’26 financial performance, posting core operating revenue of THB 3,263 million, driven by recurring income businesses. While reporting net profit THB 49 million, marking strong growth from THB 4 million in the same period last year.

Singha Estate Public Company Limited (SET:S), a global real estate developer and investment has announced its operational results for the first quarter of 2026 with core operating revenue of 3,263 million baht. The Company has continued to maintain strong profitability by enhancing gross profit margin up to 2%, reaching THB 1,371 million with gross profit margin increased to 42% from 40% the same period last year. While earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at THB 935 million and EBITDA margin also improved to 28.7% from 27.8% in the same period last year.

Mr. Chairath Sivapornpan, Chief Executive Officer of Singha Estate Public Company Limited (SET: S), stated that “despite the economic slowdown and ongoing conflicts in the Middle East continuing to pressure business operations, the company remains committed to moving forward with a strategy focused on building a stable profit base from recurring-income businesses. The company will continue to pursue growth together with its strategic business partners, while maintaining effective cost and risk management. Meanwhile, the structure of its four core business groups continues to strengthen operational stability efficiently”

For the first quarter, the hotel business group continued to deliver outstanding growth. Hotels in Thailand and the Maldives maintained high occupancy rates of 87% and 89%, respectively, while average daily room rates (ADR) increased by 9% to THB 13,951 and by 18% to USD 532, respectively. As a result, RevPAR grew by 8% to THB 12,075 and by 17% to USD 473, respectively, marking new record-high first-quarter RevPAR levels in both countries. Meanwhile, average RevPAR across the portfolio rose by approximately 3% to THB 4,866, reflecting the strength of the brands and marketing strategies in consistently attracting target customer segments.

The commercial business continued its growth momentum in the first quarter, supported by the gradual move-ins of anchor tenants. As a result, the average occupancy rate of Singha Complex increased to 90% from 85% at the end of 2025, while S-OASIS rose to 52% from 47%. In addition,  S-OASIS also secured additional anchor tenants in the second quarter, which will further boost its occupancy rate to 60%. This is expected to be a key driver supporting revenue growth for the office rental business this year.

The residential business recorded its key revenue drivers in the first quarter from projects under the S’RIN, SHAWN brands and THE EXTRO Phayathai–Rangnam condominium, both of which continued to receive positive market response. Meanwhile, as of April, only one unit remained available for sale at the One River Rama III, total project value THB 3 billion, reflecting strong customer confidence in the project’s potential and strategic location. Construction progress has now exceeded 40%, and the project is expected to begin gradual transfers within 2027.

For the industrial estate and infrastructure business, the company signed an additional land sales agreement for 13 rais with Oriental Yuhong Co., Ltd. in the first quarter. The ownership transfer was successfully completed in April’26. Therefore, the company will recognize the revenue from this transaction in the second quarter.

“For the remainder of 2026, besides the company’s ability to continuously generate revenue and profit from its recurring-income businesses, particularly the hospitality and commercial building segments that provide a strong earnings base, the company also expects significant upside to revenue and profit growth from land sales in the S Angthong Industrial Estate. The project is considered a high-potential industrial zone with well-developed electricity and water infrastructure, aligning with the continued positive trend of foreign investment in the industrial sector. The company is currently under negotiation with several major investors regarding land sales and expects further progress in the coming period” Mr. Chairath added.