Frasers Property (Thailand) Public Company Limited (“FPT”) reported THB 14,566 million in total revenue and THB 1,467 million in profit in FY2024 (October 2023 – September 2024). A decrease in revenue as a result of multiple challenges facing the residential business was partly offset by robust growth in the recurring income business in the financial year. FPT recorded surging demand for industrial and logistics properties in Thailand, Indonesia, and Vietnam, which helped drive overall portfolio occupancy to a new high of 87%. Its office and retail business also maintained a strong occupancy rate of 92%. The company is set to pay a dividend of THB 0.31 per share on 11 February 2025.

Mr. Thanapol Sirithanachai, Country Chief Executive Officer of Frasers Property (Thailand) Public Company Limited, stated, “The company remained relatively resilient due to its fully integrated real estate platform encompassing residential, industrial, and commercial business. Our industrial business benefitted from continued demand for factory and warehouses as a result of companies’ China Plus One strategy, which helped to drive occupancy rate for our industrial portfolio to an all time high. This diversification helped to cushion impact to FPT’s revenue and profit despite various economic pressures. FPT maintains a strong business and financial position, with a credit rating of “A” and a “Stable” outlook for the fourth consecutive year from TRIS Rating. We continue to advance our ’Real Estate as a Service Brand’ strategy, driving sustainable business growth for the company.”

FPT’s total revenue for FY 2024 of THB 14,566 million comprised THB 9,174 million from property sales, THB 3,131 million from rental and services, and THB 2,261 million from other sources. Net profit stood at THB 1,467 million.

Residential Business: FPT launched six new residential projects in FY24. These included single-detached houses and condominiums, with a total value of THB 9,442 million. The company expanded into the condominium market with the launch of the ’KLOS Ratchada 7’ project. While single-detached houses in the THB 10-20 million price range were well-received among buyers, the sale of properties priced below THB 7 million were impacted by high interest rates, household debt, and stricter lending practices by financial institutions. Over the course of FY 2024, FPT had 83 projects under operation with total value exceeding THB 115,827 million. The company continues to build brand awareness for Frasers Property Thailand’s residential offerings, aiming to become a top-of-mind choice for consumers.

Industrial Business: The industrial business division delivered over 135,000 sqm of space in Thailand and Vietnam, increasing the total managed area to over 3.6 million sqm. Businesses in Thailand and Vietnam benefited from the relocation and expansion of manufacturing companies from China, while the Indonesian business was further boosted by increased domestic consumption. This drove a significant increase in demand for factory and warehouse rentals for FPT, pushing its portfolio’s overall occupancy rate to a new record high of 87%. FPT also launched a new product line of built-to-function industrial buildings, which has been well-received by customers.

Commercial Business:  Grade A office buildings and retail spaces maintained a high occupancy rate of 92%. Samyan Mitrtown and Silom Edge experienced strong traffic due to year-round marketing activities. The mixed-use Silom Edge project recently won the Best Urban Lifestyle Development Bangkok 2024 award at the Dot Property Thailand Awards 2024, reinforcing its position as a modern development catering to the lifestyle of the new generation. The hotel business benefited from visa-free policies and extended stays for tourists, resulting in a continuous increase in international tourist arrivals to Thailand.

FPT is scheduled to pay a dividend of THB 0.31 per share, with the ex-dividend date set for 26 November 2024 and the payment date on 11 February 2025.

Comparison of financial results for a 12-month period (October 2023 – September 2024)

Financial breakdown for the fourth financial quarter (July – September 2024)