Noble Development Public Company Limited (Noble) revealed its total revenue of THB 2,168 million and a net profit of THB 410.9 million for Q1 2020, dropping 41.3% and 68.6 % respectively, compared to the same period last year. However, the Company generated more than THB 2,083 million from the transfer of the completed condominium projects, according to the target revenue of the Company.

Mr. Thongchai Busrapan, Chairman and Co-CEO of Noble Development Public Company Limited said the main factors affecting the drop in Q1 Revenue compared to same period last year due to the absence of the sale of land for future development this year. However, the Company had hit the transferred target and generated revenue amounting to THB 2,083 million or 5.2 % Y-o-Y growth, from the completed condominium and housing projects including Noble Recole Sukhumvit 19, Noble BE33, Noble Ploenchit, Noble Revolve Ratchada, Noble Revolve Ratchada 2, Noble Above Wireless-Ruamrudee and Noble Gable Kanso Watcharapol, in the first quarter of 2020.

Mr. Thongchai continued, “The company focuses on the stable growth and responsive to the current situation since early this year, to maintain its success for both local and overseas markets and to minimize the impact of the Covid-19 situation. For the new project launched, the Company launched a new project in the first quarter this year, which was Noble Above Wireless-Ruamrudee in early January. This project is a newly completed and ready-to-move condominium located in the heart of urban city, Wireless-Ruamrudee near BTS Ploen Chit. By the end of Q1 2020, the Company generated The Pre-sale up to THB 1,035 million from the new project launch and the existing projects.

Moreover, the Company aims to generate Pre-sale value for THB 4,000 million from the completed inventory and ready to gradually launch the new projects if the situation improves. Hence, the Company is confident to achieve the Pre-sale target up to THB 12,000 million.

The Company has a total sale backlog of THB 15,437 million, which will be realized within this year starting from Q3 onwards approximately THB 8,000 million from the 3 projects; Noble BE19 Sukhumvit, Noble Around Sukhumvit 33 and Nue Noble Chaengwattana, Therefore, we are confident to meet the full year revenue target up to THB 10,000 million. This visibility of revenue will also help stabilize the liquidity during the unique circumstance. Also, the Company has entered into a ‘Land Sale and Purchase Agreement’ in capacity of seller on April 30, 2020 for a 31-rai land plot in Furano, Japan, worth approximately THB 200 million which will be realized by this November.

With the strong business operating result and effective liquidity management, the Company has announced the dividend payment the second half of 2019 at the rate of THB 2.20 per share in accordance with shareholders’ resolution on April 29, 2020. The date of dividend payment will be on 28 May 2020, reaffirming the dividend stocks status of the Company during the economic fluctuations” Mr. Thongchai concluded.