Noble Development Public Company Limited (“the company”) announces its Q4/2022 performance, generating a total revenue of THB 3,946 million, an increase of 141% YoY and net profit of THB 338 million, an increase of 9,185% YoY. For the full year 2022, the company reported total revenue of THB 8,678 million and net profit of THB 455 million, setting a record high of pre-sale at THB 17,400 million, resulting in the backlog at THB 19,627 million. In addition, the company announces dividend payment at 0.20 baht/share, with XD on 9 May 2023. Looking ahead to 2023, the company reaffirms its commitment to growth, with plans to launch 10 new projects worth a total project value of THB 23,300 million. The company has set total revenue and sales targets of THB 15,000 million and THB 23,000 million, respectively.

Mr. Thongchai Busrapan, Vice Chairman and Co-Chief Executive Officer of Noble Development Public Company Limited (“the company”), said the real estate market has recovered since Q4/2022, driven by the overall economic recovery and consumers’ increased purchasing power. As a leading residential developer in prime locations across Greater Bangkok, the company has benefited from this trend, which was demonstrated from the Q4/2022 performance showing a turnaround, with the total revenue reached at THB 3,946 million, an increase of 141% YoY and net profit reached at THB 338 million. The reasons are due to the transfer of newly 5 completed projects that were transferred during Q3-Q4/2022, including 1.) Noble State Sukhumvit 39, 2.) Nue Srinakarin-Lasalle, 3.) Noble Around Ari, 4.) Nue Ngamwongwan, and 5.) Nue Centre Bangna. As a result, the company generated total revenue of THB 8,678 million and net profit of THB 455 million.

In 2022, the company’s pre-sale hit a high record at THB 17,400 million, or growth 117% YoY, aligning to the economic recovery and the return of consumer’s purchasing power. This has positive sentiment for both customers who purchase for real demand and those who purchase for investment purpose. The company’s success is also attributed to the 11 new projects launched last year with project value of THB 31,550 million which received the positive feedback from customers consistently. As a result, the company’s backlog at the end of 2022 was THB 19,627 million and the inventory which is expected to be transferred in 2023 was more than THB 11,391 million. These will eventually support the sales and recognize the revenue and good return in 2023.

On 22 February 2023, the company’s board of directors has approved the dividend payment for 2022 performance at 0.20 baht/share with dividend payout ratio at 60.2%. The company will propose to the annual general shareholder’s meeting on 27 April 2023 for the approval with the record date on 10 May 2023, the XD on 9 May 2023, and the payment date on 25 May 2023. Moreover, the company has expanded the business in to property management business, property agent, and after sales services business to create synergy with the core business. Therefore, the company will establish the 3 new subsidiaries, namely 1.) Serve Solution Co., Ltd,  2.) Serve Service Solution Co., Ltd., and 3.) Serve PM Co., Ltd.

Mr. Thongchai stated “In 2023, the company expects the positive sentiment in the real estate market to continue, particularly with the reopening of China, which is expected to increase demand from Chinese customers. The company also has inventory projects & under construction projects to support the demand of both Thai and foreign customers who want to buy residences for living and investment. Currently, Chinese customers in Thailand have new buying trend. They now prefer to buy inventory projects as they can see the real projects, as well as the larger rooms to accommodate their own family living, as opposed to previously purchasing trend for investment purpose.

For 2023 business plan, the company plans to launch 10 new projects with a project value of THB 23,300 million, comprising of 9 housing projects and low rise condominium projects with project value of THB 13,400 million and 1 high-rise condominium project with a project value of THB 9,900 million. These project locations are diversed for wider coverage in Bangkok’s area such as western and eastern of Bangkok etc., including inner city such as Wireless Road. Moreover, from the overall economic recovery, the backlog on hand, the housing projects that will be launched in 2023 and can immediately recognize the revenue, and inventory projects in promising locations such as Noble State Sukhumvit 39 and Noble Around Ari, etc., they will together result in a significant growth in the company’s business operations for 2023 with an expected increase in total revenue to reach THB 15,000 million baht and pre-sale to reach THB 23,000 million”. Mr. Thongchai concluded.