FPT unveils 3QFY2024 performance with revenues exceeding THB 3,800 million

BANGKOK, August 7, 2024 --

Frasers Property (Thailand) Public Company Limited, or “FPT”, Thailand’s first integrated real estate developer announced its 3QFY2024 (April – June 2024) results, reporting THB 3,826 million in revenue and a net profit of THB 339 million. The residential business is facing various negative economic factors. However, the demand for factories and warehouses remain strong both in Thailand and internationally, with the company delivering an additional 65,000 sqm of space in Vietnam during the quarter. Grade-A office buildings and retail spaces also saw higher rental fees, with a high occupancy rate of 91%.

Mr. Thanapol Sirithanachai, Country Chief Executive Officer of Frasers Property (Thailand) Public Company Limited, said, “The company’s revenue for the first nine months of FY2024 (October 2023 - June 2024) showed a 10.2% decrease compared to the same period last year. This decline is attributed to economic pressures both in Thailand and globally. The residential business has been adversely affected by high interest rates and household debt, leading to an increase in mortgage application rejections. However, the company benefits from strong demand in the factory and warehouse rental businesses, with office and retail spaces maintaining high occupancy rates. FPT continues to demonstrate strength through its One Platform approach, leveraging the synergy of its three business groups, and receives robust support from its major shareholder, Frasers Property Limited (FPL)”

For the first nine months of FY2024 (October 2023 - June 2024), FPT reported a total revenue of THB 10,417 million, comprising THB 6,832 million from property sales; THB 2,274 million from rental and service incomes; and THB 1,311 million from other incomes. The company booked a net profit of THB 827 million during the period.

For 3QFY2024 (October 2023 - June 2024) revenue of THB 3,826 million and a net profit of THB 339 million signifies quarter-on-quarter growth of THB 302 million and THB 174 million respectively.

FPT’s Residential Business reported THB 2,731 million in revenue for 3QFY2024, marking an increase of THB 360 million from the previous quarter. This performance was achieved following a revision in marketing campaign strategy. The initiatives were warmly received by customers, especially in the Grandio brand product group. Furthermore, the strategy to enhance efficiency in procurement systems and processes had helped the company to reduce its building materials costs, resulting in an increase of the residential business’ gross margin from the previous quarter.

During the quarter, FPT launched four new residential projects with a total investment of THB 5,100 million, comprising premium housing bands: the Grandio Kaset-Nawamin, the Grand Pinklao-Wongwaenkanchana, and the Neo Home Rayong-Ratchumphon, as well as the KLOS Ratchada 7 condominium project.

Looking ahead, the company intends to accelerate its sales efforts through introducing a variety of marketing campaigns and enhancing brand awareness via a music marketing initiative. Following a debut of the song ‘Warm’ last month as part of its music marketing campaign, FPT intends to reinforce its residential brand positioning among its key audience segments as a provider of high-quality houses, and a contributor to a better standard of living for every generation.

The Industrial and Commercial Businesses generated total 3QFY2024 rental revenue of THB 769 million, contributed by tailwinds from the relocation of foreign investors’ production bases, which has helped to drive rising demand for factories. Similarly, the businesses in Indonesia and Vietnam received encouraging customer interest, boosting the portfolio’s occupancy rate to 86%. During the quarter, FPT delivered a total of 65,000 sqm factory spaces at the Binh Duong Industrial Park, Vietnam. Meanwhile, office buildings and retail spaces business booked a higher revenue, due to growing numbers of new lease agreements and contractual adjustments of incomes, while maintaining a 91% occupancy rate.

Financial performance for the third financial quarter (April – Jun 2024)

Comparison of financial results for a 9-month period (October 2023 – June 2024)

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