FTREIT announces solid 1HFY24 with almost THB 2,000 million in total revenue, fuelled by the manufacturing industry driving an occupancy rate

BANGKOK, May 9, 2024 -- Frasers Property Industrial REIT Management (Thailand) Company Limited (“FIRM”), the REIT manager of Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT), reported a solid set of results for 1HFY2024 (October 2023 - March 2024). During the period, FTREIT delivered total revenue of THB 1,974.1 million, an increase of 5.7% or THB 106.7 million year-on-year (Y-o-Y), while its net profit on investment increased by 0.3% or THB 3.6 million Y-o-Y to THB 1,275.2 million. In 2QFY2024 (January - March 2024), there was an increase in total revenue of 5.3% or THB 49.2 million Y-o-Y to THB 984.4 million, with net profit also rising 0.4% or THB 2.4 million to THB 638.3 million.

Mr. Thanarat Boonyakosol, Managing Director of FIRM, said, “FTREIT’s solid performance, notably an improvement in average occupancy rate to 86%, is the result of strong industry tailwinds due to foreign investors from Hong Kong, Taiwan, and the United States strategically diversifying their supply chains and operations. This has in turn generated growing demand for quality industrial assets, particularly from the electronics and automobile industries. We are seeing signs of improvement in the general economic sentiment, driven by private consumption and the recovery of the tourism sector, including a rise in the consumer confidence index. Measures to reduce the cost of living, especially for energy, and the Easy e-receipt project, which stimulated spending, were contributory factors.”

The distribution payment from operations in the second quarter, amounting to THB 0.1870 per unit, will be paid on 7 June 2024. The accumulated distribution of FTREIT for the first half of fiscal year 2024 is THB 0.3740 per unit.

FTREIT plans to continue driving investment growth by acquiring high-potential industrial assets located in strategic locations for the industrial and logistics industries served by Frasers Property Thailand (“FPT”) and non-sponsor entities. In addition, FTREIT will continue to sustainably grow new warehouse and factory rentals to further its expansion and generate sustainable returns for unitholders.

If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). We will respond and rectify the situation in the next 8 hours.