Ananda Development PCL delivers second quarter profits up 33% year on year to 279 million Baht on revenues up 30% over the previous year.
Ananda Development PCL delivers second quarter profits up 33% year on year to 279 million Baht on revenues up 3Ananda Development PCL% over the previous year. Presales beating guidance by 5Ananda Development PCL% for the second quarter supporting record backlog. Also a newly announced record interim dividend.
Ananda Development Public Company Limited announces net profits of 279 million Baht for the second quarter, an increase of 33% over the same quarter a year earlier and an increase of 99% from the previous quarter. The company generated 3,752 million Baht in revenue, an increase of 3Ananda Development PCL% over the same quarter a year earlier and an increase of 62% from the previous quarter. In addition, the company also reported strong presales from both new launches and existing projects with presales 5Ananda Development PCL% above guidance at 7,352 million Baht. The company also raises its annual presales target to 31,Ananda Development PCL36 million Baht and increases the full year transfer target to 25,Ananda Development PCL47 million Baht an increase of 58% over 2Ananda Development PCL16's total and continues delivering the results the company expected as part of its "harvest period" during which it expects to grow transfers from under 1Ananda Development PCL billion Baht in 2Ananda Development PCL15 to almost 6Ananda Development PCL billion Baht in 2Ananda Development PCL2Ananda Development PCL.
During the quarter the company launched 22.8 billion Baht of new projects. Comprising five new condominium projects and a new housing project, The projects launched were the 3.2 billion Baht Ideo Q Victory condominium project near the Victory Monument BTS station, the 6.4 billion Baht Ashton Asoke-Rama 9, near the Rama 9 MRT station, the 4.3 billion Baht Ideo Q Sukhumvit 36, near the Thong Lo BTS station, the 3 billion Baht Ideo New Rama 9, near the Ramkhamhaeng 12 MRT station, and the 5 billion Baht Elio Del Nest condominium near the Udomsuk BTS station. The company launched Unio Town Lumlukka Klong 4, a new housing brand, with a total value of Ananda Development PCL.9 billion Baht near Klong 4 station.
Including sales from existing projects the company generated total presales for the quarter of 11,Ananda Development PCL51 billion Baht, 5Ananda Development PCL% greater than the guidance of 7,352 million baht. This was partly due to stronger than expected demand and partly due to the movement of 16 billion Baht of projects that were launched in Q2 rather than later in the year as was initially guided. The company ended the quarter with a record backlog of 49.7 billion Baht due to transfer over the next 4 years, an increase of 17% from the previous quarter and 29% up from the same quarter a year earlier.
Second quarter revenues from sales of real estate were 2.7 billion Baht, a 69% increase over the previous quarter and 5% from the same quarter a year ago and the company had other income of 1,Ananda Development PCL9Ananda Development PCL million Baht mostly in the form of management fee payments from the joint ventures, combining for a total revenue of 3,752 million Baht, an increase of 3Ananda Development PCL% over the same quarter last year and 62% from the previous quarter. This drove the company's net profits to 279 million Baht for the quarter, an increase of 33% year on year and 99% from the previous quarter. The company's net margin was 7% for the quarter, an improvement from the 6% in the previous.
Mr. Chanond Ruangkritya, CEO of Ananda, said, "We're delighted to have a successful launch of five new condominium projects at the Ananda Urban Pulse event and have exceeded our quarterly presales target in the quarter. In the first half of the year, we have already reached 5Ananda Development PCL% of our annual presales target and we still have 8 planned projects to be launched this year. We continue relentless focus on customer needs providing convenience through the location next to the BTS and continuously introducing new technology to improve the quality of urban life while ensuring that nature is integrated into the projects while maintaining competitive pricing."
He added, "The sales rates for the projects in the two weeks between launch and the end of the quarter were well ahead of expectations with the 3.2 billion Baht Ideo Q Victory being 1Ananda Development PCLAnanda Development PCL% sold out with over 4,Ananda Development PCLAnanda Development PCLAnanda Development PCL applications for the 348 units. Ashton Rama 9, project value 6.4 billion was 74% in the first 2 weeks. The 3 billion Baht Ideo New Rama 9 was 54% sold after 2 weeks. The 4.3 billion Baht Ideo Q Sukhumvit 36 was 45% sold within 2 weeks of launch. Our normal target for a project launch is 4Ananda Development PCL% sales within the first 3 months of launch so for so many projects to exceed their target in a market that saw a large volume of launches by ourselves and other companies is a good indicator of strong underlying demand."
Mr Chanond Ruangkritya, CEO of Ananda, said, "We are delighted to have achieved such strong revenue results in the quarter and in particular that our net profits increased almost 1Ananda Development PCLAnanda Development PCL% from the previous quarter. We continue an exciting period for Ananda we refer to as our "Harvest Period", which will see our transfers triple between 2Ananda Development PCL15 and 2Ananda Development PCL18, the 65% growth target for 2Ananda Development PCL16 was already achieved last year and the company remains confident of hitting its targeted 58% growth in transfers in 2Ananda Development PCL17 to 25 billion Baht. We have backlog to be transferred in 2Ananda Development PCL17 of 16.3 billion Baht, including Ananda and Mitsui's share of joint ventures which represents 81% of the next six months of 2Ananda Development PCL17 transfer target. We have ten condominium buildings finishing construction and beginning to transfer in 2Ananda Development PCL17 compared to five new condominiums finishing in 2Ananda Development PCL16."
Mr. Chanond Ruangkritya, CEO of Ananda, said, "We have maintained financial discipline and achieved this growth without adding risk and maintained our net interest bearing debt to equity at only Ananda Development PCL.77:1."
Mr. Chanond Ruangkritya continued, "Our financial discipline has been recognized by the market as in April 2Ananda Development PCL17, we issued a 3 billion Baht bond with a tenor 3 years at a rate of only 3.95% down significantly from the 5.4Ananda Development PCL% rate of our last issued 3 year tenor bond."
As such, the Board approved a record interim dividend in the amount of 6 satang, an increase of 5Ananda Development PCL% from a year earlier and extends the company's record of increasing the dividend every year since the IPO."
Ananda Development Public Company Limited announces net profits of 279 million Baht for the second quarter, an increase of 33% over the same quarter a year earlier and an increase of 99% from the previous quarter. The company generated 3,752 million Baht in revenue, an increase of 3Ananda Development PCL% over the same quarter a year earlier and an increase of 62% from the previous quarter. In addition, the company also reported strong presales from both new launches and existing projects with presales 5Ananda Development PCL% above guidance at 7,352 million Baht. The company also raises its annual presales target to 31,Ananda Development PCL36 million Baht and increases the full year transfer target to 25,Ananda Development PCL47 million Baht an increase of 58% over 2Ananda Development PCL16's total and continues delivering the results the company expected as part of its "harvest period" during which it expects to grow transfers from under 1Ananda Development PCL billion Baht in 2Ananda Development PCL15 to almost 6Ananda Development PCL billion Baht in 2Ananda Development PCL2Ananda Development PCL.
During the quarter the company launched 22.8 billion Baht of new projects. Comprising five new condominium projects and a new housing project, The projects launched were the 3.2 billion Baht Ideo Q Victory condominium project near the Victory Monument BTS station, the 6.4 billion Baht Ashton Asoke-Rama 9, near the Rama 9 MRT station, the 4.3 billion Baht Ideo Q Sukhumvit 36, near the Thong Lo BTS station, the 3 billion Baht Ideo New Rama 9, near the Ramkhamhaeng 12 MRT station, and the 5 billion Baht Elio Del Nest condominium near the Udomsuk BTS station. The company launched Unio Town Lumlukka Klong 4, a new housing brand, with a total value of Ananda Development PCL.9 billion Baht near Klong 4 station.
Including sales from existing projects the company generated total presales for the quarter of 11,Ananda Development PCL51 billion Baht, 5Ananda Development PCL% greater than the guidance of 7,352 million baht. This was partly due to stronger than expected demand and partly due to the movement of 16 billion Baht of projects that were launched in Q2 rather than later in the year as was initially guided. The company ended the quarter with a record backlog of 49.7 billion Baht due to transfer over the next 4 years, an increase of 17% from the previous quarter and 29% up from the same quarter a year earlier.
Second quarter revenues from sales of real estate were 2.7 billion Baht, a 69% increase over the previous quarter and 5% from the same quarter a year ago and the company had other income of 1,Ananda Development PCL9Ananda Development PCL million Baht mostly in the form of management fee payments from the joint ventures, combining for a total revenue of 3,752 million Baht, an increase of 3Ananda Development PCL% over the same quarter last year and 62% from the previous quarter. This drove the company's net profits to 279 million Baht for the quarter, an increase of 33% year on year and 99% from the previous quarter. The company's net margin was 7% for the quarter, an improvement from the 6% in the previous.
Mr. Chanond Ruangkritya, CEO of Ananda, said, "We're delighted to have a successful launch of five new condominium projects at the Ananda Urban Pulse event and have exceeded our quarterly presales target in the quarter. In the first half of the year, we have already reached 5Ananda Development PCL% of our annual presales target and we still have 8 planned projects to be launched this year. We continue relentless focus on customer needs providing convenience through the location next to the BTS and continuously introducing new technology to improve the quality of urban life while ensuring that nature is integrated into the projects while maintaining competitive pricing."
He added, "The sales rates for the projects in the two weeks between launch and the end of the quarter were well ahead of expectations with the 3.2 billion Baht Ideo Q Victory being 1Ananda Development PCLAnanda Development PCL% sold out with over 4,Ananda Development PCLAnanda Development PCLAnanda Development PCL applications for the 348 units. Ashton Rama 9, project value 6.4 billion was 74% in the first 2 weeks. The 3 billion Baht Ideo New Rama 9 was 54% sold after 2 weeks. The 4.3 billion Baht Ideo Q Sukhumvit 36 was 45% sold within 2 weeks of launch. Our normal target for a project launch is 4Ananda Development PCL% sales within the first 3 months of launch so for so many projects to exceed their target in a market that saw a large volume of launches by ourselves and other companies is a good indicator of strong underlying demand."
Mr Chanond Ruangkritya, CEO of Ananda, said, "We are delighted to have achieved such strong revenue results in the quarter and in particular that our net profits increased almost 1Ananda Development PCLAnanda Development PCL% from the previous quarter. We continue an exciting period for Ananda we refer to as our "Harvest Period", which will see our transfers triple between 2Ananda Development PCL15 and 2Ananda Development PCL18, the 65% growth target for 2Ananda Development PCL16 was already achieved last year and the company remains confident of hitting its targeted 58% growth in transfers in 2Ananda Development PCL17 to 25 billion Baht. We have backlog to be transferred in 2Ananda Development PCL17 of 16.3 billion Baht, including Ananda and Mitsui's share of joint ventures which represents 81% of the next six months of 2Ananda Development PCL17 transfer target. We have ten condominium buildings finishing construction and beginning to transfer in 2Ananda Development PCL17 compared to five new condominiums finishing in 2Ananda Development PCL16."
Mr. Chanond Ruangkritya, CEO of Ananda, said, "We have maintained financial discipline and achieved this growth without adding risk and maintained our net interest bearing debt to equity at only Ananda Development PCL.77:1."
Mr. Chanond Ruangkritya continued, "Our financial discipline has been recognized by the market as in April 2Ananda Development PCL17, we issued a 3 billion Baht bond with a tenor 3 years at a rate of only 3.95% down significantly from the 5.4Ananda Development PCL% rate of our last issued 3 year tenor bond."
As such, the Board approved a record interim dividend in the amount of 6 satang, an increase of 5Ananda Development PCL% from a year earlier and extends the company's record of increasing the dividend every year since the IPO."
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