Pruksa Reports 4,171 Million Baht Revenue in Q1 2024
Pruksa Holding reveals the operating results for the first quarter of the year 2024. The company achieved a revenue of 4,171 million baht, receiving better-than-expected responses from the issuance of two tranches of debentures.
The company’s real estate business focused on increasing the proportion of premium products and proceeded with the plan to launch new projects in the second quarter, consisting of 7 projects with a total value of 7,100 million baht. The healthcare business grows in all dimensions, with a revenue increase of 21%. The company continued to lead in the healthcare platforms while further investing to increase recurring income.
Mr. Uten Lohachitpitaks, Group CEO of Pruksa Holding Plc, revealed the operating results for the first quarter of the year 2024. The company achieved a revenue of approximately 4,171 million baht in the first quarter, marking an improved gross profit margin of 32% compared to the fourth quarter of the year 2023, which was 31.5%. Additionally, the company maintained a strong financial status with a low net gearing ratio of 0.31. Most recently, the company has proposed the issuance of guaranteed debentures in two tranches to institutional investors and large investors, which was successfully completed on May 9th. The debentures have a maturity of 2 years with a fixed interest rate of 3.18% per annum and 3 years with a fixed interest rate of 3.48% per annum. The debentures have been rated with a credit rating of A- by Tris Rating Ltd. The company expresses gratitude to all investors for their trust, which resulted in an oversubscription of approximately 1.5 times the offered amount, allowing the company to raise capital from this issuance amounting to 4,500 million baht. The company plans to utilize the proceeds from this issuance to repay maturing debentures and further expand its business operations.
Regarding the real estate business, the company achieved a transfer amount of 3,475 million baht and sales of 3,374 million baht. Single-detached house product sales amounted of 1,342 million baht, growing by 16% compared to the same period of the previous year. Meanwhile, premium products received positive responses, evident from the sale launch of The Palm Bangna-Wongwaen 2 project in the first quarter. This aligns with the plan to increase the proportion of premium products (priced over 7 million baht) to 50%. In the first half of the year, The company plans to launch 8 new projects with a total value of 9,000 million baht (1 project already launched in the first quarter, The Palm Bangna-Wongwaen 2), and 22 projects in the second half with a total value of 20,000 million baht. Key upcoming projects include the new brand “Pine Wellness Residences Prachachuen” – British Timeless Elegance-style three-story single homes and duplexes, and “The Palm Residences Watcharapol” – luxurious pool villa-style houses with classic French Hussmann design, equipped with indoor air quality and energy-saving innovations (Active Air Quality, Active Air Flow), promoting health and well-being living. With healthcare professionals from ViMUT Hospital and Chersery Home International, residents will receive comprehensive healthcare services at home, similar to having a family doctor, along with Concierge Service and services from the MyHaus application – a smart home system for home security and convenience for homeowners and juristic persons, to create unique selling points and featured projects. Additionally, the company has a backlog of sales worth 4,429 million baht and products still available for sale worth a total of 61,269 million baht, capable of supporting growth for up to 2 years.
The healthcare business has experienced growth in all dimensions, with revenue reaching 499 million baht, a 21% increase compared to the first quarter of 2023. The highest revenue was recorded in March of this year. The number of inpatients and outpatients has increased, with Thai patients up by 32% and international patients by 30% respectively. Progress has been made in becoming a leader in the Trusted Healthcare Platform, with the announcement of rebranding Theptarin Hospital to “ViMUT-Theptarin Hospital”, showcasing expertise in diabetes and endocrinology, and the extension of services to homeowners of Pruksa via various benefit offerings. Additionally, ViMUT Hospital has expanded its services to include maxillofacial surgery and opened the “ViMUT LASIK Center” featuring safe innovations with the “FEMTO LDV Z8” machine from Switzerland, along with ongoing construction of a center for elderly health care and family care in the Watcharapol area to offer health care services for Pruksa homeowners and nearby communities, all to enrich the eco-system under the Pruksa umbrella, aligning with the “Live well Stay well” concept.
Plans to generate recurring income from new businesses involve the Seed new business strategy. Most recently, progress has been made according to the plan to construct the Mega Project “Omega Bangna Logistics Campus”, a fully integrated logistics warehouse with state-of-the-art logistics technology, offering comprehensive solutions, valued at 8,430 million baht, covering an area of over 200,000 square meters in the Bang Bo district, under a joint venture with a 51:49 ownership structure with the “CapitaLand SEA Logistics Fund”. The construction period is set for 2 years to accommodate the e-commerce business growth trend, and it’s expected to start generating revenue from 2026 onwards. Ally Logistic Property (ALP), the most advanced smart warehouse solution provider in Taiwan’s logistics industry, will also be providing services collaboratively.
SCB Mastercard debit card launches ‘Shop Your Way to an Exciting Japan Getaway’
