Ananda Development announced that transfers of properties to customers increased by 65 per cent y-o-y as the company recorded an all-time record of THB 15.86 billion in transfers in 2016. This company also earned an all-time high net profit of THB 1.5 billion last year. Net profit rose 24 per cent from the previous year.
In addition to this, Ananda also saw strong annual presales in 2016 and the company is looking to keep the momentum going after releasing a business plan for this year that will see the number of projects it launches grow by 102 per cent. Transfers are expected to increase 58 per cent this year and it hopes to bring in THB 42.3 billion by 2018.
“Presales for the quarter were stronger than expected. The new projects have been well received and we expect them to continue to sell steadily,” says Chanond Ruangkritya, Chief Executive Officer for Ananda. “We have exceeded by 45 per cent our quarterly presales target in the fourth quarter with 3 new projects launching in the quarter. We have maintained financial discipline and achieved this growth without adding risk and maintained our net interest bearing debt to equity at only 0.77:1.”
The new condominium projects launched by Ananda were the Ideo Sukhumvit 93 condominium project near the Bangchak BTS station, Ideo Mobi Sukhumvit 66 near the Udomsuk BTS station and Ideo Phaholyothin-Chatuchak. The company also saw transfers at its completed projects, such as Ideo Q Chula-Samyan, occur at a brisk pace.
“The transfers exceeded our expectations. In particular, Ideo Q Chula-Samyan finished construction and transferred earlier than expected,” says Muntana Aue-kitkarjorn, Chief Financial Officer for Ananda Development. “Share of profit and loss from our joint venture projects turned positive for the first time at a profit of THB 115 million compared to a loss of THB 477 million in the same period of last year.”
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