Thanks to a marked increase in the number of handovers of low–rise residences in the third quarter of 2020, the revenue of SC Asset Corporation Plc (SC) in the first nine months rose to 13.637 billion baht with net profit hitting 1.44 billion baht. This marked a 25% rise in revenue and a 39% increase in net profit compared to the same period last year.
At this point, the company is confident it will achieve its revenue target of 17 billion baht within this year and retain its market leadership by expanding the development of new low–rise residential projects.
Mr. Attapol Sariddipuntawat, chief corporate officer of SC Asset Corporation Plc, said the company – Thailand’s top property developer that offers “Good Morning” living solutions – has experienced consistent growth.
Owing to its low–rise residential projects, SC has recorded earnings from low-rise residential projects of 4.406 billion baht in the third quarter of this year, marking a 54% growth year on year. Low–rise residential projects have contributed 80% of the combined 5.749 billion baht revenue earned in the third quarter of 2020, marking a 35% increase from the same period in 2019. The company has also reported net profit of 684 million baht in the third quarter, at a net profit margin of 11.9%, which marks a 55% increase compared to the same period last year.
SC’s total revenue of 13.637 billion baht in the first nine months of 2020 has signified the company’s financial strength, judging by its 24% growth compared to the same period last year. Of the earnings, 95% came from the sale of residential projects, while the remainder from its recurring income.
Meanwhile, the company has presale worth 12.38 billion baht in the first nine months of this year, which is 8% higher compared to last year. Of this, 11.34 billion baht came from pre–sales of low–rise residences, and the remainder from condominium projects.
As of September 30, 2020, SC’s total assets stood at 43.674 billion baht and total debts at 25.475 billion baht, resulting in its total debt to equity ratio at 1.4 times.
“SC is focusing on low–rise residential projects, especially since they have been winning positive feedback from the market in terms of quality and price,” said Mr. Attapol.
The company currently has enough land to devote to new low–rise projects in 2021 and sufficient funds to acquire more plots for new projects in the 2022–2023 fiscal year.
The company’s aim is to introduce four new low–rise residential projects worth 4.67 billion baht in the last quarter of this year, which will bring the number of residential projects for sale up to 58, worth a total of 44.67 billion baht. Of the projects, 50 account for low–rise projects, and eight are high–rise condominiums.
SC has a backlog of ready–to–sell, awaiting transfer to its customers in this year worth 4 billion baht, which is why “the company is confident it will achieve its target of 17 billion baht in revenue by year end”, said Mr. Attapol.
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