Mitihoon – Pruksa Holding reported its performance for the first nine months of 2024, recording a total revenue of 15,607 million baht and a net profit of 753 million baht. The company continues to manage expenses efficiently by debt management and lower interest rates, resulting in reduced financial costs. Its net gearing ratio stands at 0.36 times, which remains low compared to the industry. Reflects stable financial management amidst the fluctuating economy. Its healthcare business grew by 21%, and the company announced plans to expand into the wellness residence market comprehensively.
Mr. Uten Lohachitpitaks, Group Chief Executive Officer of Pruksa Holding Public Company Limited (PSH), revealed the company’s revenue for the first nine months totalled 15,607 million baht, a 22% decrease from the previous year due to economic conditions and stricter loan approvals, especially affecting more vulnerable customer groups. However, Pruksa maintained a gross profit of 5,118 million baht, with a gross profit margin of 32.8%, thanks to pricing strategies that attracted consumers amid a sluggish real estate market. Meanwhile, Pruksa’s healthcare business continued to generate strong profits, supporting the company’s overall revenue base.
As for net profit during the 9-month period, it was 753 million baht. Despite a drop in core business revenue, efficient expense control helped reduce financial costs through effective debt management and lower interest rates. The company’s net gearing ratio of 0.36 remains low compared to the industry, highlighting Pruksa’s solid financial management.
In the real estate business, the company had total real estate transfers of 12,930 million baht, a decrease of 24% from the previous year. Key transfers included the new Chapter One All Ramintra condominium project, and the newly launched single-home projects, The Palm Bangna-Wongwaen 2 and the super-luxury project, The Palm Residences Watcharapol received favorable market responses. Additionally, the company generated 2,413 million baht in revenue from land sales to be used in project development with partner companies in the future.
Over the past 9 months, the company has launched a total of 8 new projects worth 10,085 million baht, including Chapter One More Kaset, near a university and the BTS Green Line, which opened in Q3 and has received strong interest from both Real Demand customers and investors, with over 42% already booked. It is expected that throughout the year there will be a total of 18 new projects with a total value of 20,000 million baht, which will have highlight projects including The Palm Residences Pattanakarn, which is Pruksa’s first
Super Ultra Luxury wellness residence, integrating well-being and healthcare into all aspects, set to begin presales at the end of November. This year, Pruksa has fully entered the health-focused real estate market by launching Wellness Residence projects worth a combined 10,000 million-baht, accounting for 50% of the total value of new projects launched this year. Next year, the company plans to develop projects that specifically target retirees.
The company’s backlog stands at approximately 5,000 million baht. Pruksa currently holds move-in-ready properties worth over 8,369 million baht, with 82% priced below 7 million baht, which will benefit from Real Estate Stimulus Measures to reduce transfer fees to 0.01%. Pruksa has also launched a “Last Chance” campaign, offering ready to move in properties at attractive prices to encourage purchasing. And it is the last opportunity for home buyers at the original cost price. Including providing a 0% interest condition for 12 months in collaboration with partner banks to boost Q4 sales.
Pruksa’s healthcare business has shown strong growth, with revenue of 1,600 million baht for the first nine months, marking a 21% increase from last year. Outpatient revenue rose by 25%, and inpatient revenue by 22%, with EBITDA reaching 197 million baht. Reflecting the group’s efforts to accelerate the expansion of health services in order to reach patients and real estate projects customers. In October, it has also expanded its surgical and urology services and continues to collaborate with partners to develop new technologies that improve treatment and quality of life for Thais.
“Pruksa Holding is committed to fully meeting customer needs and building confidence amidst economic fluctuations. With flexible management and adaptive strategies to keep up with market changes, we are ready to expand our healthcare business as a key growth pillar to improve Thai healthcare and create long-term value for shareholders.” Mr.Uten concluded.
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