Singha Estate's revenue from sales and services in 2023 reached an impressive 14,675 million baht, marking a substantial increase. The surge was particularly driven by a remarkable 42% growth in property sales revenue, attributed mainly to the introduction of five projects valued at a total of 10 billion baht. With confidence, the brand anticipates robust growth in 2024, propelled by strong sales performance of market-ready products. Additionally, revenue from the service sector is forecasted to rise by 11%, buoyed by the expansion of the tourism industry. As a result, the average revenue per available room (RevPAR) for hotels surged by an impressive 23% in 2023. This significant uptick was primarily influenced by strategic adjustments in average room rates (ADR) stemming from planned hotel renovations and effective targeting of customers from emerging markets.

Bangkok (February 28, 2024) - Singha Estate Public Company Limited has revealed a notable 17% spike in total revenue, soaring to 14,675 million baht for 2023. Simultaneously, the company has disclosed a profit of 240 million baht for the corresponding period. Plans are in motion to distribute dividends of 2023 at 0.015 baht per share, with the ex-dividend (XD) date set for March 12, 2024. The dividend payment is slated for May 24, 2024. Notably, eligibility for dividend receipt is contingent upon approval at the annual shareholders' meeting held in 2023.

The company has experienced a significant 42% increase in revenue from property sales, reaching 3,638 million baht. This rise is primarily attributed to (1) the transfer of property rights for residential purposes totaling 3,416 million baht. A substantial portion of this revenue, amounting to 919 million baht, stemmed from the proportional recognition of revenue from The ESSE Sukhumvit 36 project, 100% shares of which subsequently acquired by Singha Estate to strategically capitalize on the rebound of the condominium market. Also, among the launches of new horizontal housing projects, particularly noteworthy are the prestigious, ultra-luxury "LA SOIE de S" flagship cluster home project and "S'RIN Ratchapruek-Sai 1", with an immediate revenue recognition of approximately 900 million baht. Additionally, (2) rental income from long-term lease agreements at the Singha Complex project contributed 175 million baht to the total revenue.

While the company saw an 11% increase in revenue from its services, a substantial 12% boost stemmed from its hotel business, reaching a total of 9,701 million baht. This surge was propelled by a combination of factors, including a notable rise in the average occupancy rate of the company's hotel rooms, which reached 68%, marking an 8% increase from the previous year. Effective marketing strategies targeting potential customer segments also played a significant role in driving this growth. Moreover, the company remains committed to the ongoing development of its hotel products and services, with particular emphasis on the successful outcomes of planned hotel refurbishments. This focus yielded an impressive 9% increase in the average room rate (ADR), reaching 5,675 baht. Additionally, revenue from the commercial real estate business saw a 4% uptick, amounting to 1,060 million baht, attributed to the gradual recognition of revenue from leasing space at the S-OASIS building.

Mrs. Thitima Rungkwansiriroj, the Chief Executive Officer of Singha Estate Public Company Limited, (SET: S), announced: Driven by our unwavering commitment to operational excellence, the remarkable success in developing real estate projects and optimizing portfolio performance throughout the past year has resulted in our highest-ever recorded revenue for 2023. This achievement, coupled with financial preparedness and the experience to steadily expand the business in accordance with the outlined business plan, translated into a net profit of 240 million baht. With our resolute devotion to sustainable business growth and adherence to our strategic business plan, we continue to fortify our business fundamentals to consistently deliver favorable returns to all stakeholders involved. This year, we are pleased to declare dividends from our operational successes, affirming our ability to adapt and seize opportunities amidst the ongoing recovery in the residential and hospitality sectors. Moreover, the company has observed clear signals of business growth throughout the fourth quarter of 2023, extending into the early months of this year. With confidence, we believe that the positive market response to Singha Estate's products, combined with significant developments achieved in 2023, will serve as substantial revenue drivers for our operations in 2024, as outlined across the following business segments:

Residences: During the final quarter of the year, we witnessed an impressive jump in transfer activities, amounting to 1,734 million baht, constituting over 50% of the total transfers for the year. This upsurge was primarily fueled by the clearance of backlog from the SIRANINN Residences project and the reception of transfers from the newly launched S'RIN Ratchapruek-Sai 1 project, valued at 3,700 million baht. Despite being introduced only in the early fourth quarter of the previous year, S'RIN Ratchapruek-Sai 1 has received a remarkable response, with immediate transfer figures surpassing 12% of the project value. We are firm that the transfers from these two projects in 2024 will meet our target of 2,000 million baht. Furthermore, supported by the new SHAWN projects in Panya Indra and Wongwaen-Chatuchot, with a combined value of approximately 4,600 million baht, introduced unofficially at the end of last year, we have seen substantial customer interest. This momentum is further enhanced by the commencement of transfer activities for The EXTRO Phayathai-Rangnam project, slated to deliver units to customers starting from March onwards. Presently, the project has already recognized sales awaiting transfer revenue exceeding 1,200 million baht.

Hotels: In 2024, the hotel industry has seen promising trends driven by a sharp increase in tourist arrivals and their inclination to spend. Noteworthy developments include: (1) Hotels in Thailand capitalizing on the influx of international tourists, coupled with strategic adjustments in room rates post-renovations to align with evolving tourism preferences. This strategic approach is evidenced by the robust hotel occupancy rates exceeding 90% in January 2024 across all four properties in Thailand, complemented by ongoing plans to upgrade room facilities over the next two years, promising enhanced performance. (2) Positive feedback from SO/ Maldives, particularly from high-spending tourist demographics like Russian, British, and Eastern European people, with strong advanced bookings recorded during the 2024 high season for SAii Lagoon Maldives, Curio Collection by Hilton, and Hard Rock Hotel Maldives. (3) Growing tourism interest in Fiji, especially from Australian and New Zealand travelers, the primary markets, coupled with potential rate hikes post-renovation completion in November of the previous year. As a result, January 2024 witnessed an impressive average occupancy rate of over 70% and a remarkable 43% growth in RevPAR compared to the same period last year.

Commercial: Our company has developed a comprehensive strategy to effectively manage all office buildings, ensuring they adapt to the changing demands of office space usage. This approach aims to maintain a consistently high occupancy rate, even amid fluctuating market conditions. Furthermore, with the increasing demand for space in the S-OASIS building in 2024, we anticipate driving steady performance across our office building portfolio.

Industrial Estate & Infrastructure: The company anticipates significant revenue growth from this business in 2024, propelled by land transfer activities that coincide with successful land development and public infrastructure projects. This optimism is bolstered by economic recovery confidence and government stimulus measures. Furthermore, the commercial operations of all three power plants, boasting a combined production capacity exceeding 400 megawatts, will ensure a steady income stream from electricity sales to the Electricity Generating Authority of Thailand, totaling 270 megawatts.

In order to further fortify our steadfast business infrastructure established over time, the company is poised to elevate profit generation in 2024 through strategic initiatives aimed at expanding our portfolio and optimizing operational efficiency. These initiatives include: (1) Unveiling continuous residential housing projects, each valued at 10 billion baht, acquiring land for new developments, and capitalizing on opportunities arising from real estate development, which has flourished through the development of the exclusive residences. This upscale endeavor, comprising a limited number of units situated in areas proximate to urban and inner-city zones, beckons business partners to join in fostering accelerated growth. (2) Concentrating investments in premium hotel properties and enhancing tourism experiences through increasingly personalized services, including the introduction of new brand concepts to cater to global tourism trends and demands. (3) Exploring opportunities for acquisitions and business amalgamations to enrich the company's portfolio diversification. (4) Refining marketing strategies to target burgeoning business sectors and harnessing a wider array of sales channels to propel sustained growth in both real estate trading and industrial endeavors.

"We are unwavering in our resolve to achieve yet another milestone in revenue generation, coupled with cost management and a resolute drive to bolster profit margins, delivering substantial returns to our shareholders and upholding enduring value for all stakeholders. This commitment extends to our relentless pursuit of excellence in product and service development, aimed at enhancing the quality of life for our customers, a principle that Singha Estate has consistently exemplified. Alongside our unwavering financial discipline and preparedness to leverage the most fitting financial tools tailored to prevailing market dynamics, we aim to enhance our ability to support the company's sustained growth trajectory and profitability," reiterated Mrs. Thitima.