Ananda hails annual growth

The company also reported strong quarterly presales of Bt6.68 billion, 51 per cent above presales in the same quarter of 2017. 
The company maintains the annual transfer target for the year unchanged at Bt38 billion for 2018, which represents growth of 152 per cent year on year and keeps it on target to meet its “four times bigger in four years” target during which it expects to increase transfers from Bt15.1 billion in 2017 to Bt70 billion in 2021.
First quarter transfers were Bt3.84 billion including transfers from a joint-venture project. The company reported total revenues of Bt2.82 billion, an increase of 22 per cent from the same quarter a year earlier driven by revenue from sales of real estate Bt1.85 billion, up 17 per cent from the same period last year. The company reported net profit of Bt145 million for the quarter up 3 per cent on the same period a year earlier. The company’s net margin was 5 per cent for the quarter.
During the first quarter the company launched two new condominium projects, with a total development value of Bt4.32 billion. Its comprised the Bt2.56 billion Ideo Sathorn Wongwain Yai condominium project near the Wongwain Yai BTS station and the Bt1.76 billion Unio Sukhumvit 72 Phase 2 near the Bearing BTS station. 
Including sales from existing projects the company generated total presales for the quarter of Bt6.68 billion, an increase of 51 per cent from the same quarter a year earlier. Presales guidance for the year maintains unchanged at Bt35.1 billion. The company ended the quarter with a large backlog of Bt53.6 billion due to transfer over the next three years, an increase of 26 per cent from the same quarter a year earlier.
Chanond Ruangkritya, CEO of Ananda, said: "We’re delighted to have exceeded our quarterly transfer target including our Venio Sukhumvit 10 condominium project finishing and transferring ahead of schedule in the first quarter. This is an exciting period for Ananda as we plan to achieve its targeted 152 per cent growth in transfers in 2018 to Bt38 billion. 
“We have a backlog to be transferred in 2018 of Bt27.6 billion, including Ananda and Mitsui’s share of joint ventures which represents 81 per cent of the next nine months of 2018 transfer target. We have nine new condominium buildings finishing construction and beginning to transfer in 2018 in addition to the eight condominiums finished in 2017.”
Chanond continued: “We’re delighted to have exceeded our quarterly presales target in the quarter and we still have six planned condominium projects to be launched this year. 
“We continue our relentless focus on customer needs, providing convenience through the location next to the mass transit lines and continuously introducing new technologies to improve the quality of urban life while ensuring that nature is integrated into the projects while maintaining competitive pricing,” he said. 
The company has recently partnered with Ascott, a leading serviced-apartment operator and announced the development of apartments in four prime locations in Bangkok with a combined project value of Bt10 billion, including Rama 9, Sathorn, Thonglor and Sukhumvit Soi 8. The portfolio will begin contributing revenue in the first quarter of 2020. 
“Our cash flow remains strong and we have maintained a large cash balance with over Bt5.2 billion in cash at the end of the quarter,” Chanond said. 
“In the first quarter of 2018, we issued two bonds with a combined value of Bt3.5 billion, to be used for repaying existing bonds as well as funding the growth and working capital for the business. Our financial discipline has been recognised by the market as in February 2018, we issued our latest bond.”