Remaining resilient with diversified asset classes and synergy across business units of residential, industrial and commercial, Frasers Property (Thailand) Public Company Limited or "FPT", the first company with a fully integrated real estate platform in Thailand, announces its total revenue of over THB 3,443 million and the net profit of THB 151 million for Q3/2021 (July-September).
Mr. Thanapol Sirithanachai, Country Chief Executive Officer, Frasers Property Thailand, said: "FPT remains strong and resilient under 'One Platform' strategy. The Company maintained healthy balance sheet and well-diversified portfolio of multi-asset classes, generating sufficient cash on hand to fund the business and minimize the impact of uncertainties in the operating environment. With the country's reopening, the government's easing of lockdown measures and rising level of vaccinations, we are confident that Thailand's economy will eventually recover. FPT will continue to deliver our best-in-class products and services to our customers and re-engage with the returning customers as the economy reopens."
FPT reported its Q3/2021 (July-September) revenue at THB 3,443 million, bringing first nine-month revenue of 2021 (January - September) to THB 11,570 million.
Frasers Property Commercial (Thailand) and Frasers Property Industrial (Thailand) consistently generate stable recurring revenue streams for the Company through income from rental and related services. The nine-month performance (January-September 2021) was recorded at THB 1,618 million. The industrial business remained strong, supported by the surge of demand from e-commerce, export sector and manufacturing relocation. The current container shortage situation also drove short-term demand for warehouses. On the other hand, the commercial business was partially impacted by tenants affected by the COVID-19 pandemic. Nevertheless, the occupancy rates of the industrial business and the commercial office buildings remained healthy at 85% and 91% respectively.
The new wave of COVID-19 adding to the prolonged uncertainties has impacted business sectors, including FPT's residential business. The lockdown measures temporarily stopped construction, which caused a delay for 3 projects. They will be launched in Q4/2021 and Q1/2022. However, a new project launch in Q4/2021 remains on track. Frasers Property Home (Thailand) has shifted its target market to buyers with higher purchasing power who demand luxury houses, resulting in the success of Grandio Sathorn. It exceeded the pre-sales target by three times, closing at THB 688 million. FPT's residential business recorded the sales revenue of THB 23,322 million for the nine-month period.
Striving for sustainable excellence, Frasers Property Thailand is committed to excellent performance in every aspect of its business. The Company's efforts were recognized by leading organizations. Recently, TRIS rating upgraded FPT rating to "A" with a "stable" rating outlook. In terms of Environmental, Social, Governance (ESG) compliance, FPT is one of the listed companies in Thailand to be included in the Thailand Sustainability Investment (THSI) 2021 and rated 5-star "Excellent" on the Corporate Governance. In addition, FPT received an "A" rating for public disclosure and Green Star recognition for standing investments and development projects by the Global Real Estate Sustainability Benchmark (GRESB).
Financial performance for the nine-month period (January-September)
| Nine-Month Financial Performance (January-September) | 2021 (Million Baht) | 2020 (Million Baht) | Changes (Million Baht) | Changes (%) Y-o-Y |
| Revenue | 11,570 | 15,953 | -4,383 | -27.5 |
| - Sales revenue | 8,373 | 11,058 | -2,685 | -24.3 |
| - Rental and related service revenue | 1,618 | 2,056 | -438 | -21.3 |
| - Other revenue | 1,579 | 2,839 | -1,260 | -44.4 |
| Net Profit | 1,120 | 2,534 | -1,414 | -55.8 |
Financial Performance of Q3/2021 (July-September 2021)
| Financial Performance | Calendar Year Q3/2021 (July-September) (Million Baht) |
| Revenue | 3,443 |
| - Sales revenue | 2,263 |
| - Rental and related service revenue | 530 |
| - Other revenue | 650 |
| Net Profit | 151 |