Ananda Development PCL raises presales guidance by 25% for second quarter as it increases launches by 267%. The guidance for the annual transfers for the year remains unchanged at 25 billion Baht.
First quarter transfers were at 2,238 million Baht including transfers from a Joint Venture project, an increase of 3% over the same period a year earlier. The company reported net profit of 140 million Baht for the quarter. The company's net margin was 6% for the quarter, the same as last year.
During the first quarter the company launched two new condominium projects and a new housing project, with a total development value of 3.5 billion Baht in line with guidance. Comprising the 934 million Baht Unio Ramkhamhaeng-Serithai condominium project near the Sriburapa station, the 941 million Baht Unio H Tiwanon near the Tiwanon MRT station and the 1.6 billion Baht Artale Phattanakarn-Thonglor, a new housing brand, 3.5 km. from Thonglor.
Including sales from existing projects the company generated total presales for the quarter of 4.4 billion Baht. The company ended the quarter with a record backlog of 42.5 billion Baht due to transfer over the next 3 years, an increase of 3% from the previous quarter and 10% up from the same quarter a year earlier.
Commenting on the launches and presales, Mr. Chanond Ruangkritya, Chief Executive Officer for Ananda, stated, "We will launch new projects ahead of schedule in the first half of 2017 and see stronger demand than expected. Three new projects were launched in the first quarter and seven new projects are launching in the second quarter."
On the subject of the 2017 Business Plan he explained, "The new launches in the second quarter of 2017 will increase by 267% from the previously announced plan to 22.7 billion Baht, comprising five new condominium projects worth 21.1 billion Baht and 2 new housing projects worth 1.6 billion Baht. We also raised our presales target in the second quarter of 2017 by 25%. The launch total and annual presales for the year are increased by 2% from the initial guidance due to a slightly increased project value in some projects. We continue an exciting period for Ananda we refer to as our "Harvest Period", which will see our transfers triple between 2015 and 2018 including a 58% growth in transfers in 2017 to 25 billion Baht. We have backlog to be transferred in 2017 of 16.3 billion Baht, including Ananda and Mitsui's share of joint ventures which represents 73% of the next nine months of 2017 transfer target. We have ten condominium buildings finishing construction and beginning to transfer in 2017 compared to five new condominiums finishing in 2016."
Mr. Chanond Ruangkritya, CEO of Ananda, said, "We have maintained financial discipline and achieved this growth without adding risk and maintained our net interest bearing debt to equity at only 0.69:1."
Mr. Chanond Ruangkritya continued, "Our cash flow remains strong and we have maintained a large cash balance with over 3.3 billion Baht in cash at the end of the quarter. We have continued to have strong support from our banks and have multiple options in place to fund the cash needs of the company through the year depending on how the situation evolves. In the first quarter of 2017, we issued a new equity treated non-convertible unsecured perpetual security instrument of 1 billion Baht, supporting the growth and working capital for the business. Our financial discipline has been recognized by the market as in April 2017, we issued a 3 billion Baht bond with a tenor 3 years at a rate of only 3.95% down significantly from the 5.40% rate of our last issued 3 year tenor bond."
As such, the Annual General Meeting approved to increase the dividend to 12.5 satang, an increase of 25% from a year earlier and continuing our record of increasing the dividend every year since the IPO."
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