Stocks and Financial Services Press Releases Friday November 13, 2020 10:45

Noble Development Public Company Limited ("the Company") announced its outstanding 3Q'20 performance with normalized total revenue of THB 3,389 million (excluding extra net profit from the sale of land for future development) and normalized net profit of THB 524 million (excluding extra profits from the sale of land for future development), rising 308% YoY and 18,285% YoY, respectively. For the first 9 months of 2020, the Company had normalized total revenue of THB 7,412 million, or growth 102% YoY and normalized net profit of THB 1,238 million, or growth 304% YoY. Hence, we are confident in the ability to achieve revenue more than THB 10,000 million for the whole year as planned and this reinforced our strength and leadership in real estate developers in Thailand. Furthermore, the Board of Directors approved par split from 3 Baht per share to 1 Baht per share and issuance of warrants to the existing shareholders at the ratio of 4 existing shares to 1 unit of warrant.

Mr. Thongchai Busrapan, Chairman and Co-CEO of Noble Development Public Company Limited, revealed that "the tremendous success in the Company's total revenue and net profit of 3Q'20 was driven by the ownership transfers from completed condominium and horizontal projects, such as Noble BE19 Sukhumvit, Noble Ploenchit, Noble BE33 Sukhumvit, Noble Recole Sukhumvit 19 from local and overseas customers transfer. Specifically, approximately THB 2,000 million transfer came from overseas customers. Furthermore, the Company has recorded a 37% pre-sale market share of the total sales of condominium in Bangkok during 9M'20.

The Company gained huge success in launching 3 new condominium projects under the NUE brand during 3Q'20, namely NUE Noble Ngamwongwan, NUE Noble Ratchada - Lat Phrao, and NUE Noble Fai Chai - Wang Lang, as the 3 projects could achieve pre-sale around 40%-60% in each project. So, as of 9M'20, the Company has reached total pre-sale approximately THB 6,100 million in which around THB 3,000 million came from selling inventories. The sale of inventories can help recognize as revenue immediately and increase the trading liquidity of the stock as well. As a result, the Company has generated backlog as of 9M'20 more than THB 15,000 million which will be realized within the next 2-3 years.

In addition, the Company has announced the resolution of its Board of Directors to approve par split from 3 Baht to 1 Baht for increase the trading liquidly for investors. The total number of common shares will therefore increase from 456,471,175 shares at par 3 Baht to 1,369,413,525 shares at par 1 Baht. Moreover, Board of Directors also approved the issuance of warrants to purchase ordinary shares of Noble Development Public Company Limited No. 2 (NOBLE-W2) for free to the existing shareholders at a ratio of 4 existing ordinary shares to 1 unit of warrant in the amount of not exceeding 342,353,381 units with the exercise price at 8.00 Baht (in case the shareholders approve the change of par value). Term of Warrants will be 3 years and first exercise date is after 1 year from issuance date of warrants. (The first exercise date is June 2022). The purpose of issuing warrants is to increase the working capital as well as strengthen our capital base to support business expansion to be the top 5 of real estate developers in Thailand in the next 3 years. As of 3Q'20, the Company had Net Interest-Bearing Debt-to-Equity at 1.28 times, decreased from 1.58 times at year end of 2019. Moreover, Tris Rating affirmed the company rating at "BBB" and upgraded the rating outlook to Stable on 19 October 2020.

As a result, Board of Directors resolved to propose to the Extraordinary General Meeting of Shareholders No. 1/2020 to approve the par split and issuance of Warrants on 23 December 2020. The first trading for par split with new par is expected to be in early January 2021, while warrants are expected to be traded from mid-January 2021 onwards." Mr. Thongchai concluded.

About Noble Development Public Company Limited

Established in 1991, Noble Development has been very successful throughout the past three decades. The company became a listed company on the Stock Exchange of Thailand in 1997 with ticker symbol "NOBLE". The company develops various residential projects, ranging from single house to townhouse, as well as low-rise and high-rise condominiums. It is committed to offering innovative concepts to create living experience that is beyond expectation. All Noble projects reflect Noble's commitment, creativity, and passion to address modern consumers' changing lifestyle and living experience.

For further information, please contact:
Benjawan Munikorn, Noble Development Public Company Limited
Email: Tel: 02-251-9955 ext. 1415

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