Noble unveils new strategy for growth Aims to achieve 3-year sales revenue of Bt30 billion

Real Estate Press Releases Thursday May 2, 2019 14:24
Bangkok--2 May--Ogilvy Public Relations

Noble Development's new management team announced strong 2018 results of THB 2.16 earnings per share, which is the third highest in the Company's history with industry leading net margins of 19.2%. Pre-sales of upcoming projects increased by 148% in 2018. Thongchai Busrapan, Chairman, Co-CEO and President, Noble Development Plc, said: "The Company's 2018 results have created a solid basis on which the new management team can build upon. Our new three-year strategy will leverage on this foundation to achieve a quantum leap in performance."

The Company's new strategy aims to achieve several key benchmarks: Total revenues to exceed Bt30 billion over the period; doubling of Company's RoE to 30%, whilst maintain the Company's Debt to Equity ratio of 1.5x. This is expected to be achieved through several initiatives – monetizing the Company's completed residential and commercial inventory, re-alignment of the product mix to target growth segments, optimizing the current land bank and a relentless focus on pre-sales to build strong revenue pipeline.

Frank Leung, Vice Chairman and Co-CEO, said: "The Company currently has over THB 6BB in completed stock and over 2.5BB in commercial assets which is booked at substantial discounts to market. Monetizing this stock will unlock immediate cashflow as well as significant profits for the Company."

"Following the new shareholding structure and the appointment of the new management team, Noble will focus on the Company's industry expertise, outstanding brand reputation and loyal customer base to create new project development in the heart of the city as well as along skytrain routes. When combined with Fulcrum Global's strength in the international market, we will firmly establish ourselves as one of the leaders of the industry." said Mr. Busrapan, "To execute this re-alignment, we will be optimizing our land bank by divesting land plots in non-core and redundant locales, and we have set aside a budget THB 3 billion per annum for further land acquisitions. In the first quarter, we expect to generate substantial profits by divesting of two land plots which are not strategic to the company's vision."

Frank Leung said: "During the first quarter of 2019, the Company achieved outstanding performance in the overseas market, whereby bookings for the three months in Q1 is equivalent to over 60% of bookings for the entire 2018. As a result, Noble's market share in this period has leapt from 8% in 2018 to over 28% in the quarter, firmly establishing the Company as the market leader in the overseas segment. Consequently, the company's pre-sale rate of the projects currently under construction have exceeded 75%."

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 concept to create living experience that is beyond expectation. All Noble projects reflect Noble's commitment, creativity and the its passion to address modern consumers' changing lifestyle and living experience.

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