AP (Thailand) Public Company Limited (AP, as registered with the Stock Exchange of Thailand) is engaged in the business of property development, with the majority of its revenue coming from the sale of real estate, including single-detached houses, townhouses, townhomes, semi-detached houses, home offices, and condominiums. Each of the estate projects is located in urban areas, with the majority of the projects in the Bangkok Metropolitan area and its surrounding regions, as well as other major provincial cities in Thailand.
| 2024 | 2023 | 2022 | 2021 |
|---|
| Revenues | 37,460.35 | 38,399.23 | 38,702.38 | 31,980.04 |
| Expenses | 31,551.54 | 31,835.55 | 32,728.82 | 27,313.15 |
| Net Profit (Loss) | 5,020.10 | 6,054.44 | 5,877.45 | 4,543.06 |
| Assets | 84,893.12 | 83,943.68 | 68,226.54 | 60,408.95 |
| Liabilities | 41,248.37 | 43,206.49 | 31,498.61 | 27,985.54 |
| Shareholders' Equity | 43,664.38 | 40,756.86 | 36,747.17 | 32,441.68 |
| Operating | 3,076.19 | -10,835.73 | -1,903.69 | 2,031.00 |
| Investing | -309.04 | -227.91 | 1,347.71 | -630.95 |
| Financing | -2,242.81 | 11,454.36 | 136.33 | -2,070.14 |
| EPS (Baht) | 1.60 | 1.92 | 1.87 | 1.44 |
| GP Margin (%) | 34.26 | 36.53 | 33.90 | 32.43 |
| NP Margin (%) | 13.40 | 15.77 | 15.18 | 14.21 |
| D/E Ratio (x) | 0.95 | 1.06 | 0.86 | 0.86 |
| ROE (%) | 11.89 | 15.62 | 16.99 | 14.72 |
| ROA (%) | 8.15 | 10.01 | 11.21 | 9.51 |
In 2024, the company launched 42 projects with a total value of THB 48,020 million:
- Detached houses: 8 projects, total value THB 13,350 million
- Semi-detached houses and townhouses: 26 projects, total value THB 22,120 million
- Upcountry: 3 projects, total value THB 2,700 million
- Condominiums: 5 projects, total value THB 9,850 million
Net presales and revenues(+100%JV) were reported at THB 46,417 million and THB 47,125 million, respectively.
For 2025, the company has set the following business targets:
- Launch 42 new projects with a total value of THB 65,000 million
- Net presales target: THB 55,000 million
- Total revenue target: THB 52,900 million
AP Thailand: Empowering Living Through Sustainable Real Estate Development
At AP, we believe that Empowering Living means creating living spaces that meet today’s needs without compromising the needs of future generations. This requires sustainable practices founded on responsibility to the environment, society, and corporate governance. For more information, please visit our website.
In Q4 2024, the company launched 7 new projects with a total value of THB 7,610 million, comprising 6 low-rise projects valued at THB 6,510 million and 1 condominium project valued at THB 1,100 million. Some of these performed exceptionally well and received strong customer feedback, such as Baan Klang Mueng The Edition Bangna and The City Pinklao - Phrannok. In the condominium segment, the highlight was the launch of the new brand, 'Good Day.' This brand successfully fills a gap in the company's condominium portfolio by targeting the Economy Class segment. It has received an impressive response from buyers, with a 43% (as of 31 December 2024) take-up rate.
Presentation Q4 2024
https://ap.listedcompany.com/misc/presentation/20250228-ap-am-4q2024.pdf
In 2024, the company reported total revenue (+100%JV) of THB 47,125 million. Property revenue amounted to THB 45,825 million, while services revenue was THB 1,300 million. Net profit was reported at THB 5,020 million. Meanwhile, the net debt-to-equity ratio remained stable at 0.70x, demonstrating strict financial discipline.
Management Discussion and Analysis Year 2024
https://ap.listedcompany.com/misc/MDNA/20250228-ap-mdna-4q2024-en.pdf
In the last quarter of 2024, the company reported net presales of THB 9,250 million, comprising THB 6,677 million from low-rise projects and THB 2,573 million from condominiums. Meanwhile, the company has a backlog of THB 34,268 million with 184 active projects (ready for sale), located in the Bangkok metropolitan area and upcountry.
The Company has formulated a comprehensive risk management policy aimed at integrating risk management into all aspects of its business operations, including its subsidiaries, fostering a risk-aware culture within the organization. Specific risk policies are delineated, encompassing areas such as business continuity management, personal data protection, anti-corruption, and human rights. Continuous risk assessment is conducted, considering both internal and external factors, to gauge the likelihood and impact of risks on business operations, directly and indirectly. Identified risks are then categorized, and appropriate risk management strategies and plans are devised to monitor and control risks within acceptable thresholds.
THAILAND’S MOST ADMIRED AWARD 2024
- Thailand’s Most Admired Company
- Thailand’s Most Admired Brand : Townhouse
IAA AWARDS FOR LISTED COMPANIES 2024
- Best CEO Property 2024
- Outstanding CFO 2024 andIR 2024
LivingInsider Developer Awards 2024
- Best Property CEO of the Year 2024
Thailand’s Social Power Brand 2024
- No. 1 property brand in the minds of online consumers
- No. 1 single detached home development brand in the minds of online consumers
- No. 1 townhome development brand in the minds of online consumers
BIBF Bangkok International Branding Festival 2024
- The Most Brand Future Valuation 2024
| as of 30/12/24 | AP | PROP | SET |
|---|---|---|---|
| P/E (X) | 5.03 | 13.12 | 19.33 |
| P/BV (X) | 0.60 | 0.99 | 1.40 |
| Dividend yield (%) | 8.64 | 4.53 | 3.23 |
| 30/12/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 25,481.79 | 35,548.66 | 36,492.43 |
| Price (B/Share) | 8.10 | 11.30 | 11.60 |
| P/E (X) | 5.03 | 6.05 | 6.38 |
| P/BV (X) | 0.60 | 0.90 | 1.03 |
