Singha Estate’s AGM Approves Dividend Payment of THB 0.02 Per Share Revenue Expected to Reach New High through Horizontal Housing-Focused Strategy & Hospitality Business Growth
Bangkok (28 April 2023) - Singha Estate Public Company Limited, led by Chairman/ Chairperson of the Board of Directors Mr. Petipong Pungbun Na Ayudhya, Director Mr. Chayanin Debhakam, Chief Executive Officer Mrs. Thitima Rungkwansiriroj, and other board members, has recently held the Annual General Meeting of Shareholders 2023 (AGM 2023). The meeting considered several key agendas, including 2022 performance, and issued a resolution to pay dividends to shareholders.
Mrs. Thitima Rungkwansiriroj, Chief Executive Officer of Singha Estate Public Company Limited, reveals after the AGM 2023 that the meeting resolved to pay dividends at the rate of 0.02 baht per share. The company’s dividend payout ratio is thus now at 42%. The dividend payment was approved after Singha Estate’s operating results have improved significantly faster than expected. In 2022, the company’s total revenue grew by more than 62% and recorded the net profit of approximately THB 500 million.
Such remarkable performance underlines Singha Estate’s ability to efficiently adjust its strategy in response to the market’s changing needs, as well as the full and fast economic recovery. The company’s horizontal resident property business unit has made outstanding achievement. Within one year since business restructuring, Singha Estate successfully launched the first single detached house project or SIRANINN Residences Pattanakarn. This 2,900-million-baht project recorded ownership transfers valued over THB 830 million in the first two months since its launch. Customers’ response to the project far exceeded initial expectations, solidly reflecting consumers’ confidence and trust in Singha Estate’s housing standards. The project’s impressive success, moreover, is a milestone in the company’s strategy to develop quality residential brands for its increasingly diverse target groups.
This year, Singha Estate aims to open at least five new horizontal residence projects worth over THB 10 billion. These projects will be ready for ownership transfers and boost the company's revenue in late 2023. Other business units, especially Hospitality Business, are also expected to produce robust performance and generate (full year) revenue with 2023 marking the first year of the recovery of tourism sector and SHR hotel portfolio across the world, thus driving up both revenue and profit and paving the way for significant business growth.
“Thanks to the favorable factors, we are confident that we will be able to bring our revenue and profit to the all-time high across all business units in our portfolio. Our “S EXCELS” strategy, which aims for excellence in all dimensions, fully support our goal to raise our revenue by 34% to 16,700 million baht. The fulfilment goal means our businesses will grow significantly as well,” Mrs. Thitima concludes.