JPARK hinted at a strong 3Q24 performance from growth in all businesses, with car parking expanding by 5,500 slots in the first nine months of 2024, while the company is also set to close 2-3 more deals for an additional 5,000 parking slots.
JPARK is also poised to recognize the full-quarter revenue from car parking service at Phra Nangklao Hospital, expressing confidence that the lots would be expanded to 40,000 by the end of the year, pushing the company’s earnings by 30-40%.
Mr. Santipol Jenwattanaphaisarn, Vice Chairman of the Board and Chief Executive Officer of Jenkongklai Public Company Limited (SET: JPARK) revealed to “Kaohoon” that the prospect of 3Q24 performance is expected to be positive on both quarterly and yearly basis.
This aligns with the expansion in all of the company’s businesses, including 1) Parking Services (PS), 2) Parking Management Services (PMS), and 3) Consultant and Installation Parking Services (CIPS).
From January to September 2024, the company has expanded car parking by more than 5,500 slots, resulting in the company’s total parking lot from all projects at approximately 35,000 slots at the end of 3Q24. Presently, the company is bidding for 2-3 more car parking projects totaling 5,000 slots, set to be finalized by 4Q24.
In 4Q24, the company is poised to recognize the full-quarter revenue from the Phra Nangklao Hospital parking building project, launched last August and started collecting fees in September this year. Initially, the facility accommodated 100 cars daily in its parking area, but the current usage has surged to 400-500 cars per day.
JPARK also received regular income from the rental of parking space at Phra Nangklao Hospital parking building, while the company also planned to release a “Prompt Park” application to ensure ease of use and convenience for customers using a smaller parking space.
Therefore, JPARK has full confidence that, for the 2024 full-year performance, the company would expand its car parking by at least 10,000 slots and operate a total car parking from all projects of 40,000 slots. This aligns with the company’s objective to surpass a 30% growth rate compared to 2023 when the total stood at 29,500 slots.
Regarding revenue in 2024, JPARK is targeting a considerable 30-40% expansion compared to 2023, when the company generated a total income of THB 573.06 million. This objective is supported by the anticipated revenue growth stemming from the increased number of parking slots and supplementary income from rented areas, with full recognition expected in 2025.
Additionally, the company also maintains the 2025 target to expand the total car parking to 50,000 slots, potentially from an expansion to urban areas, hospitals, shopping malls, airports, etc.
