Sansiri PCL (SET: SIRI) reported its Q3 financial result on 13 November with the details as follows.
| Quarter | 3Q23 | 3Q22 |
| Net Profit (Loss) Million Baht |
1,557.34 | 1,268.25 |
| Earning Per Share (Baht) |
0.0900 | 0.0800 |
| % Change | 22.79 | |
| 9 Months | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
4,760.27 | 2,488.24 |
| Earning Per Share (Baht) | 0.2840 | 0.1510 |
| % Change | 91.31 | |
In 3Q/2023, SIRI reported net profit of 1,557 Million Baht, an increase of 22.8% YoY from 1,268 Million Baht. SIRI’s total revenue was 9,554 Million Baht, a 7.9% YoY increase from 8,855 Million Baht. The growth was attributed to increased revenue from project sales, business management services and hotel business owned by the company. Therefore, SIRI’s net profit margin surged from 14.3% in the previous year to 16.3%.
SIRI reported the revenue from project sales amounted to 8,250 Million Baht, reflecting a growth of 4.8% YoY compared to the previous year of 7,869 Million Baht. The revenue growth was from higher revenue from sales of single-detached house and condominium projects.
SIRI’s cost of project sales amounted to 5,432 Million Baht, a 6.5% increase YoY, in accordance with an increase in revenue from project sales. Consequently, gross profit margin of project sales in 3Q/2023 reduced from 35.2% to 34.2% YoY, resulting from the rising cost of business operations.
SIRI’s selling and administrative expenses were 1,385 Million Baht, accounted for 14.5% of total revenue, decreasing from 17.5% of total revenue in 3Q/2022. Meanwhile, the finance cost was 114 Million Baht, rose by 10.2% from 104 Million Baht in 3Q/2022, following the rise in policy interest rate.
Nonetheless, 9M2023 finance cost declined by 46.8% YoY to 351 Million Baht, owing mostly to the development of existing land plots to support business expansion in the next 2-3 years. As a result, the interest charges incurred by the developed land plots can be capitalized as cost of the projects rather than financial expenses.
