JPARK’s year-end deal is adding 1,500 parking lots into its portfolio, completing the company’s 10,000 parking lot target by the end of 2024, with revenue expected to grow 30-40%.
Santipol Jenwattanaphaisarn, CEO of Jenkongklai Public Company Limited (SET: JPARK) revealed that the company’s 4Q24 is expected to grow further than 3Q24 and the same period last year, as the company’s parking lot continues to grow, both in parking services (PS) and parking management services (PMS).
Meanwhile, the company is confident that it could close a deal for at least 1,500 parking lots within the final month of 2024. The CEO stated that other than those acquired in 3Q37, most of them are now in operation. Also, there are new projects such as The Market Bangkok from 9M24 that has 38,494 parking lots including 23,583 lots of PMS and 14,911 lots of PS.
In 2024 overall, the company is assured that it will have 10,000 more parking lots, which will add to a total 40,000 parking lots as planned, compared to last year that only had 29,562 lots.
Those new parking lots would come from projects like Khon Kaen One Bangkok, Phra Nang Klao Hospital parking building, and other smaller projects. Assuring that the company’s total revenue would grow 30-40% from 2023, which earned THB 573.06 million, as planned.
However, after the opening of the Phra Nang Klao Hospital parking building, which has 532 parking lots, the building has served 600 cars per day, and the 2,000 sq.m. commercial area was also serving at maximum capacity. Additionally, the hospital plans to open a check-up center in 1Q24, which may also increase the parking rate.
Furthermore, JPARK also planned to release a “Prompt Park” application aiming for small car parking lots, to improve the convenience of its customers and invite landlords for partnership. Currently, the app is waiting for Google approval for its Play Store.
Santipol added that the company also has a project under construction, which is the Golden Jubilee Medical Center Carpark Building, with a THB 500 million investment value and a 30-year lease agreement, the project is expected to finish in December 2025 and begin commercial operation in 1Q26. The building will have 1,014 parking lots and up to 4,000 sq.m. of commercial space, with 40% of the area having been leased out.
JPARK’s goal for 2025 would be to expand parking lots by 10,000 more, which would result in a total of 50,000 parking lots at the end of 2025, driving revenue to around THB 700-800 million compared to 2024. The company also aims to expand its business into urban areas, hospitals, office buildings, public parks, shopping malls, airports, etc.
JPARK is a business with a constant stream of cash, which has a decent growth, and equally decent dividend.
