The year of 2025 was another challenging period for both the property sector and the broader economy. Businesses had to navigate ongoing economic volatility, rapidly shifting operating costs, increasingly complex consumer behaviors, and uncertainty across multiple dimensions. During the past year, Thailand’s economy experienced one of its slowest growth periods, expanding by only 2%, the lowest among ASEAN countries and below the initial forecast of 2.5%.
Despite these challenges, AP Thailand remained resilient and continued to deliver outstanding performance. Over the past year, the Company achieved net sales of up to THB 46,865 million and generated total revenue of THB 45,994 million from low-rise, condominiums (100% JV), and other businesses, one of the highest figures in the industry, along with a net profit of THB 4,316 million.
On behalf of the management team at AP Thailand, I would like to express my sincere appreciation to our shareholders, employees, and business partners. Most importantly, I would like to thank our customers for their continued trust in the Company, which enabled us to successfully navigate the past year.
Looking ahead to 2026, we recognize that challenges will remain. Businesses must be prepared and sufficiently adaptable in responding to ongoing uncertainties. Equally important is maintaining prudent financial management. At present, we have successfully maintained our Net Gearing Ratio at 0.64, which reflects a very stable financial position.
In addition, we maintain a strong financial liquidity position that supports stable long-term growth. The Company also has the capability to access multiple funding channels, which serves as a significant advantage in supporting our operations and enabling us to achieve our goals to the fullest potential. These include bank available credit facilities totaling THB 18,880 million, as well as investment from our strategic partner Mitsubishi Estate Co., Ltd. Through registered capital in subsidiaries amounting to THB 12,619 million for joint venture condominium development projects in Thailand. In addition, the Company continues to benefit from steady cash inflows from property sales and transfers across more than 200 projects spanning all segments, including single-detached houses, semi-detached houses, townhomes, and condominiums, which will continue to be realized progressively.
Furthermore, at the beginning of the year, we successfully redeemed debentures worth THB 3,000 million on schedule. At the same time, a new debenture issuance valued at THB 3,500 million received overwhelming interest from investors and was oversubscribed, reflecting the continued confidence investors have in the Company. For the second half of the year, we have already prepared THB 3,500 million to repay the next tranche of debentures. These developments reinforce our confidence that the Company remains strong and well-positioned to navigate economic volatility with stability.
One of the key strategic measures that enables the Company to continue operating smoothly, despite transitions and changing circumstances over time, is the implementation of a succession plan at the highest executive level. In September, the Board of Directors approved the appointment of Mr. Ratchayud Nunthachotsophol as President. In this role, he will help drive the Company forward and continue strengthening AP Thailand as the No.1 leading property developer, while ensuring that the organization continues to operate under corporate governance principles. Mr. Ratchayud is a leader who has grown alongside AP Thailand and has spent more than 25 years in the property development industry. He possesses a deep understanding of the Company’s business structure, organizational culture, and its people. Combined with his strategic expertise and broad professional perspective, he is well positioned to further unlock and strengthen the organization’s potential.
This transition does not represent a reset or a new beginning. Rather, it is a continuation built upon a strong foundation, blending experience, continuity, and the fresh perspectives of a new generation of leadership. Both Mr. Pichet Vipavasuphakorn and I will continue to lead AP Thailand as CEOs, guiding the Company into its next chapter alongside the new management team. Together, we remain committed to supporting AP Thailand’s quality growth, strengthening both its business performance and the trust it has earned from society, while continuing to deliver on our core mission of empowering people to “EMPOWER LIVING” for themselves and broader communities.
Finally, I would like to extend my sincere appreciation to our customers, partners, shareholders, and employees who have been part of our journey. Your trust and confidence are key driving forces that enable us to remain resilient and move forward with determination.