The year 2023, now behind us, was heralded as a year of hope. Many anticipated the economic revival once COVID dissipated. However, both the global and Thai economies persisted in confronting ongoing challenges. Rather than marking a period of swift business resurgence, 2023 found us still contending with enduring economic uncertainties that appeared inescapable.
Over the past year, we encountered challenges that extended beyond the downturn in the Thai economy or the fluctuations in the global economy. We also grappled with the impacts of geopolitical conflicts unfolding in numerous countries. Undoubtedly, these factors collectively contributed to global unrest. The unfolding events influenced diverse dynamics that are instrumental in propelling the global economy forward.
Looking back to Thailand at the start of 2023, various agencies anticipated a growth rate of 3.7% for the Thai economy. However, the reality fell short, hovering around 1.9%. Despite the inauguration of a new government, establishing robust foundations will still require time. Both household and corporate debts have risen. Real estate firms grappled with challenges, particularly due to higher interest rates impacting sectors like home purchases. Additionally, the debt securities market experienced setbacks, with some real estate companies encountering difficulties in redeeming securities, potentially undermining public confidence in the market.
Despite the challenges faced, AP has persevered in the past year, emerging as the industry leader. Our sales soared to 51,390 million baht, propelled by improvements in the condominium market. Total revenue, including horizontal products, condominium groups (100% JV), and other ventures, stood at an impressive 48,757 million baht, in line with the previous year. We achieved a substantial net profit of 6,054 million baht.
On behalf of AP Thailand's management, I extend my sincere appreciation to our shareholders, dedicated staff, partners, and especially our valued customers. Your unwavering trust and support have been instrumental in our success throughout the past year.
For 2024, I anticipate it won't be without its hardships. The difficulties that emerged towards the end of last year are carrying over into this one. Looking at the economic growth forecasts, it's evident that substantial surges in the country's economy aren't anticipated. High interest rates persist, impacting loan rejection rates for customers, and confidence in the debt securities market continues to be a concern.
However, AP has proactively positioned itself to tackle not only the aforementioned challenges but also any additional ones that may arise. Presently, our net debt-to-equity ratio stands at 0.79 times, indicating strong financial stability. We boast exceptional financial flexibility, which is vital for sustained long-term growth, and we have abundant opportunities to tap into diverse funding sources.
The financial market is poised to warmly embrace our company. At the outset of the year, we successfully repaid a 2,500 million baht bond on schedule, while our new bond issuance of 3,500 million baht garnered an overwhelming response, leading to oversubscription. With a substantial credit line available from financial institutions totaling 12,757 million baht, coupled with cash inflows from property sales and transfers, we have effectively diversified risk across all segments of our conglomerate, spanning over 200 projects. This is in line with our revenue recognition target for 2024, exceeding 52,500 million baht, gradually materializing in our accounts. These advancements significantly bolster our capacity to fully support the company's operations.
Furthermore, we maintain our steadfast commitment to sustainable development (ESG) and have seamlessly integrated sustainable practices into our operations. In terms of environmental stewardship, we stand in solidarity with Thailand to achieve carbon neutrality through concerted efforts to both “reduce” and “offset” carbon emissions. Additionally, we persist in our efforts towards community and social development, fostering ongoing growth and advancement. Finally, with regards to governance, we have garnered commendable assessment results and diligently review governance activities annually to ensure their relevance and alignment with the company's evolving business strategies, thus remaining agile in response to changing times.
In closing, I, representing AP (Thailand) Public Company Limited, wish to convey my deepest appreciation to our valued customers, shareholders, and bondholders, along with our esteemed partners, for their unwavering belief in and support of AP. Furthermore, I extend my heartfelt gratitude to all financial institutions that have placed their trust in us. It is my sincere hope that everyone will continue to have confidence in our endeavors and grow alongside us, as we have consistently done in the past.
