Quality Houses Public Company Limited (QH) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;
In 2020, QH’s net profit was 2,123 million baht, decreased by Baht 731 million or 26% compared to the same period of 2019. This was mainly due to decrease in gross profit from sales of real estate by Baht 383 million, a decrease in gross profit from hotel operations by Baht 389 million and a decrease in share of profit from investments in associates by Baht 397 million. Meanwhile, selling expenses decreased by Baht 159 million. Administrative expenses decreased by Baht 306 million and income tax expenses decreased by Baht 10 million.
Revenue from sales of real estate for the year 2020 decreased by Baht 788 million or 8% compared to the same period of 2019. This was due to a decrease in revenue from housing projects by Baht 152 million or 2% compared to the same period of 2019. Meanwhile, revenue from condominium projects also decreased by Baht 636 million or 43% compared to the same period of 2019 since the COVID-19 pandemic has caused Thailand’s economic slowdown, which resulted in a decrease in demand for real estate.
In 2020, QH launched 4 new housing projects with a total project value of Baht 5,012 million and closed 6 sold-out housing projects. Revenue from hotel operations for the year 2020 decreased by Baht 722 million or 69% compared to the same period of 2019. This was mainly due to impacts of the COVID-19 pandemic.
In addition, the Board of Directors of QH approved a dividend payment of ฿0.08/share to be paid on May 18, 2021. The ex-dividend date is April 28, 2021.