Mr. Kromchet Vipanpong
Chief Executive Officer
Dear Shareholders and Stakeholders
AssetWise has grown in the real estate business for over sixteen (16) years. According to the Company's vision, we aim to become the leading real estate company in the country. From the first day of the development of housing projects, the Company intends to construct the best housing to deliver happiness to customers. We are also very attentive in doing business with our partners under the concept of "We Build Happiness". We have always been committing to our resolutions.
2021 was another challenging year for the Company. The real estate development business is still highly competitive, and there are many operators in the industry. The supply of goods in the market is still a lot, both projects that are completed and ready to transfer and ones under construction. The Company also faced the situation of the epidemic of coronavirus disease (COVID-19), where a new wave came back more intense at the beginning of 2021. Further, the imposition of temporary housing closure measures in the Bangkok and Greater Bangkok areas, the suspension of construction work, and the temporary prohibition of traveling or moving workers have significantly affected the real estate sector. The recovery of the housing business shall inevitably be postponed.
Although external factors have impacted the purchasing power of ordinary customers, the Company, with the strength of being able to adapt quickly, closely monitors and assesses the situation in order to assimilate to operating the business under the changing economic conditions continuously and promptly. This enabled the Company to grow with a strong “Best Choice” strategy in the past year, especially in terms of financial results. At the end of 2021, the Company had revenue from sales and services of 4,928.43 Million Baht, with a gross margin of 2,201.51 Million Baht, representing a gross profit margin of 43.74% and a net profit of 1,086.62 Million Baht, representing a net profit margin of 21.59 percent, which is the highest record since the Company has been established.
In terms of seeking business partners, the Company, in the past year, had joint ventures with partners with potentiality, both the KAVE Salaya project that the Company jointly invested with Ideal Real Company Limited and the ATMOZ Bangna project that the Company jointly invested with Takara Leben Company Limited, the leading real estate developer listed on the Tokyo Stock Exchange, Japan. They have developed more than five hundred (500) condominium projects and single houses. They have also operated a power plant business and a hotel business in Japan. It was the first time that the Company took the opportunity to joint venture with a foreign company. In addition, the Company has received a corporate credit rating for the first time by TRIS Rating Company Limited (TRIS Rating). They gave the Company a corporate credit rating of "BBB-" along with a "stable" credit. This will benefit the Company's overall image and credibility in acquiring additional low-cost funding in the future and increasing the potential of the business to grow according to the set goals as well. Regarding project development, the Company had expanded projects to many potential locations. In 2021, the Company launched six (6) new projects with a total value of more than 7,500 Million Baht, which the Company has received well feedback from customers in every project.
Another important milestone of the Company is being a company on the Stock Exchange of Thailand (“SET”) since the 28th of April 2021. This has provided confidence for stakeholders, consumers, vendors, business partners, employees in the organization, enhanced the capacity of good governance and sustainable development and given the Company new opportunities both in terms of finance and investment, which would help support the Company towards being a real estate development company that meets all lifestyles of leading residents in Thailand.
Finally, on behalf of AssetWise Public Company Limited, I would like to thank all shareholders, investors, business partners as well as all customers who have always trusted and supported the Company very well. Most importantly, thank you to the management team and all employees of the Company for the dedication both physically and mentally to have always supported the Company's operations very well. The Company will continue to strive to operate at its best with good governance to achieve maximum benefitsfor all stakeholders sustainably.