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I, on behalf of Noble Development Public Company Limited, our Board of Directors, executives, and employees would like to offer my most sincere gratitude to all clients, business partners and our shareholders for your continued trust and support.

Thongchai Busrapan
Chairman & Co Chief Executive Officer
February 2021

Dear Shareholders of Noble Development Public Company Limited,

In 2020, the world experienced an unexpected event, the COVID-19 global pandemic. This had such an enormous adverse effect on the global economy and consequently, led to financial crisis, the tightening of the capital market and, without a doubt, a disastrous impacted on Thailand’s real estate market as well.

Nevertheless, Noble Development Public Company Limited (“the Company”) successfully overcame this crisis. We generated a recorded revenue of 10.895 billion Baht that put Noble to rank among one of the top ten real estate residential developers. Given this remarkable event, I am delighted to present the results for such an outstanding success and progress of our projects in 2020 as follows:

1. The Company generated 6.602 billion Baht from the presale of both completed projects and projects under construction, representing the company’s highest presale in recent years. A significant presale of 2.750 billion Baht was obtained from the presale of our new product line that penetrated to an affordable segment – less than 5 million Baht unit price. This was accomplished by our new brand called “NUE” from various locations such as Srinakarin, Ngamwongwan, Ratchada – Lat Phrao, and Fai Chai – Wang Lang. We also expect to expand our projects in this segment massively in the very near future.

2. In addition to the outstanding presale figures, the Company recorded our year end net profit of 1.878 billion Baht, while maintaining our gross profit margin at high range number of 39 percent and the net profit margin at 17 percent, respectively. Consequently, the Company is now ranked as one of the three leaders in terms of the highest ratio of gross profit margin and net profit margin in the real estate industry.

3. In the international market, the Company is delighted to inform you that Noble has successfully achieved share of 36 percent of the Thailand’s overseas property sold, thus becoming the dominant market share leader. The Company successfully penetrated a key international market in China, expanding into more than 400 distribution channels and approaching most Chinese provinces. The Company believes that our international market expansion strategies will distinguish us from the rest of our competitors.

4. From the successful described operations, the Company has successfully decreased its liabilities and increase Return on Equity (ROE) to the extent, and it is now ranked first in these two ratios compare to peers in the industry. The Company was also recognized by Tris Rating Company Limited (TRIS) to change its views on the Company, from a Negative Outlook to a Stable Outlook. By our stronger financial position, the Company succeeded in raising its capital by issuing debentures in the 3 rd quarter despite the tightening of the financial markets, and overview negative outlook on the industry.

5. In 2021, the Company aims to launch at least 11 new projects to the total value of 45.100 billion Baht. This launch plan will lead to sharp growth, that will foster us to become the top five developers within the industry in just two years. This rapid growth strategy is not only limited to the stand-alone platform, but the Company also joined with our strategic partners, therefore contributing more efficiency to the diversification of location and increasing economy of scale.

6. In terms of corporate governance. The Company places the importance of good corporate governance by promoting an effective management system, which reflects both transparency and sustainable growth. In doing so, we are certain that we create trust among our shareholders, partners, general investors and customers, as well as with financial institutions. With strong determination to maintain corporate governance and transparency, strictness on internal control system under the corporate governance enforced by the Board of Directors, the Company was conferred these following honorable awards in 2020:

  • • Received “excellent”, 5-star evaluation for corporate governance from Thai Institute of Directors (IOD).
  • • Awarded the Sustainability Disclosure Acknowledgement 2020 from Thaipat Institute.

In addition, from the Extraordinary General meeting of Shareholders at the end of 2020, the shareholders resolved to change the Company ordinary share par value from 3 Baht per share to 1 Baht per share, increasing the trading and turnover of the shares in the Stock Exchange of Thailand. Consequently, the number of our shareholders increased from approximately 3,000 to more than 10,000 individuals. This reflects strong confidence in the Company which has gained from the investment communities and all business partners toward the Company’s operations.

Lastly, with these remarkable successes, I, on behalf of Noble Development Public Company Limited, our Board of Directors, executives, and employees would like to offer my most sincere gratitude to all clients, business partners and our shareholders for your continued trust and support.


Sincerely yours