Message from Chairwoman

I have great confidence that the Company will be able to expand continuously in 2023 and sincerely hope that the Company will receive great support from all shareholders as before.

Ms. Punnee Chaiyakul
Chairwoman

Dear Shareholders, Noble Development Public Company Limited (the “Company”)

2022 has passed. It has been the year that the economy has gradually been freed from the COVID-19 pandemic, contributing to the property development industry’s steady recovery and constant growth. Nevertheless, several significant actions have been achieved, which I am pleased to report to all shareholders as follows:

1. The Company has transferred ownerships of completed projects worth 6.7 billion baht in total. As a result, the Company could take advantage of the cash flow for further investment in new projects. In 2022, the Company has sold inventory projects, worth 2.7 billion baht. Besides, the Company has sold projects that are under construction and new launched projects, worth 14.7 billion baht, resulting in an increase of the Company's total pre-sale to a value of 17.4 billion baht.

2. The Company was successful from the launch of 11 new projects with the total project value 31.6 billion baht and the total pre-sale reached of 17.4 billion baht, supporting the backlog in 2022 to reach of 19.6 billion baht, which is record-high pre-sale and backlog. Furthermore, in 2023, the Company also has products to support the consumers’ demand of residence, including completed inventory projects worth 11.4 billion baht and under construction projects that can be ready for ownership transfer from 2024 to 2026, worth 19.0 billion baht.

The Company plans to continually launch new projects to support residential demand that is growing in line with the economic recovery. The country’s reopening has also resulted in the rising demand for second homes of expats. The Company has set a target for the launch of 10 projects in 2023, worth more than 23.3 billion baht, both low-rise and high-rise projects distributed throughout Bangkok. In addition, the Company has launched 3 more projects focusing on the Ultra Luxury Segment, namely Noble Aqua Riverfront Ratburana, riverfront single-detached houses, Noble Terra Rama 9 - Ekamai, single-detached houses in the middle of the CBD Rama 9 - Ekamai, and Noble Away Cha-Am Beachfront, a beachfront wide land in Cha-Am.

3. The Company is still able to maintain its leadership in the international market, which can generate sales of over 2.8 billion baht in 2022, including being able to take over 60% of the market share of condominium sales in the Bangkok area. Moreover, the Company could increasingly expand to foreign markets by focuses on selling to China, Myanmar, Taiwan, Singapore, and the Hong Kong, respectively.

4. As for the overall strategy implementation, the Company has continuously emphasized the enhancement of a brand “NUE” to penetrate the Premium Affordable market. At the end of 2022, NUE has a total value of more than 52% of the active project value of the Company. The Company has continued to expand on housing project and low-rise condominium projects, currently worth of more than 22% of the total project value. The aforementioned actions resulted in the Company’s ability to broaden the customer base and increase the continuity of order backlog every quarter.

5. In terms of finance, the Company has implemented a strict financing policy. When considering the Company's net interest bearing debt to equity (Net D/E) ratio, it represents 1.83, which is significantly lower than the guarantee that the Company has with bondholders and financial institutions. The Company still has a return on equity (ROE) at 7.9%. In the beginning of 2023, the Company has issued 3-year debentures worth 2.5 billion baht. The debentures earned a credit rating of BBB, a stable level based on assessment from TRIS Rating Co., Ltd.

6. In addition to operating its core business with strict caution as set out above, the Company is also committed to conducting business in parallel with taking responsibility for the economy, society, and environment. This is to set guidelines for organizational management according to the principles of sustainable development, build engagement with all groups of stakeholders in order to mobilize the organization to achieve sustainable growth that creates shared values in the Company's business chain, under the principles of good governance, good corporate governance, transparency, and comprehensive risk management. In 2022, the Company received honorary awards including

  • Received “excellent”, 5-star evaluation for corporate governance from Thai Institute of Directors (IOD).
  • Received 100 full score or excellent rating of the 2022 Annual General Shareholders' Meeting Assessment Project (AGM Checklist), conducted by the Thai Investors Association.
  • Awarded the Sustainability Disclosure Acknowledgement 2022 from Thaipat Institute.
  • Awarded “Thailand Sustainability Investment (THSI) 2022” in the Property & Construction industry group from The Stock Exchange of Thailand, demonstrating our strong commitment that recognizes and emphasizes operating business sustainably covering environmental, social, and governance (ESG).
  • Won “Award Winner” in Residential High Rise Development Thailand category, Asia Pacific Property Awards 2022-2023 for the “Noble Form Thonglor” condominium project which has been developed to meet the needs of people and the world perfectly, as well as able to create value for the project area.

To conclude all the actions mentioned above, I have great confidence that the Company will be able to expand continuously in 2023 and sincerely hope that the Company will receive great support from all shareholders as before.

On behalf of the Board of Directors, the management team, and the Company's employees, thank you for your confidence and support in various fields and please accept my best wishes for all shareholders here.

Sincerely yours

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