Boutique Corporation Q1 2023 Results: Revenue Jumps 124.6% to 106.16 Million Baht on Opening of Two New Hotels and Growth of All Businesses Including Medical Marijuana and Transportation & Storage Business

Boutique Corporation Public Company Limited or BC reveals the results of the first quarter of 2023, the revenue jumped 124.6% to 106.16 million baht, gross profit grew 174.1% to 65.54 million baht after opening 2 new hotels and business income. Beautiful space for rent This year, the income is expected to be bright. Growing leap to reach 700 million baht as target from the growth of all businesses, including hotels, community malls medical marijuana business and transportation and storage business

Mr. Prab Thakral, Chief Executive Officer, Boutique Corporation Public Company Limited or BC, the leader in real estate development. under the business model “Build-Operate-Sale” (Build-Operate-Sale: BOS) revealed the operating results for the 1st quarter of 2023 (ending March 31, 2023) that the company had a total revenue of 106.16 million baht, an increase of 124.6% from the same period. The previous year’s revenue was 47.26 million baht with a gross profit of 65.54 million baht, an increase of 174.1% from the same period last year with a gross profit of 23.91 million baht.

with the increased income partly from the fact that the company Two new hotels opened last quarter, ibis Nimman Chiang Mai and Jono Asoke Hotel. While the revenue from the transportation and storage business increased more than 2 times from the fourth quarter of 2022 according to the occupancy rate. and a significant increase in rental rates of 16% and 8.5% respectively.

As for the gross profit of the 1st quarter of 2023 at 65.54 million baht due to the growth of revenues that exceed costs. As a result, the gross margin increased from 51% in 1Q/2022 to 62% in 1Q/2023.

The Company’s financial statements from better performance Together with receiving dividends from subsidiaries in the amount of 200 million baht, resulting in BC’s profit of 193.95 million baht in the company’s financial statements for the 1st quarter of 2023, a significant increase from the same period of the previous year. And from the previous quarter, resulting in BC retained earnings of 98.08 million baht at the end of quarter 1/2023 and is expected to be able to continue paying dividends to shareholders in the future. Which is subject to the approval of the Board of Directors in the next agenda.

“2023 is off to a good start for the hotel sector in the country. from opening china And the Thai government supports domestic tourism with the 5th We Travel Together project and the giant kite festival on the beach in Pattaya last February. has had a positive impact on our hotel business. As a result, operating results in the first quarter of this year improved. both from the same period last year and from the previous quarter in every business of the company,” said Mr. Prab.

Mr. Prab added that BC currently has two projects under construction, namely Jono Hotel Sukhumvit 5 and Community Mall Cove Hill Charoen Krung. at least 3 branches within the first half of the year from the plan to open 20 branches by 2023

In addition, BC also has 2 plots of land that are being developed for construction in Phuket and Chiang Mai and plans to purchase land in prime locations in Bangkok. This is subject to approval from relevant authorities later this year. While the project sales plan is expected to close sales of 1-2 projects within this year as well.

However, BC’s performance trend throughout the year 2023 is expected to see a leap in revenue to reach 700 million baht from the previous year with a total income of 538.20 million baht and profits are expected to grow in the same direction. This is driven by the tourism sector that has recovered since the end of 2022 and BC’s medical marijuana business has great growth opportunities. Since it is a product developed from upstream to downstream, namely research, planting, quality control. consultation and distribution Resulting in high quality products and market demand It is also highly successful in the transportation and storage business through its subsidiary, Boutique Logistics Co., Ltd., under the GO Storage brand.

Source: IR Plus

Symbol: BC

IR Plus