Overview of Past Performance
During 2023–2025, the Company and its subsidiaries recorded total revenues of Baht 2,003 million, Baht 1,583 million, and Baht 1,562 million, respectively. In 2025, total revenue decreased from 2024, when total revenue amounted to Baht 1,583 million, representing a decline of 1.33%.
The revenue breakdown in 2025 comprised Baht 1,250 million from real estate sales, Baht 64 million from rental income, Baht 134 million from service income, Baht 40 million from sales of food and bakery products, and Baht 74 million from other income.
As a result, the Company reported a net loss attributable to equity holders of the Company of Baht 19 million for the year, equivalent to a loss per share of Baht 0.03.
As of 31 December 2025, the Company and its subsidiaries had a total of 12 active real estate development projects available for sale. As of year-end 2025, the Company reported a sales backlog of approximately Baht 145 million.
2025 Performance
Revenue
The Company has a policy to recognize revenue from real estate sales at a point in time when control of the asset has been transferred to the customer, that is, upon registration of the transfer of ownership. Revenue from real estate sales is presented at the consideration received, net of discounts and expenses paid by the Group on behalf of customers. During 2023–2025, the Company and its subsidiaries reported revenue classified by revenue structure as follows:
| Reveunue Structure | 2025 | 2024 | 2023 | |||
|---|---|---|---|---|---|---|
| Million Baht | % | Million Baht | % | Million Baht | % | |
| Revenue | ||||||
| Revenues from real estate sales | 1,250 | 80.03% | 1,270 | 80.23% | 1,758 | 87.77% |
| Rental income | 64 | 4.10% | 62 | 3.92% | 88 | 4.39% |
| Service income | 134 | 8.58% | 147 | 9.29% | 114 | 5.69% |
| Revenue from food and bakery | 40 | 2.56% | 39 | 2.46% | 20 | 1.00% |
| Other income | 74 | 4.74% | 65 | 4.11% | 23 | 1.15% |
| Total revenues | 1,562 | 100% | 1,583 | 100% | 2,003 | 100% |
During 2023-2025, the Company and its subsidiaries generated their principal revenue from the sale of residential property projects, comprising houses and land, in the amounts of Baht 1,758 million, Baht 1,270 million, and Baht 1,250 million, respectively. These accounted for 87.77%, 80.23%, and 80.03% of total revenue, respectively. Compared to the previous year, revenue from the sale of houses and land in 2025 decreased by 1.57% compared to 2024. In 2024, such revenue decreased by 27.76% compared to 2023. Revenue from sales consists of income from land development and the construction of properties for sale. Revenue is recognized upon the transfer of ownership of houses and land to the buyers.
The Company also generates rental income, which is another key business of Pure Sammakorn Development Company Limited, a subsidiary of the Company. The subsidiary subleases land and leases buildings and related structures under Sammakorn Place Rangsit, Sammakorn Place Ramkhamhaeng (West), and Sammakorn Place Ratchaphruek projects for a period of 30 years. In addition, the Company operates community market rental businesses under the names Sammakorn Muang Ake Market and Sammakorn–Ramkhamhaeng Market.
The food and beverage business is a new business segment of the Group, which commenced operations in late 2021 under the NICO NICO brand, offering food and bakery products. The brand currently operates at its Thonglor branch and its Langsuan branch (LAUGH by Nico Nico), both of which are Japanese-style restaurants featuring healthy menu options. Its bakery products are also distributed through leading department stores. At the Emporium branch, beverage offerings have been added. In 2025, the Group opened one additional branch at Gaysorn Amarin, located at the BTS Chidlom skywalk connection. This branch operates as a café and restaurant under the concept “Meals That Make You Smile.” In 2025, the food and beverage business generated revenue of Baht 40 million, representing an increase of 2.56% compared to 2024.
For other income, the Company and its subsidiaries recorded Baht 23 million, Baht 65 million, and Baht 74 million in 2023, 2024, and 2025, respectively. Compared to the previous year, other income in 2025 increased by 13.85% compared to 2024. In 2024, other income increased by 182.61% compared to 2023. The increase was mainly attributable to income from customer contract breaches, dividend income, management fee income, and gains from the sale of assets.
Cost of Sales
The Company and its subsidiaries have an accounting policy to recognize the cost of sales for houses and land by allocating the total estimated development costs of each project (taking into account the actual costs incurred to date) to the houses and land sold, based on the proportion of the saleable area of each project. Such allocated costs are recognized as cost of sales in proportion to the area sold in each project. The cost of sales of the Company and its subsidiaries comprises land development costs, construction costs, costs of developing common utilities, borrowing costs, as well as the costs of other goods delivered to customers under the contract, such as furniture and fixtures, which are considered integral components of the houses or condominium units delivered. Selling-related expenses, such as specific business tax and transfer fees, are recognized as expenses when the sale occurs.
During 2023–2025, the Company and its subsidiaries recorded cost of real estate sales of Baht 1,290 million, Baht 961 million, and Baht 968 million, respectively. In 2025, cost of real estate sales increased by 0.73% compared to 2024, while in 2024 such costs decreased by 25.50% compared to 2023. The increase or decrease in cost of sales was in line with the movement of revenue. In 2023–2025, the cost of sales for houses, land, and condominium units accounted for 73.38%, 75.67%, and 77.44% of revenue from real estate sales, respectively. The Company and its subsidiaries have implemented strict construction planning and closely controlled costs related to the development of common utilities and repair works across all projects.
Gross Profit
In 2023 and 2024, the Company and its subsidiaries recorded gross profit of Baht 518 million and Baht 370 million, respectively, representing gross profit margins of 26.16% and 24.37%, respectively. For 2025, the Company and its subsidiaries recorded gross profit of Baht 329 million, representing a gross profit margin of 22.11%.
Selling and Administrative Expenses
In 2023 and 2024, the Company and its subsidiaries recorded selling expenses of Baht 198 million and Baht 143 million, respectively, representing 9.89% and 9.03% of total revenue, respectively. In 2025, selling expenses amounted to Baht 133 million, representing 8.51% of total revenue. Compared to the previous year, selling expenses in 2025 decreased by Baht 10 million, or 6.99%. Such expenses varied in line with the decrease in revenue from real estate sales.
In 2023 and 2024, the Company and its subsidiaries recorded administrative expenses of Baht 246 million and Baht 256 million, respectively, representing 12.28% and 16.17% of total revenue, respectively. In 2025, administrative expenses amounted to Baht 217 million, representing 13.89% of total revenue. Compared to the previous year, administrative expenses in 2025 decreased by Baht 39 million, or 15.23%. The decrease was mainly attributable to tighter cost control measures implemented by the Company and its subsidiaries, including reductions in salaries and employee benefits, cleaning expenses, office security expenses, and letter of guarantee (LG) fees, the latter decreasing due to the release of guarantees for projects that had been fully sold.
Finance Costs
Finance costs comprise interest on borrowings for working capital, interest arising from finance lease agreements, interest on loans used for the construction of various projects—part of which is capitalized as costs of real estate development projects—as well as bank charges. In 2023 and 2024, the Company and its subsidiaries recorded finance costs of Baht 20 million and Baht 49 million, respectively, representing 1.00% and 3.10% of total revenue, respectively. In 2025, finance costs amounted to Baht 52 million, representing 3.33% of total revenue.
Net Profit (Loss)
Considering the net operating results of the Company and its subsidiaries, in 2023 the Company reported a net profit for the year (attributable to equity holders of the Company) of Baht 35 million, representing 1.75% of total revenue. In 2024, the Company and its subsidiaries reported a net loss for the year (attributable to equity holders of the Company) of Baht 51 million, representing 3.22% of total revenue. For 2025, the Company and its subsidiaries reported a net loss for the year (attributable to equity holders of the Company). For the year, net profit (attributable to equity holders of the Company) amounted to Baht 19 million, representing 1.22% of total revenue.
Return on Equity
When considering the return on equity over the past three years, the Company and its subsidiaries recorded ROE of 1.43%, (2.19%), and (0.85%) in 2023, 2024, and 2025, respectively.
Analysis of Financial Position
Assets
As of 31 December 2023, the Company and its subsidiaries had total assets of Baht 6,358 million, an increase of Baht 610 million, or 10.61%, from 2022. The Company’s principal assets consisted of real estate development project costs amounting to Baht 4,651 million, land held for future development of Baht 198 million, and investment property of Baht 898 million. These accounted for 73.15%, 3.11%, and 14.13% of total assets, respectively.
As of 31 December 2024, the Company and its subsidiaries had total assets of Baht 6,046 million, a decrease of Baht 312 million, or 4.91%, from 2023. The Company’s principal assets consisted of real estate development project costs amounting to Baht 4,536 million, land held for future development of Baht 136 million, and investment property of Baht 878 million. These accounted for 75.02%, 2.25%, and 14.52% of total assets, respectively.
As of 31 December 2025, the Company and its subsidiaries had total assets of Baht 5,393 million, a decrease of Baht 654 million, or 10.82%, from 2024. The Company’s principal assets consisted of real estate development project costs amounting to Baht 4,012 million, land held for future development of Baht 16 million, and investment property of Baht 1,003 million. These accounted for 74.40%, 0.31%, and 18.59% of total assets, respectively.
Liabilities
As of 31 December 2023, the Company and its subsidiaries had total liabilities of Baht 3,720 million, an increase of Baht 631 million, or 20.43%, from 2022. The increase was mainly attributable to short-term loans from related parties amounting to Baht 310 million, bank overdrafts and short-term borrowings from financial institutions of Baht 131 million, customer deposits and advances received of Baht 81 million, and long-term borrowings from financial institutions of Baht 170 million. The principal liabilities of the Company and its subsidiaries consisted of long-term loans from financial institutions amounting to Baht 1,712 million and unearned rental income of Baht 889 million. These represented 26.93% and 13.98% of total liabilities and shareholders’ equity, respectively.
As of 31 December 2024, the Company and its subsidiaries had total liabilities of Baht 3,479 million, a decrease of Baht 241 million, or 6.48%, from 2023. The decrease was mainly attributable to a reduction in advances received from customers of Baht 63 million and long-term borrowings from financial institutions of Baht 136 million. The principal liabilities of the Company and its subsidiaries consisted of long-term loans from financial institutions amounting to Baht 1,576 million and unearned rental income of Baht 855 million. These represented 26.07% and 14.13% of total liabilities and shareholders’ equity, respectively.
As of 31 December 2025, the Company and its subsidiaries had total liabilities of Baht 2,846 million, a decrease of Baht 634 million, or 18.22%, from 2024. The decrease was mainly due to reductions in trade and other current payables of Baht 27 million, customer deposits and advances received of Baht 72 million, and long-term borrowings from financial institutions of Baht 527 million. The principal liabilities of the Company and its subsidiaries consisted of long-term loans from financial institutions amounting to Baht 1,050 million and unearned rental income of Baht 820 million. These represented 19.46% and 15.21% of total liabilities and shareholders’ equity, respectively.
As of the year-end 2023–2025, the Company and its subsidiaries had bank overdrafts and short-term borrowings from financial institutions combined with long-term borrowings totaling Baht 1,878 million, Baht 1,743 million, and Baht 1,237 million, respectively. These represented 50.48%, 50.10%, and 43.46% of total liabilities, respectively. The principal portion of such borrowings comprised long-term loans from financial institutions amounting to Baht 1,712 million, Baht 1,576 million, and Baht 1,050 million, respectively, accounting for 46.02%, 45.30%, and 36.89% of total liabilities, respectively. The Company and its subsidiaries obtained these borrowings for use as working capital and for the development of real estate projects in accordance with project development plans. The Company has mortgaged its investment properties, including land and buildings under its projects, as collateral for long-term borrowings. Historically, the Company has repaid its borrowings in compliance with the terms and conditions specified in the respective loan agreements.
Shareholders’ Equity
As of 31 December 2023–2025, the Company and its subsidiaries had shareholders’ equity of Baht 2,637 million, Baht 2,567 million, and Baht 2,547 million, respectively.