Supalai Public Company (SPALI) Q2 2025 earnings summary

Executive summary

• 1H25 pre-sales reached 11,860 million Baht, down 11% year-over-year from 13,361 million Baht in 1H24.

• Revenue for the six months ended 30 June 2025 was THB 12,330 million, down from THB 12,807 million year-over-year.

• Net profit for 1H25 was 1,509 million Baht, down 32% year-over-year.

• Basic earnings per share for 1H25 was 0.78 Baht, down from 1.13 Baht in 1H24.

Financial highlights

• Gross margin for 1H25 was 34.2%, compared to 36.0% in 1H24.

• Total assets as of 30 June 2025 stood at THB 97,901 million, up from THB 96,231 million at year-end 2024.

• S&A expenses rose to 17.4% of total revenues in 1H25 from 14.0% in 1H24.

• Net profit margin declined to 14.1% from 17.3% year-over-year.

• Earnings before tax for 1H25 were 2,045 million Baht, a 31% decrease year-over-year.

Outlook and guidance

• 2025 pre-sales target is 32,000 million Baht, with 41% expected from low-rise provincial projects.

• 2025 revenue target is 35,501 million Baht.

• 36 new projects planned for 2025, totaling 46,000 million Baht in value.

• An interim dividend of THB 0.55 per share (THB 1,045 million total) was declared post-period, to be paid in September 2025.

• Management expects continued investment in property development, including new joint ventures.