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Wednesday, 30 November 2022, 15:00 HKT/SGT

Source: Primo Service Solutions PCL
Strong profile bodes well for PRI's entry on the MAI (SET) today
Recognized as a lead provider of complete real estate services

BANGKOK, Nov 30, 2022 - (ACN Newswire) - Primo Service Solutions PCL (SET: PRI) debuts on the Market for Alternative Investment (MAI) today (30 Nov) by highlighting its outstanding provision of comprehensive real estate-related services. PRI recorded 156.02 million baht in net profit for the first nine months of this year, representing an increase of 128.17% from the same period last year.

PRI's business covers wide-ranging services to property developers and retail customers, while it is mapping out strategies to create new services to meet all living needs. The company also focuses on expanding investments in existing businesses and developing technology to boost service efficiency.

Jatuporn Wilaikaew, Chief Executive Officer of PRI, is optimistic that PRI shares would be warmly received on the first trading day on the Stock Exchange of Thailand (SET). Her optimism is fuelled by PRI's strong fundamentals as a leading provider of comprehensive real estate-related services, before and after moving in, and after the sale of the property.

PRI's services are propelled by the adoption of modern technology with the PRIMO Plus application developed to connect and provide services to customers. The company has also leveraged on customer bases from Origin Property PCL, and general customers which entered into long-term and occasional service contracts with PRI.

Those factors help securing revenue, generating continuous growth, and elevating the company as the leader in complete real estate solution provision with sustainable growth as planned. The company's services come in three main business groups:

1. Pre-Living Services including consulting and construction supervision, architectural design services, structural engineering, and building systems.

2. Real estate management business (Living Services) such as juristic person management for condominiums, housing estates, and office buildings; real estate brokerage services, real estate management services for long-term rental, among others.

3. Real estate after-sales service business (Living & Earning Services) like home interior design and decoration services for condominiums and common areas of real estate projects; cleaning services for houses and common areas of real estates, office buildings, and factories; mechanic and haulage services

The company has a strategy to offer more diverse services to meet every living need in every rhythm of life under the slogan of 'At Your Service, Every Moment' and become the first brand of choice when it comes to services related to real estate.

The company is also planning to expand investments in businesses related to its core lines as a means to increase potential and strength in operations.

PRI is studying the possibility of expanding the business, giving importance to investment in technology development to increase convenience, speed, and efficiency in reaching target customers and better responding to customer needs.

PRI saw its revenues rising consistently over the past three years, from 255.69 million baht in 2019 to 266.51 million baht in 2020 before jumping to 489.56 million baht in 2021 - an average annual growth rate of 30.48%.

Likewise, its net profit rose from 34.52 million baht in 2019 to 40.05 million baht in 2020 and 111.25 million baht in 2021, an average growth of 74.09% per year.

For the first nine months of this year, PRI's revenue soared by 95.92% from the same period last year to 604.26 million baht, while net profit leaped 128.17% to 156.02 million baht. This was due to the continued strong performance of its three business lines.

The return on assets (ROA) for the first nine months of this year was 61.62% and the return on equity (ROE) was 81.20%.

Prasert Tantayawit, Managing Director of Asia Plus Advisory Co., Ltd. which serves as the financial adviser for PRI, noted that PRI is blessed with strong fundamentals with more than 11 years of experience in the business.

The company possesses a variety of strengths particularly being the first to provide a full range of real estate-related services, from start to finish, for developers of real estate projects and meeting the residential needs of retail customers.

That gives PRI competitive advantages and being able to differentiate itself from other players.

PRI has a customer base of real estate projects and retail customers of Origin Property, its parent firm which is one of the country's leading real estate developers and provides services to property projects and retail customers in general.

Moreover, its provision of a long-term service contract for customers has ensured a steady flow of revenue.

PRI's business operations will benefit from the overall recovery of the real estate business, the launch of many new projects, and the lifestyle of today's residents who want more convenience.

By listing on the MAI will allow funds for PRI to expand the current forms of business and technology development and for use as working capital, he added.

Yodrudee Santatikul, Executive Director of Asia Plus Securities Co., Ltd. which acts as the underwriter of IPR, said the IPR's initial public offering has been enthusiastically received by investors with the number of subscriptions surpassing the allotment.

As a result, the IPO price was closed at 15 baht per share, totaling 80 million shares, or 25% of the total issued and paid-up ordinary shares of the company.

The offering of newly issued ordinary shares was according to the target with a security value at the IPO price of 4,800 million baht.

PRI possesses good potential with outstanding growth performance for it being able to extensive services that meet the needs of customers which are real estate developers and retail customers in a one-stop service provision.

The continuation of its business expansion would also make PRI shares an investment of choice, she concluded.

For more information, visit https://primo.co.th [SET: PRI] [SET: PRI/F] [SET: PRI-R]
Released for Primo Service Solutions PCL by MT Multimedia Co Ltd
Thiyaporn Sriadunphan (Dah), T: +66 (0) 87 556 6974, E: thiyaporn.s@mtmultimedia.com

Topic: IPO
Source: Primo Service Solutions PCL

Sectors: Real Estate & REIT, Funds & Equities
From the Asia Corporate News Network

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