Financial Statement Q2 2025

Aug 13, 2025 at 1:39 AM UTC · MarketScreener

Quality Houses Public Company Limited and its subsidiaries

Review report and consolidated and separate financial information

For the three-month and six-month periods ended 30 June 2025

Independent Auditor's Report on Review of Interim Financial Information

To the Shareholders of Quality Houses Public Company Limited

I have reviewed the accompanying consolidated financial information of Quality Houses Public Company Limited and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 30 June 2025, the related consolidated statements of comprehensive income for the three-month and six-month periods then ended, and the related consolidated statements of changes in shareholders' equity and cash flows for the six-month period then ended, as well as the condensed notes to the interim consolidated financial statements. I have also reviewed the separate financial information of Quality Houses Public Company Limited for the same periods (collectively "the interim financial information"). Management is responsible for the preparation and presentation of this interim financial information in accordance with Thai Accounting Standard 34 Interim Financial Reporting. My responsibility is to express a conclusion on this interim financial information based on my review.

Scope of review

I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with Thai Accounting Standard 34 Interim Financial Reporting.

Pimjai Manitkajohnkit

Certified Public Accountant (Thailand) No. 4521

EY Office Limited Bangkok: 8 August 2025

Consolidated financial statements Separate financial statements

		30 June	31 December	30 June	31 December
	Note	2025	2024	2025	2024
		(Unaudited	(Audited)	(Unaudited	(Audited)
		but reviewed)		but reviewed)
Assets
Current assets
Cash and cash equivalents	2	1,295,611	1,463,215	270,589	397,556
Trade and other current receivables	2, 3	79,357	102,247	31,186	32,624
Land and construction in progress	4	19,557,219	20,859,900	11,270,528	11,891,372
Advance for construction work		2,053	2,531	1,509	1,531
Advance for construction material		38,101	38,729	30,109	30,376
Asset recognised in respect of cost to obtain
contracts with customers		8,414	10,089	8,414	10,089
Other current assets		141,057	78,612	44,173	4,789
Total current assets		21,121,812	22,555,323	11,656,508	12,368,337
Non-current assets
Investments in subsidiaries	5	-	-	8,295,735	8,323,410
Investments in associates	6	12,498,889	12,290,075	12,498,889	12,290,075
Long-term loans to and interest receivables
- related parties	2	-	-	7,325,061	7,687,992
Investment properties		443,319	450,291	443,319	450,291
Property, plant and equipment		1,339,865	1,373,462	182,248	183,870
Right-of-use assets		1,220,652	1,330,535	118,827	132,043
Land and project development costs	7	6,337,310	6,005,094	518,775	518,775
Deferred tax assets		796,483	790,965	229,153	213,915
Other non-current assets	2	24,546	25,541	17,929	18,460
Total non-current assets		22,661,064	22,265,963	29,629,936	29,818,831
Total assets		43,782,876	44,821,286	41,286,444	42,187,168

The accompanying notes to interim financial statements are an integral part of the financial statements.

Consolidated financial statements Separate financial statements

		30 June	31 December	30 June	31 December
	Note	2025	2024	2025	2024
		(Unaudited	(Audited)	(Unaudited	(Audited)
		but reviewed)		but reviewed)
Liabilities and shareholders' equity
Current liabilities
Short-term loans from financial institution		-	995,613	-	995,613
Trade and other current payables	2	332,040	478,106	153,001	257,863
Current portion of long-term loans	8	873,262	873,352	873,262	873,352
Current portion of unsecured debentures	9	3,269,278	3,268,929	3,269,278	3,268,929
Current portion of lease liabilities	2	219,908	226,995	29,365	39,503
Corporate income tax payable		14,841	35,169	-	21,182
Other current provisions	10	722,340	728,042	396,769	393,176
Advance received from customers		95,294	80,218	55,155	46,226
Deposits for rental and service	2	28,191	34,292	21,866	25,782
Retention guarantees		269,252	281,161	119,511	128,604
Current portion of rental income received
in advance	2	27,224	27,224	27,224	27,224
Other current liabilities	2	323,036	340,968	137,916	133,139
Total current liabilities		6,174,666	7,370,069	5,083,347	6,210,593
Non-current liabilities
Long-term loans, net of current portion	8	498,756	1,185,122	498,756	1,185,122
Unsecured debentures, net of current portion	9	5,724,541	4,807,274	5,724,541	4,807,274
Lease liabilities, net of current portion	2	1,124,680	1,235,726	107,468	122,315
Non-current provision for employee benefits		284,164	279,184	173,735	170,701
Other non-current provisions	10	316,682	291,304	39,256	38,701
Rental income received in advance - net of
current portion	2	283,545	297,008	283,545	297,008
Deferred tax liabilities		46	145	-	-
Deferred compensatory damage income	18	40,850	40,850	40,850	40,850
Other non-current financial liabilities		16,394	10,087	16,394	10,087
Total non-current liabilities		8,289,658	8,146,700	6,884,545	6,672,058
Total liabilities		14,464,324	15,516,769	11,967,892	12,882,651

The accompanying notes to interim financial statements are an integral part of the financial statements.

Consolidated financial statements Separate financial statements

30 June 31 December 30 June 31 December

Note 2025 2024 2025 2024

(Unaudited (Audited) (Unaudited (Audited) but reviewed) but reviewed)

Shareholders' equity

Share capital Registered

10,714,426,091 ordinary shares of Baht 1 each 10,714,426 10,714,426 10,714,426 10,714,426

Issued and fully paid

10,714,381,645 ordinary shares of Baht 1 each		10,714,382	10,714,382	10,714,382	10,714,382
Share premium		379,246	379,246	379,246	379,246
Treasury shares	11	(122)	-	(122)	-
Retained earnings
Appropriated - statutory reserve		1,071,443	1,071,443	1,071,443	1,071,443
Appropriated - treasury shares reserve	11	122	-	122	-
Unappropriated		17,660,604	17,869,434	17,660,604	17,869,434
Other components of shareholders' equity		(507,123)	(729,988)	(507,123)	(729,988)
Total shareholders' equity		29,318,552	29,304,517	29,318,552	29,304,517
Total liabilities and shareholders' equity		43,782,876	44,821,286	41,286,444	42,187,168
		-	-	-	-

The accompanying notes to interim financial statements are an integral part of the financial statements.

Directors

Revenue from sales of real estate		1,392,898	2,006,486	736,109	1,208,083
Revenue from hotel operations		304,937	331,404	-	40,028
Revenue from office rental operations	2	15,484	33,830	15,484	33,830
Other income
Income from forfeiture of booking and down payments		192	206	22	76
Others	2	48,420	70,003	24,719	33,649
Total revenues		1,761,931	2,441,929	776,334	1,315,666
Expenses
Cost of real estate sold	2	1,066,341	1,411,254	535,780	813,132
Cost of hotel operations	2	208,271	192,657	-	23,360
Cost of office rental operations		8,949	11,145	8,949	11,145
Selling expenses		117,539	149,324	42,924	73,231
Administrative expenses	2	344,240	350,624	204,481	205,740
Total expenses		1,745,340	2,115,004	792,134	1,126,608
Profit (loss) from operating activities		16,591	326,925	(15,800)	189,058
Share of profit (loss) from investments in subsidiaries	5	-	-	(18,651)	76,302
Share of profit from investments in associates	6	388,548	421,618	388,548	421,618
Interest income	2	3,759	989	54,080	47,053
Finance cost		(53,427)	(57,572)	(74,376)	(71,265)
Profit before income tax expenses		355,471	691,960	333,801	662,766
Income tax revenue (expenses)	14	(21,122)	(71,963)	548	(42,769)
Profit for the period		334,349	619,997	334,349	619,997
Other comprehensive income:
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Share of other comprehensive income of associates - net of income tax	6, 14	63,696	(7,217)	63,696	(7,217)
Other comprehensive income to be reclassified
to profit or loss in subsequent periods - net of income tax		63,696	(7,217)	63,696	(7,217)
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Share of other comprehensive income of associates - net of income tax	6, 14	(10,555)	(37,613)	(10,555)	(37,613)
Other comprehensive income not to be reclassified to profit or loss
in subsequent periods - net of income tax		(10,555)	(37,613)	(10,555)	(37,613)
Other comprehensive income for the period		53,141	(44,830)	53,141	(44,830)
Total comprehensive income for the period		387,490	575,167	387,490	575,167
Earnings per share:	12
Basic earnings per share
Profit attributable to equity holders of the Company		0.03	0.05	0.03	0.05

Revenue from sales of real estate		2,355,618	3,342,299	1,192,839	1,923,662
Revenue from hotel operations		688,165	699,131	-	112,689
Revenue from office rental operations	2	34,675	65,213	34,675	65,213
Other income
Income from forfeiture of booking and down payments		289	401	89	127
Others	2	105,445	131,706	51,185	61,417
Total revenues		3,184,192	4,238,750	1,278,788	2,163,108
Expenses
Cost of real estate sold	2	1,807,964	2,334,239	878,525	1,294,303
Cost of hotel operations	2	461,965	395,843	-	57,559
Cost of office rental operations		18,013	22,171	18,013	22,171
Selling expenses		226,076	271,376	72,173	124,548
Administrative expenses	2	701,725	756,269	405,977	408,641
Total expenses		3,215,743	3,779,898	1,374,688	1,907,222
Profit (loss) from operating activities		(31,551)	458,852	(95,900)	255,886
Share of profit (loss) from investments in subsidiaries	5	-	-	(27,675)	94,893
Share of profit from investments in associates	6	885,702	866,306	885,702	866,306
Interest income	2	5,285	2,006	106,910	91,677
Finance cost		(108,841)	(112,103)	(147,913)	(137,777)
Profit before income tax expenses		750,595	1,215,061	721,124	1,170,985
Income tax revenue (expenses)	14	(14,233)	(104,971)	15,238	(60,895)
Profit for the period		736,362	1,110,090	736,362	1,110,090
Other comprehensive income:
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Share of other comprehensive income of associates - net of income tax	6, 14	136,626	22,745	136,626	22,745
Other comprehensive income to be reclassified
to profit or loss in subsequent periods - net of income tax		136,626	22,745	136,626	22,745
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Share of other comprehensive income of associates - net of income tax	6, 14	(1,685)	(36,190)	(1,685)	(36,190)
Other comprehensive income not to be reclassified to profit or loss
in subsequent periods - net of income tax		(1,685)	(36,190)	(1,685)	(36,190)
Other comprehensive income for the period		134,941	(13,445)	134,941	(13,445)
Total comprehensive income for the period		871,303	1,096,645	871,303	1,096,645
Earnings per share:	12
Basic earnings per share
Profit attributable to equity holders of the Company		0.07	0.10	0.07	0.10

Consolidated financial statements

Other components of shareholders' equity Other comprehensive income

		Issued and				Retained earnings		Surplus on	Share of other comprehensive	Total other components of
		paid-up			Appropriated	Appropriated		changes in value	income	shareholders'
	Note	share capital	Share premium	Treasury shares -	statutory reserve	- treasury shares reserve	Unappropriated	of financial assets	of associates	equity	Total
Balance as at 1 January 2024		10,714,382	379,246	-	1,071,443	-	17,335,441	1	(1,127,983)	(1,127,982)	28,372,530
Profit for the period		-	-	-	-	-	1,110,090	-	-	-	1,110,090
Other comprehensive income for the period		-	-	-	-	-	-	-	(13,445)	(13,445)	(13,445)
Total comprehensive income for the period		-	-	-	-	-	1,110,090	-	(13,445)	(13,445)	1,096,645
Investment in equity instruments derecognised
of associate during the period		-	-	-	-	-	(138,694)	-	138,694	138,694	-
Dividend paid	13	-	-	-	-	-	(1,071,390)	-	-	-	(1,071,390)
Balance as at 30 June 2024		10,714,382	379,246	-	1,071,443	-	17,235,447	1	(1,002,734)	(1,002,733)	28,397,785
Balance as at 1 January 2025		10,714,382	379,246	-	1,071,443	-	17,869,434	1	(729,989)	(729,988)	29,304,517
Profit for the period		-	-	-	-	-	736,362	-	-	-	736,362
Other comprehensive income for the period		-	-	-	-	-	-	-	134,941	134,941	134,941
Total comprehensive income for the period		-	-	-	-	-	736,362	-	134,941	134,941	871,303
Treasury shares	11	-	-	(122)	-	122	(122)	-	-	-	(122)
Investment in equity instruments derecognised
of associate during the period		-	-	-	-	-	(87,924)	-	87,924	87,924	-
Dividend paid	13	-	-	-	-	-	(857,146)	-	-	-	(857,146)
Balance as at 30 June 2025		10,714,382	379,246	(122)	1,071,443	122	17,660,604	1	(507,124)	(507,123)	29,318,552

The accompanying notes to interim financial statements are an integral part of the financial statements.

Separate financial statements

		Issued and				Retained earnings		Surplus on	Share of other comprehensive	Total other components of
		paid-up			Appropriated	Appropriated		changes in value	income	shareholders'
	Note	share capital	Share premium	Treasury shares -	statutory reserve	- treasury shares reserve	Unappropriated	of financial assets	of associates	equity	Total
Balance as at 1 January 2024		10,714,382	379,246	-	1,071,443	-	17,335,441	1	(1,127,983)	(1,127,982)	28,372,530
Profit for the period		-	-	-	-	-	1,110,090	-	-	-	1,110,090
Other comprehensive income for the period		-	-	-	-	-	-	-	(13,445)	(13,445)	(13,445)
Total comprehensive income for the period		-	-	-	-	-	1,110,090	-	(13,445)	(13,445)	1,096,645
Investment in equity instruments derecognised
of associate during the period		-	-	-	-	-	(138,694)	-	138,694	138,694	-
Dividend paid	13	-	-	-	-	-	(1,071,390)	-	-	-	(1,071,390)
Balance as at 30 June 2024		10,714,382	379,246	-	1,071,443	-	17,235,447	1	(1,002,734)	(1,002,733)	28,397,785
Balance as at 1 January 2025		10,714,382	379,246	-	1,071,443	-	17,869,434	1	(729,989)	(729,988)	29,304,517
Profit for the period		-	-	-	-	-	736,362	-	-	-	736,362
Other comprehensive income for the period		-	-	-	-	-	-	-	134,941	134,941	134,941
Total comprehensive income for the period		-	-	-	-	-	736,362	-	134,941	134,941	871,303
Treasury shares	11	-	-	(122)	-	122	(122)	-	-	-	(122)
Investment in equity instruments derecognised
of associate during the period		-	-	-	-	-	(87,924)	-	87,924	87,924	-
Dividend paid	13	-	-	-	-	-	(857,146)	-	-	-	(857,146)
Balance as at 30 June 2025		10,714,382	379,246	(122)	1,071,443	122	17,660,604	1	(507,124)	(507,123)	29,318,552

Other components of shareholders' equity Other comprehensive income

The accompanying notes to interim financial statements are an integral part of the financial statements.

Consolidated financial statements Separate financial statements

2025

2024

2025

2024

Cash flows from operating activities

Profit before tax

750,595

1,215,061

721,124

1,170,985

Adjustments to reconcile profit before tax to net cash provided by (paid from)

operating activities:

Decrease in land and construction in progress as a result

of transferring to cost of sales	1,781,730	2,300,001		832,058		1,246,699
Depreciation	47,736	49,461		9,633		10,421
Depreciation of right-of-use assets	109,883	82,090		13,216		13,289
Reversal of allowance for expected credit losses	(408)	(1,895)		-		(476)
Unrealised loss (gain) on exchange	5,353	(9,121)		-		-
Loss on change in fair value of derivatives	6,307	2,939		6,307		2,939
Share of loss (profit) from investments in subsidiaries	-	-		27,675		(94,893)
Share of profit from investments in associates	(885,702)	(866,306)		(885,702)		(866,306)
Income from forfeiture of booking and down payments	(289)	(401)		(89)		(127)
Interest income	(5,285)	(2,006)		(106,910)		(91,677)
Loss (gain) on sales of equipment	119	(6,287)		(2)		(6,159)
Provision for loss arising from litigations	28,677	66,942		2,739		4,491
Reversal of provision for loss arising from litigations	(722)	(910)		(545)		(910)
Reversal of provision for loss on diminution in value of projects	(40,506)	(31,689)		(2,204)		(2,610)
Provision for housing repairment	20,367	27,683		10,351		15,949
Provision for employee benefits	12,844	12,295		7,279		7,412
Transfer deferred financial fees to finance cost	2,782	2,356		2,782		2,356
Interest expenses	78,479	89,675		139,443		126,882
Interest expenses from lease liabilities Profit from operating activities before changes in	23,221	13,856		2,865		3,644
operating assets and liabilities Decrease (increase) in operating assets Trade and other current receivables	1,935,181 17,945		2,943,744 17,934		780,020 1,438		1,541,909 (3,764)
Land and construction in progress	(374,745)		(1,305,487)		(179,416)		(794,975)
Advance for construction work	478		-		22		-
Advance for construction material	628		2,049		267		1,987
Other current assets	(35,028)		(32,086)		(23,442)		(24,355)
Land and project development costs	(305,545)		(1,120,992)		-		(312,320)
Deposits for purchase of land	-		(50,280)		-		-
Other non-current assets Increase (decrease) in operating liabilities Trade and other current payables	995 (141,524)		175 (178,489)		531 (100,320)		(32) (127,919)
Advance received from customers	1,902		41,533		(4,444)		42,684
Deposits for rental and service	(6,101)		994		(3,916)		(670)
Retention guarantees	(11,909)		7,711		(9,093)		6,156
Other current liabilities	(44,001)		(18,241)		(1,982)		11,655
Cash paid for litigation compensation	(2,577)		(14,895)		(1,639)		(14,895)
Cash paid for long-term employee benefits	(7,864)		(5,278)		(4,245)		(4,762)
Cash flows from operating activities	1,027,835		288,392		453,781		320,699
Cash paid for income tax	(65,920)		(130,374)		(35,449)		(81,802)
Net cash flows from operating activities	961,915		158,018		418,332		238,897

The accompanying notes to interim financial statements are an integral part of the financial statements.

Consolidated financial statements Separate financial statements

	2025	2024	2025	2024
Cash flows from investing activities
Dividends received from associates	794,855	745,109	794,855	745,109
(Increase) decrease in long-term loans to related party	-	-	360,500	(261,000)
Interest income	5,285	2,006	109,341	92,041
(Increase) decrease in property, plant and equipment - net of disposals	(7,286)	3,231	(1,037)	6,940
Cash received from decreasing of the company's paid-up capital of associate company	16,974	-	16,974	-
Net cash flows from investing activities	809,828	750,346	1,280,633	583,090
Cash flows from financing activities
Increase (decrease) in short-term loans from financial institution	(1,000,000)	1,400,000	(1,000,000)	1,400,000
Cash received from long-term loan	-	1,500,000	-	1,500,000
Repayment of long-term loans	(687,500)	(375,000)	(687,500)	(375,000)
Cash received from issuance of debenture	1,855,314	2,500,000	1,855,314	2,500,000
Cash paid for redemption of debentures	(1,000,000)	(4,500,000)	(1,000,000)	(4,500,000)
Cash paid for treasury shares	(122)	-	(122)	-
Dividend paid	(857,146)	(1,071,390)	(857,146)	(1,071,390)
Cash paid for financial fees	(2,258)	(6,826)	(2,258)	(6,826)
Cash paid for interest expenses	(106,281)	(132,295)	(106,371)	(134,349)
Cash paid for lease liabilities	(141,354)	(104,675)	(27,849)	(27,849)
Net cash flows from financing activities	(1,939,347)	(790,186)	(1,825,932)	(715,414)
Net increase (decrease) in cash and cash equivalents	(167,604)	118,178	(126,967)	106,573
Cash and cash equivalents at beginning of period	1,463,215	1,347,699	397,556	341,654
Cash and cash equivalents at end of period	1,295,611	1,465,877	270,589	448,227
	-		-
Supplemental cash flows information
Non-cash transactions
Transfer of land and project development costs to land and construction in progress	-	1,255,901	-	1,255,901
Transfer of deposits for purchase of land to land and project development costs	-	72,131	-	-
Interest expenses recorded as cost of projects and property, plant and equipment	90,468	75,400	29,594	40,248
Increase (decrease) in share of other comprehensive income
of associates - net of income tax	134,941	(13,445)	134,941	(13,445)
Increase in right-of-use assets due to new lease agreements	-	400,204	-	-

The accompanying notes to interim financial statements are an integral part of the financial statements.

Quality Houses Public Company Limited and its subsidiaries Condensed notes to interim financial statements For the three-month and six-month periods ended 30 June 2025

General information
1. Corporate information
  Quality Houses Public Company Limited ("the Company") is a public company incorporated and domiciled in Thailand. The Company is principally engaged in property development. The registered office of the Company is at 7th Floor, Q. House Lumpini Building, No.1 South Sathorn Road, Tungmahamek, Sathorn, Bangkok.
2. Basis for preparation of interim financial information
  This interim financial information is prepared in accordance with Thai Accounting Standard No. 34 Interim Financial Reporting, with the Company presenting condensed interim financial statements. The Company has presented the statements of financial position, comprehensive income, changes in shareholders' equity and cash flows in the same format as that used for the annual financial statements and has presented notes to the interim financial statements on a condensed basis.
  The interim financial information is intended to provide information additional to that included in the latest annual financial statements. Accordingly, they focus on new activities, events and circumstances so as not to duplicate information previously reported. These interim financial information should therefore be read in conjunction with the latest annual financial statements.
  The interim financial information in Thai language is the official statutory financial information of the Company. The interim financial information in English language has been translated from the Thai language interim financial information.
3. Basis of consolidation
  The interim financial information include the financial statements of Quality Houses Public Company Limited ("the Company") and its subsidiary companies ("the subsidiaries") (collectively as "the Group") and has been prepared by applying on the same basis as that applied for the preparation of the consolidated financial statements for the year ended 31 December 2024, with no changes in structure of subsidiaries during the current period.
4. Accounting policies
  The interim financial information is prepared by using the same accounting policies and methods of computation as were used for the financial statements for the year ended 31 December 2024 with the additional accounting policy regarding treasury shares disclosed as follows:
  Treasury shares
  The Group's own equity instruments that have been reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellateion of the Group's own equity instruments.
  Any difference between the carrying amount and the consideration received, if reissued, is recognised in share premium.
  The revised financial reporting standards which are effective for fiscal years beginning on or after 1 January 2025, do not have any significant impact on the Group's financial statements.
Related party transactions

During the periods, the Group had significant business transactions with its related parties. These transactions which have been concluded on commercial terms and bases agreed upon in the ordinary course of businesses between the Group and those related parties. There were no significant changes in the transfer pricing policy of transactions with related parties during the current periods. Below is a summary of significant related party transactions:

(Unit: Million Baht) For the three-month periods ended 30 June Consolidated Separate

financial statements financial statements

	2025	2024	2025	2024
Transactions with subsidiaries (eliminated from the consolidated financial statements)
Interest income	-	-	52	46
Material cost	-	-	-	13
Transactions with associates
Goods and service cost	5	2	2	1
Rental expenses	111	85	8	9
Building management income	16	20	5	5
Office rental income	10	18	10	18
Other service income	1	-	1	-
Interest income	3	1	2	-
Dividend income	772	705	772	705
Transactions with related companies
Material cost	4	11	-	5
Building management income	7	7	1	1
Office rental income	5	8	5	8
Other service income	1	1	-	-

(Unit: Million Baht) For the six-month periods ended 30 June Consolidated Separate

financial statements financial statements

	2025	2024	2025	2024
Transactions with subsidiaries (eliminated from the consolidated financial statements)
Interest income	-	-	105	91
Material cost	-	-	4	69
Transactions with associates
Goods and service cost	10	7	6	4
Rental expenses	258	173	16	17
Building management income	34	35	12	12
Office rental income	20	36	20	36
Other service income	2	-	2	-
Interest income	5	2	2	-
Dividend income	795	745	795	745
Transactions with related companies
Material cost	9	26	-	17
Building management income	15	16	2	3
Office rental income	10	13	10	13
Other service income	2	2	-	-

The balances of the accounts between the Group and those related parties are as follows:

(Unit: Thousand Baht) Consolidated financial statements Separate financial statements

30 June

2025

31 December

2024

30 June

2025

31 December

2024

(Audited) (Audited)

Deposits at financial institution (shown under cash and cash equivalents)

Associate

Land and Houses Bank Plc. 876,755 1,160,603 134,675 328,487

Trade and other current receivables - related parties (Note 3)

Trade accounts receivable - related parties

Associates

139

261

139

261

Related companies (common directors

or common shareholders)

306

668

306

668

Total trade accounts receivable - related parties

445

929

445

929

(Unit: Thousand Baht)

Consolidated financial statements Separate financial statements
	30 June		31 December		30 June		31 December
	2025		2024		2025		2024
			(Audited)				(Audited)
Other current receivables - related parties
Subsidiaries	-		-		9,992		10,201
Associates	33,090		33,644		19,393		16,138
Related companies (common directors or common shareholders)	5,095		9,702		559		2,770
Total other current receivables - related parties	38,185		43,346		29,944		29,109
Total	38,630		44,275		30,389		30,038
Deposit for rental and service - related party (shown under other non-current assets)
Associate		7,552		7,553		7,552		7,553
Trade and other current payables - related parties
Trade accounts payable - related parties
Subsidiaries		-		-		1,648		1,528
Related companies (common directors or common shareholders)		3,161		2,823		-		905
Total trade accounts payable - related parties		3,161		2,823		1,648		2,433
Other current payable - related parties
Subsidiaries		-		-		591		591
Associates		3,001		4,189		1,569		1,937
Related company (common directors
or common shareholders)		7		13		-		-
Total other current payable - related parties		3,008		4,202		2,160		2,528
Total		6,169		7,025		3,808		4,961
Deposit for rental and service - related parties
Associates		9,131		9,131		9,131		9,131
Related companies (common directors
or common shareholders)		4,115		4,115		4,115		4,115
Total		13,246		13,246		13,246		13,246
Accrued expenses - related parties (shown under other current liabilities)
Subsidiaries		-		-		-		14
Associate		47,424		62,095		-		-
Total		47,424		62,095		-		14
Rental income received in advance - related party
Associate
Current portion		27,224		27,224		27,224		27,224
Non-current portion		283,545		297,008		283,545		297,008
Total		310,769		324,232		310,769		324,232

	30 June 31 December 30 June	31 December
	2025 2024 2025	2024
	(Audited)	(Audited)
Lease liabilities - related parties
Associates
Lease payments	1,463,569 1,591,673 136,861	152,285
Less: Deferred interested	(134,709) (157,502) (10,810)	(13,371)
Total	1,328,860 1,434,171 126,051	138,914
Less: Current portion	(215,543) (212,016) (26,450)	(25,940)
Lease liabilities - net of current portion	1,113,317 1,222,155 99,601	112,974
		(Unit: Thousand Baht)
	Consolidated Separate financial statements financial statements
	30 June 31 December 30 June 31 December 2025 2024 2025 2024	Interest policy
	(Audited) (Audited)	(% p.a.)

(Unit: Thousand Baht) Consolidated financial statements Separate financial statements

Long-term loans to and interest receivables - related parties

Subsidiary

Casa Ville Co., Ltd. Related party Harbour View Corporation	- 74,761	- 78,086	7,325,061 -	7,687,992 -	2.51% to 3.21% SOFR + 3.43%, 4.00%
					and 8.00%
Total	74,761	78,086	7,325,061	7,687,992
Less: Allowance for expected credit losses	(74,761)	(78,086)	-	-
Net	-	-	7,325,061	7,687,992

During the period, the movements of loans to and interest receivables and loan from and accrued interest with related parties were as follows:

1 January

(Unit: Thousand Baht) Consolidated financial statements

30 June

2025 Increase Decrease 2025

Long-term loans to and interest receivables - related party

Related party
Harbour View Corporation	78,086	- (3,325)	74,761
Less: Allowance for expected credit losses	(78,086)	- 3,325	(74,761)
Net	-	- -	-

1 January

(Unit: Thousand Baht) Separate financial statements

30 June

2025 Increase Decrease 2025

Long-term loans to and interest receivables - related party

Subsidiary

Casa Ville Co., Ltd.	7,687,992	126,840		(489,771)		7,325,061
Short-term loan from and interest payables - related party
Subsidiaries Q.H. International Co., Ltd.	-		450,072		(450,072)		-
Centre Point Hospitality Co., Ltd.	-		110,029		(110,029)		-
Total	-		560,101		(560,101)		-
Directors and management's benefits

During the three-month and six-month periods ended 30 June 2025 and 2024, the Group had employee benefit expenses payable to their directors and management as below:

(Unit: Million Baht)

Consolidated and separate financial statements

		2025	2024	2025	2024
	Short-term employee benefits Long-term post-employment benefits	14 -	15 -	30 -	31 -
	Total	14	15	30	31
3.	Trade and other current receivables

For the three-month periods ended 30 June

For the six-month periods ended 30 June

Consolidated financial statements

(Unit: Thousand Baht)

Separate financial statements

30 June

2025

31 December

2024

30 June

2025

31 December

2024

Trade accounts receivable - related parties (Note 2) Aged of receivables

(Audited) (Audited)

Up to 3 months 445 929 445 929

Total trade accounts receivable

- related parties 445 929 445 929

Consolidated financial statements

(Unit: Thousand Baht)

Separate financial statements

30 June

2025

31 December

2024

30 June

2025

31 December

2024

Trade accounts receivable - unrelated parties Aged of receivables

(Audited) (Audited)

Up to 3 months	40,530	57,159		496		1,604
3 - 6 months	141	63		128		-
6 - 12 months	4	14		-		-
Over 12 months	521	782		-		-
Total trade accounts receivable -
unrelated parties	41,196		58,018		624		1,604
Less: Allowance for expected
credit losses	(839)		(1,247)		-		-
Total trade accounts receivable -
unrelated parties, net	40,357		56,771		624		1,604
Total trade accounts receivable - net	40,802		57,700		1,069		2,533
Other current receivables
Other current receivables - related
parties (Note 2)	38,185		43,346		29,944		29,109
Other current receivables - unrelated
parties	370		1,201		173		982
Total other current receivables	38,555		44,547		30,117		30,091
Total trade and other current receivables - net	79,357		102,247		31,186		32,624

Land and construction in progress

(Unit: Thousand Baht)

	30 June	31 December	30 June	31 December
	2025	2024	2025	2024
Land and construction in progress	20,091,134	(Audited) 21,434,321	11,408,808	(Audited) 12,031,856
Less: Provision for loss on diminution in value of projects	(533,915)	(574,421)	(138,280)	(140,484)
Land and construction in progress - net	19,557,219	20,859,900	11,270,528	11,891,372

Consolidated Separate financial statements financial statements

Movements in the provision for loss on diminution in value of projects during the six-month period ended 30 June 2025 are summarised below:

Consolidated financial statements

(Unit: Thousand Baht)

Separate financial statements

Balance as at 1 January 2025 574,421 140,484 Provision reversal according to revenue

recognition during the period (40,506) (2,204)

Balance as at 30 June 2025 533,915 138,280

Investments in subsidiaries

Details of investments in subsidiaries as presented in separate financial statements are as follows:

(Unit: Thousand Baht)

Separate financial statements

	30 June	31 December	30 June	31 December
	2025	2024	2025	2024
		(Audited)		(Audited)
Casa Ville Co., Ltd.	2,999,999	2,999,999	7,885,382	7,953,153
Q.H. International Co., Ltd.	25,000	25,000	443,824	411,323
Property Host Co., Ltd.	5,000	5,000	3,883	4,122
Centre Point Hospitality Co., Ltd. The Confidence Co., Ltd.* Q.H. Management Co., Ltd. (and 19% held through The Confidence Co., Ltd.) Q.H. International (BVI) Co., Ltd.** Casa Ville (Rayong 2553) Co. Ltd.* Casa Ville (Petchburi 2553) Co. Ltd.* Q. House Precast Co., Ltd.* Gusto Village Co., Ltd.* Casa Ville (Chonburi 2554) Co., Ltd.* Casa Ville (Prachuapkhirikhan 2554) Co., Ltd.*	4,999 - 88,635 - - - - - - -	4,999 - 88,635 - - - - - - -	(64,950) - 27,596 - - - - - - -	(72,947) - 27,759 - - - - - - -
Total	3,123,633	3,123,633	8,295,735	8,323,410
* 100% held through Casa Ville Co., Ltd.
** 100% held through Q.H. International Co., Ltd.

Company's name

Carrying amounts based on cost method - net

Carrying amounts based on equity method

Share of comprehensive income

During the periods, the Company has recognised its share of comprehensive income from investments in subsidiaries in the separate financial statements as follows:

(Unit: Thousand Baht) Separate financial statements

Company's name Share of profit (loss) from investments in subsidiaries

	2025	2024	2025	2024
Casa Ville Co., Ltd.	(37,089)	43,090	(67,771)	30,087
Q.H. International Co., Ltd.	16,080	16,847	32,501	28,854
Property Host Co., Ltd.	6	(13)	(239)	(29)
Centre Point Hospitality Co., Ltd.	2,428	16,393	7,997	36,117
Q.H. Management Co., Ltd.	(76)	(15)	(163)	(136)
Total	(18,651)	76,302	(27,675)	94,893
6. Investments in associates
6.1 Details of investments in associates

For the three-month periods ended 30 June

For the six-month periods ended 30 June

(Unit: Thousand Baht) Consolidated and separate financial statements

Company's name

Carrying amounts based on cost method

Carrying amounts based on equity method

30 June 31 December 30 June 31 December

2025 2024 2025 2024

(Audited) (Audited)

Quality House Business Complex
Leasehold Real Estate Investment Trust	1,942,435	1,959,409		1,118,532		1,089,147
Quality Houses Hotel and Residence
Freehold and Leasehold Real Estate
Investment Trust	1,052,800		1,052,800		364,281		350,411
Home Product Center Plc.	759,959		759,959		5,505,770		5,541,651
LH Financial Group Plc.	2,849,800		2,849,800		5,510,306		5,308,866
Total	6,604,994		6,621,968		12,498,889		12,290,075

Share of comprehensive income and dividend received

During the periods, the Company has summarised its share of comprehensive income and dividend received from investments in associates as follows:

(Unit: Thousand Baht)

Consolidated and separate financial statements

Company's name Share of profit (loss) from investments in associates Share of other comprehensive income of associates

For the three-month periods ended 30 June		For the six-month periods ended 30 June				For the three-month periods ended 30 June		For the six-month periods ended 30 June
2025	2024		2025	2024		2025	2024		2025	2024

Quality Houses Leasehold Property Fund - 27,674 - 59,051 - - - -Quality Houses Business Complex Leasehold

Real Estate Investment Trust 30,563 - 61,698 - - - - -

Quality Houses Hotel and Residence Freehold

and Leasehold Property Fund Quality Houses Hotel and Residence Freehold	-	(310)	-	17,834	-	-	-	-
and Leasehold Real Estate Investment Trust	4,319	4,467	52,824	4,467	-	-	-	-
Home Product Center Plc.	277,975	322,277	617,215	662,602	55	710	160	1,079
LH Financial Group Plc.	75,691	67,510	153,965	122,352	53,086	(45,540)	134,781	(14,524)
Total	388,548	421,618	885,702	866,306	53,141	(44,830)	134,941	(13,445)

(Unit: Thousand Baht)

Company's name Dividend received

2025		2024		2025	2024
Quality Houses Leasehold Property Fund	-		22,496	-		47,038
Quality Houses Business Complex Leasehold
Real Estate Investment Trust	15,339		-	15,339		-
Quality Houses Hotel and Residence Freehold
and Leasehold Property Fund	-		20,003	-		35,900
Quality Houses Holtel and Residence Freehold
and Leasehold Real Estate Investment Trust	15,792		-	38,954		-
Home Product Center Plc.	653,256		574,865	653,256		574,865
LH Financial Group Plc.	87,306		87,306	87,306		87,306
Total	771,693		704,670	794,855		745,109

For the three-month periods For the six-month periods ended 30 June ended 30 June

Fair values of investments in listed associates

In respect of investments in associated companies that are listed companies on the Stock Exchange of Thailand, their fair values are as follows:

(Unit: Million Baht)

Company's name	Fair val	ues as at
	30 June		31 December
	2025		2024
Quality House Business Complex Leasehold Real Estate
Investment Trust	683		969
Quality Houses Hotel and Residence Freehold and Leasehold
Real Estate Investment Trust	669		716
Home Product Center Plc.	16,854		24,432
LH Financial Group Plc.	2,154		2,241
Total	20,360		28,358

Quality House Business Complex Leasehold Real Estate Investment Trust "QHBREIT"

On 28 February 2025, the Quality Houses Business Complex Leasehold Real Estate Investment Trust announced a capital reduction by Baht 0.0830, from the previously par value of Baht 9.1517 per unit to Baht 9.0687 per unit. This capital reduction does not affect the existing number of investment units. The Company received a total of Baht 17 million from this reduction in March 2025.

On 25 June 2025, the Quality Houses Business Complex Leasehold Real Estate Investment Trust announced a capital reduction by Baht 0.0840, from the previously par value of Baht 9.0687 per unit to Baht 8.9847 per unit. This capital reduction does not affect the existing number of investment units. The Company received a total of Baht 17 million from this reduction in July 2025.

Home Product Center Public Company Limited "HMPRO"

During the current period, Home Product Center Public Company Limited has repurchased some of its ordinary shares, resulting in an increase in the Company's shareholding proportion in HMPRO compared to the number of shares held by external shareholders. However, the Company has not recognized any profit or loss from the repurchase of HMPRO shares, as the repurchase is solely for financial management purposes.

7. Land and project development costs

(Unit: Thousand Baht)

30 June			31 December		30 June	31 December
2025			2024		2025	2024
Land and project development costs		6,453,707		(Audited) 6,121,491	558,607		(Audited) 558,607
	Less: Provision for loss on diminution in value of projects	(116,397)		(116,397)	(39,832)		(39,832)
	Land and project development costs - net	6,337,310		6,005,094	518,775		518,775
8.	Long-term loans

Consolidated Separate financial statements financial statements

Movement of the long-term loans account during the six-month period ended 30 June 2025 are summarised below:

(Unit: Thousand Baht)

	Balance as at 1 January 2025	2,058,474
	Less: Repayment	(687,500)
	Less: Unamortised portion of deferred transaction cost	1,044
	Balance as at 30 June 2025	1,372,018
9.	Unsecured debentures

Consolidated and separate financial statements

Number of debenture (Unit) Amount (Thousand Baht)

								30 June		31 December		30 June		31 December
Type of debenture		Interest rate		Age		Maturity date		2025		2024		2025		2024
										(Audited)				(Audited)
Unsubordinated and unsecured debentures
- No. 1/2022	Fixed rate of 2.78% p.a.		3 years		5 May 2025		-		1,000,000		-		1,000,000
- No. 2/2022 (2)	Fixed rate of 3.38% p.a.		3 years		21 November 2025		720,000		720,000		720,000		720,000
- No. 3/2022	Fixed rate of 3.33% p.a.		3 years		11 December 2025		550,000		550,000		550,000		550,000
- No. 1/2023	Fixed rate of 3.32% p.a.		2 years, 9 months		18 December 2025		1,000,000		1,000,000		1,000,000		1,000,000
- No. 2/2023	Fixed rate of 3.43% p.a.		3 years		25 April 2026		1,000,000		1,000,000		1,000,000		1,000,000
- No. 1/2024	Fixed rate of 3.17% p.a.		3 years		28 February 2027		2,500,000		2,500,000		2,500,000		2,500,000
- No. 2/2024	Fixed rate of 3.18% p.a.		3 years		9 December 2027		1,500,000		1,500,000		1,500,000		1,500,000
- No. 1/2025	Fixed rate of 2.52% p.a.		3 years		5 May 2028		2,000,000		-		2,000,000		-
Total debentures - at face value								9,270,000		8,270,000		9,270,000		8,270,000
Less: Unamortised portion of deferred transaction costs												(6,095)		(5,575)
Less: Discount on debentures												(270,086)		(188,222)
Debentures - net												8,993,819		8,076,203
Less: Current portion of debentures												(3,269,278)		(3,268,929)
Debentures - net of current portion												5,724,541		4,807,274

All of unsecured debentures include covenants and restrictions. These pertain to, among other things, dividend payment and the maintenance of certain financial ratios.

Provisions

	30 June	31 December	30 June	31 December
	2025	2024	2025	2024
		(Audited)		(Audited)
Other current provisions
Provision for public utility maintenance	247,953	258,398	122,899	125,995
Provision for housing repairment	350,679	341,566	195,866	190,766
Provision for compensation for Housing Estate Juristic Persons	123,708	128,078	78,004	76,415
Total other current provisions	722,340	728,042	396,769	393,176
Other non-current provisions
Provision for litigations	316,682	291,304	39,256	38,701
Total other non-current provisions	316,682	291,304	39,256	38,701
Total	1,039,022	1,019,346	436,025	431,877

Consolidated financial statements

(Unit: Thousand Baht)

Separate financial statements

Treasury shares
On 9 May 2025, a meeting of the Company's Board of Directors passed a resolution approving a treasury share repurchase scheme for financial management purposes. The total repurchase number of shares shall not exceed 750 million shares, representing approximately 7% of the total issued and paid-up shares, and the value shall not exceed Baht 1,200 million. The shares will be repurchased on the Stock Exchange of Thailand within a 6-month period, from 4 June 2025 to 28 November 2025.
As at 30 June 2025, the Company repurchased 0.1 million ordinary shares under this treasury share scheme, representing 0.001 of the total issued and paid-up shares, amounting to Baht
0.12 million. The Company appropriated retained earnings in an equivalent amount to the treasury share reserve.

Earnings per share

Basic earnings per share for the three-month and six-month periods ended 30 June 2025 and 2024 are as follows:

Consolidated and separate financial statements

	2025	2024	2025	2024
Profit for the calculation of earnings per share (Thousand Baht)	334,349	619,997	736,362	1,110,090
Weighted average number of ordinary shares (Thousand shares)*	10,714,368	10,714,382	10,714,375	10,714,382
Basic earnings per share (Baht per share)	0.03	0.05	0.07	0.10
*Number of ordinary shares net of treasury
shares

For the three-month periods ended 30 June

For the six-month periods ended 30 June

Dividend paid

Dividends declared during six-month period ended 30 June 2025 and 2024 consist of:

	Approved by	Total dividends	Dividend per share	Paid on
		(Thousand Baht)	(Baht)
Year 2025
Dividend for the operating result of six-month	Annual General Meeting of the
period ended 31 December 2024	shareholders on 22 April 2025	857,146	0.08	20 May 2025
Year 2024
Dividend for the operating result of six-month	Annual General Meeting of the
period ended 31 December 2023	shareholders on 19 April 2024	1,071,390	0.10	16 May 2024

Income tax

Interim corporate income tax is calculated on profit before income tax for the period, using the estimated effective tax rate for the year.

Income tax expenses for the three-month and six-month periods ended 30 June 2025 and 2024 are made up as follows:

(Unit: Thousand Baht) For the three-month periods ended 30 June

Consolidated financial statements

Separate financial statements

Current income tax:

Interim income tax charge

Deferred tax:

Relating to origination and reversal of temporary differences

Income tax expenses (revenue) reported in the statements of comprehensive

2025 2024 2025 2024

7,850	61,675	-	44,034

13,272	10,288	(548)	(1,265)

income 21,122 71,963 (548) 42,769

(Unit: Thousand Baht) For the six-month periods ended 30 June

Consolidated financial statements

Separate financial statements

Current income tax:

Interim income tax charge

Deferred tax:

Relating to origination and reversal of temporary differences

Income tax expenses (revenue) reported in the statements of comprehensive

2025 2024 2025 2024

19,850	91,998	-	59,411

(5,617)	12,973	(15,238)	1,484

income 14,233 104,971 (15,238) 60,895

The amounts of income tax relating to each component of other comprehensive income for the three-month and six-month periods ended 30 June 2025 and 2024 are as follows:

(Unit: Thousand Baht) For the three-month periods ended 30 June

	2025		2024		2025		2024
Deferred tax relating to share of other comprehensive income of associates	15,808		(5,176)		15,808		(5,176)

Consolidated financial statements

Separate financial statements

(Unit: Thousand Baht) For the six-month periods ended 30 June

	2025		2024		2025		2024
Deferred tax relating to share of other comprehensive income of associates	32,791		5,581		32,791		5,581

Consolidated financial statements

Separate financial statements

Segment information

The Group is organised into business units based on its products and services. During the current period, the Group has not changed the organisation of their reportable segments from the last annual financial statements.

The following tables present revenue and profit information regarding the Group's operating segments for the three-month and six-month periods ended 30 June 2025 and 2024, respectively.

For the three-month period ended 30 June 2025

Real estate business Other

(Unit: Million Baht)

Revenues External customers	1,178	215	305	16	23	1,737	-	1,737
Inter-segment	7	-	-	-	12	19	(19)	-
Total revenues	1,185	215	305	16	35	1,756	(19)	1,737
Operating results Segment profit (loss)	43	(28)	1	2	20	38	-	38
Other income								2
Administrative expenses								(70)

Sales of land and houses

Sales of condominium units

Hotel business

Rental business

Other business

Total reportable segments

transactions and

eliminations Consolidated

Share of profit from investments in associates	389
Finance cost	(4)
Income tax expense	(21)
Profit for the period	334

For the three-month period ended 30 June 2024

Real estate business Other

(Unit: Million Baht)

Revenues External customers	1,715	291	331	34	28	2,399	-	2,399
Inter-segment	37	-	-	-	10	47	(47)	-
Total revenues	1,752	291	331	34	38	2,446	(47)	2,399
Operating results Segment profit	258	4	48	20	22	352	-	352
Other income								1
Administrative expenses								(80)

Sales of land and houses

Sales of condominium units

Hotel business

Rental business

Other business

Total reportable segments

transactions and

eliminations Consolidated

Share of profit from investments in associates 421

Finance cost (2)

Income tax expense (72)

Profit for the period 620

For the six-month period ended 30 June 2025

Real estate business Other

(Unit: Million Baht)

Revenues External customers	2,083	273	688	35	50	3,129	-	3,129
Inter-segment	13	-	-	-	27	40	(40)	-
Total revenues	2,096	273	688	35	77	3,169	(40)	3,129
Operating results Segment profit (loss)	5	(63)	23	10	44	19	-	19
Other income								2
Administrative expenses								(150)

Sales of land and houses

Sales of condominium units

Hotel business

Rental business

Other business

Total reportable segments

transactions and

eliminations Consolidated

Share of profit from investments in associates	886
Finance cost	(7)
Income tax expense	(14)
Profit for the period	736

(Unit: Million Baht)

For the six-month period ended 30 June 2024

Real estate business Other

Revenues External customers	2,977	365	699	65	51	4,157	-	4,157
Inter-segment	107	-	-	-	21	128	(128)	-
Total revenues	3,084	365	699	65	72	4,285	(128)	4,157
Operating results Segment profit (loss)	363	(44)	118	37	41	515	-	515
Other income								2
Administrative expenses								(163)

Sales of land and houses

Sales of condominium units

Hotel business

Rental business

Other business

Total reportable segments

transactions and

eliminations Consolidated

Share of profit from investments in associates	866
Finance cost	(5)
Income tax expense	(105)
Profit for the period	1,110

Commitments and contingent liabilities

The Group has the following outstanding commitments and contingent liabilities.

The Group has the following outstanding commitments in respect of agreements to purchase of land and construction of projects.

(Unit: Million Baht)

30 June 2025

31 December 2024

Construction contracts

463

(Audited)

445

The Group has entered into several lease agreements to lease motor vehicles and equipment, with a term of generally 1 year.
The Group has the following future minimum lease payments required under those operating leases contracts as follows:
(Unit: Million Baht) 30 June 2025 31 December 2024
(Audited)
Payable:
in up to 1 year 6 4
As at 30 June 2025, the Group has commitments in respect of various service commitments totaling Baht 50 million (31 December 2024: Baht 28 million).
As at 30 June 2025 and 31 December 2024, the Group has servitude over land of approximately 55 Rai of which the cost is included in the cost of projects.

Bank guarantees

There were outstanding bank guarantees issued by the banks on behalf of the Group in respect of certain performance bonds as required in the normal course of business as follows:

(Unit: Million Baht)

	30 June 2025	31 December 2024
Letters of guarantee for arrangement		(Audited)
and maintenance of public utilities	1,715	1,799
Letters of guarantee for electricity usage	6	7
Other letters of guarantee	29	39
Total	1,750	1,845

Litigations
1. Between 2017 and 2025, various customers sued the Company and its subsidiaries for compensatory damages from purchase of land and houses of their projects, as at 30 June 2025, totaling Baht 1,291 million (31 December 2024: Baht 1,135 million). The lawsuits are currently in the judicial process. For reasons of prudence, the Company and its subsidiaries have set aside provisions totaling Baht 242 million (31 December 2024: Baht 219 million), which the Company and its subsidiaries deemed to be an appropriate amount.
2. In 2017, the Company was filed as a defendant by a construction contractor company, plaintiff, for breach of hire of work agreement, with the plaintiff demanding outstanding payment and compensatory damages as at 30 June 2025, totaling Baht 135 million (31 December 2024: Baht 135 million). In October 2019, the Court of First Instance dismissed the case and rendered a judgement ordering that plaintiff pay the compensatory damages arising from the counterclaim of Baht 77 million together with interest.
  The Company demanded that the bank, as an issuer of the letter of guarantees, settle the payment on behalf of the plaintiff in accordance with the judgement of the Court and subsequently received the amount of Baht 41 million in May 2020 in accordance with the facilities stated in the letter of guarantee. The amount received was presented as "Deferred compensatory damage income" in the statement of financial position and will be recognised in profit or loss when the lawsuit is finalised.
  In October 2022, the Court of Appeal overturned the prior judgement and ordered the Company to pay the outstanding payment and retention to the plaintiff. After offsetting the debt with the plaintiff's obligation to pay the compensatory damages, the Company was required to pay an additional amount of Baht 3 million together with interest and return the letter of guarantee to the plaintiff.
  In 2024, the Company and the plaintiff filed an appeal against the judgment of the Court of Appeal. Subsequently, the Supreme Court issued an order to accept the appeal. The case is currently under consideration by the Supreme Court. However, the Company believes that there will be no material impact on its financial statements.
3. Between 2018 and 2025, Housing Estate Juristic Persons sued the Company and its subsidiaries as a defendant/co-defendant for a breach of agreement under the Land Development Act B.E. 2543, demanding compensatory damages of the Company and its subsidiaries, as at 30 June 2025, totaling Baht 699 million (31 December 2024: Baht 694 million). The lawsuits are currently in the judicial process. For reasons of prudence, the Company and its subsidiaries have set aside provision of Baht 75 million (31 December 2024: Baht 72 million) for the loss arising from these litigations, which the Company and its subsidiaries deemed to be an appropriate amount.

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