Financial Statement Q3 2025

Nov 11, 2025 at 3:32 AM UTC · MarketScreener

Quality Houses Public Company Limited and its subsidiaries

Review report and consolidated and separate financial information

For the three-month and nine-month periods ended 30 September 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 September 2025, the related consolidated statements of comprehensive income for the three-month and nine-month periods then ended, and the related consolidated statements of changes in shareholders' equity and cash flows for the nine-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: 10 November 2025

Consolidated financial statements Separate financial statements

		30 September	31 December	30 September	31 December
	Note	2025	2024	2025	2024
		(Unaudited	(Audited)	(Unaudited	(Audited)
		but reviewed)		but reviewed)
Assets
Current assets
Cash and cash equivalents	2	2,509,527	1,463,215	1,262,867	397,556
Trade and other current receivables	2, 3	64,838	102,247	23,900	32,624
Land and construction in progress	4	18,713,948	20,859,900	10,439,983	11,891,372
Advance for construction material		31,178	38,729	23,653	30,376
Asset recognised in respect of cost to obtain
contracts with customers		4,336	10,089	4,336	10,089
Other current assets		158,429	81,143	62,914	6,320
Total current assets		21,482,256	22,555,323	11,817,653	12,368,337
Non-current assets
Investments in subsidiaries	5	-	-	8,283,212	8,323,410
Investments in associates	6	12,795,558	12,290,075	12,795,558	12,290,075
Long-term loans to and interest receivables
- related parties	2	-	-	7,255,055	7,687,992
Investment properties		439,749	450,291	439,749	450,291
Property, plant and equipment		1,321,991	1,373,462	181,124	183,870
Right-of-use assets		1,164,800	1,330,535	112,109	132,043
Land and project development costs	7	6,097,939	6,005,094	518,775	518,775
Deferred tax assets		775,784	790,965	216,426	213,915
Other non-current assets	2	23,077	25,541	17,847	18,460
Total non-current assets		22,618,898	22,265,963	29,819,855	29,818,831
Total assets		44,101,154	44,821,286	41,637,508	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 September	31 December	30 September	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	340,379	478,106	156,623	257,863
Current portion of long-term loans	8	498,914	873,352	498,914	873,352
Current portion of unsecured debentures	9	3,269,615	3,268,929	3,269,615	3,268,929
Current portion of lease liabilities	2	221,774	226,995	29,661	39,503
Corporate income tax payable		7,761	35,169	2,672	21,182
Other current provisions	10	723,609	728,042	404,837	393,176
Advance received from customers		123,178	80,218	88,028	46,226
Deposits for rental and service	2	27,797	34,292	21,418	25,782
Retention guarantees		258,755	281,161	112,457	128,604
Current portion of rental income received
in advance	2	27,224	27,224	27,224	27,224
Other current liabilities	2	374,934	340,968	159,849	133,139
Total current liabilities		5,873,940	7,370,069	4,771,298	6,210,593
Non-current liabilities
Long-term loans, net of current portion	8	498,635	1,185,122	498,635	1,185,122
Unsecured debentures, net of current portion	9	5,760,929	4,807,274	5,760,929	4,807,274
Lease liabilities, net of current portion	2	1,068,616	1,235,726	99,949	122,315
Non-current provision for employee benefits		290,605	279,184	177,376	170,701
Other non-current provisions	10	316,935	291,304	37,872	38,701
Rental income received in advance - net of
current portion	2	276,702	297,008	276,702	297,008
Deferred tax liabilities		45	145	-	-
Deferred compensatory damage income	18	40,850	40,850	40,850	40,850
Other non-current financial liabilities		16,432	10,087	16,432	10,087
Total non-current liabilities		8,269,749	8,146,700	6,908,745	6,672,058
Total liabilities		14,143,689	15,516,769	11,680,043	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 September	31 December	30 September	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		17,854,560	17,869,434	17,854,560	17,869,434
Other components of shareholders' equity		(62,166)	(729,988)	(62,166)	(729,988)
Total shareholders' equity		29,957,465	29,304,517	29,957,465	29,304,517
Total liabilities and shareholders' equity		44,101,154	44,821,286	41,637,508	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		1,960,640	2,007,661	1,299,999	1,307,355
Revenue from hotel operations		332,114	312,196	-	-
Revenue from office rental operations	2	6,953	28,466	6,953	28,466
Other income
Income from forfeiture of booking and down payments		56	260	1	126
Others	2	59,203	53,649	25,943	34,588
Total revenues		2,358,966	2,402,232	1,332,896	1,370,535
Expenses
Cost of real estate sold	2	1,485,901	1,421,406	935,804	895,274
Cost of hotel operations	2	231,490	198,885	-	-
Cost of office rental operations		2,128	10,998	2,128	10,998
Selling expenses		171,310	155,907	86,563	77,618
Administrative expenses	2	306,947	329,900	179,941	201,708
Total expenses		2,197,776	2,117,096	1,204,436	1,185,598
Profit from operating activities		161,190	285,136	128,460	184,937
Share of profit (loss) from investments in subsidiaries	5	-	-	(12,523)	39,791
Share of profit from investments in associates	6	427,599	411,003	427,599	411,003
Interest income	2	2,207	28	51,636	50,231
Finance cost		(48,546)	(69,352)	(70,310)	(75,370)
Profit before income tax expenses		542,450	626,815	524,862	610,592
Income tax expenses	14	(62,202)	(53,950)	(44,614)	(37,727)
Profit for the period		480,248	572,865	480,248	572,865
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	19,513	61,985	19,513	61,985
Other comprehensive income to be reclassified
to profit or loss in subsequent periods - net of income tax		19,513	61,985	19,513	61,985
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	353,437	184,844	353,437	184,844
Other comprehensive income not to be reclassified to profit or loss
in subsequent periods - net of income tax		353,437	184,844	353,437	184,844
Other comprehensive income for the period		372,950	246,829	372,950	246,829
Total comprehensive income for the period		853,198	819,694	853,198	819,694
Earnings per share:	12
Basic earnings per share
Profit attributable to equity holders of the Company		0.04	0.05	0.04	0.05

Revenue from sales of real estate		4,316,258	5,349,960	2,492,838	3,231,017
Revenue from hotel operations		1,020,279	1,011,327	-	112,689
Revenue from office rental operations	2	41,628	93,679	41,628	93,679
Other income
Income from forfeiture of booking and down payments		345	661	90	253
Others	2	164,648	185,355	77,128	96,005
Total revenues		5,543,158	6,640,982	2,611,684	3,533,643
Expenses
Cost of real estate sold	2	3,293,865	3,755,645	1,814,329	2,189,577
Cost of hotel operations	2	693,455	594,728	-	57,559
Cost of office rental operations		20,141	33,169	20,141	33,169
Selling expenses		397,386	427,283	158,736	202,166
Administrative expenses	2	1,008,672	1,086,169	585,918	610,349
Total expenses		5,413,519	5,896,994	2,579,124	3,092,820
Profit from operating activities		129,639	743,988	32,560	440,823
Share of profit (loss) from investments in subsidiaries	5	-	-	(40,198)	134,684
Share of profit from investments in associates	6	1,313,301	1,277,309	1,313,301	1,277,309
Interest income	2	7,492	2,034	158,546	141,908
Finance cost		(157,387)	(181,455)	(218,223)	(213,147)
Profit before income tax expenses		1,293,045	1,841,876	1,245,986	1,781,577
Income tax expenses	14	(76,435)	(158,921)	(29,376)	(98,622)
Profit for the period		1,216,610	1,682,955	1,216,610	1,682,955
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	156,139	84,730	156,139	84,730
Other comprehensive income to be reclassified
to profit or loss in subsequent periods - net of income tax		156,139	84,730	156,139	84,730
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	351,752	148,654	351,752	148,654
Other comprehensive income not to be reclassified to profit or loss
in subsequent periods - net of income tax		351,752	148,654	351,752	148,654
Other comprehensive income for the period		507,891	233,384	507,891	233,384
Total comprehensive income for the period		1,724,501	1,916,339	1,724,501	1,916,339
Earnings per share:	12
Basic earnings per share
Profit attributable to equity holders of the Company		0.11	0.16	0.11	0.16

Consolidated 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		-	-	-	-	-	1,682,955	-	-	-	1,682,955
Other comprehensive income for the period		-	-	-	-	-	-	-	233,384	233,384	233,384
Total comprehensive income for the period		-	-	-	-	-	1,682,955	-	233,384	233,384	1,916,339
Investment in equity instruments derecognised
of associate during the period		-	-	-	-	-	(192,692)	-	192,692	192,692	-
Dividend paid	13	-	-	-	-	-	(1,392,821)	-	-	-	(1,392,821)
Balance as at 30 September 2024		10,714,382	379,246	-	1,071,443	-	17,432,883	1	(701,907)	(701,906)	28,896,048
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		-	-	-	-	-	1,216,610	-	-	-	1,216,610
Other comprehensive income for the period		-	-	-	-	-	-	-	507,891	507,891	507,891
Total comprehensive income for the period		-	-	-	-	-	1,216,610	-	507,891	507,891	1,724,501
Treasury shares Investment in equity instruments derecognised of associate during the period	11	- -	- -	(122) -	- -	122 -	(122) (159,931)	- -	- 159,931	- 159,931	(122) -
Dividend paid	13	-	-	-	-	-	(1,071,431)	-	-	-	(1,071,431)
Balance as at 30 September 2025		10,714,382	379,246	(122)	1,071,443	122	17,854,560	1	(62,167)	(62,166)	29,957,465

Other components of shareholders' equity Other comprehensive income

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

Separate 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		-	-	-	-	-	1,682,955		-	-	-	1,682,955
Other comprehensive income for the period		-	-	-	-	-	-		-	233,384	233,384	233,384
Total comprehensive income for the period		-	-	-	-	-	1,682,955		-	233,384	233,384	1,916,339
Investment in equity instruments derecognised
of associate during the period		-	-	-	-	-	(192,692)		-	192,692	192,692	-
Dividend paid	13	-	-	-	-	-	(1,392,821)		-	-	-	(1,392,821)
Balance as at 30 September 2024		10,714,382	379,246	-	1,071,443	-	17,432,883		1	(701,907)	(701,906)	28,896,048
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		-	-	-	-	-	1,216,610		-	-	-	1,216,610
Other comprehensive income for the period		-	-	-	-	-	-		-	507,891	507,891	507,891
Total comprehensive income for the period		-	-	-	-	-	1,216,610		-	507,891	507,891	1,724,501
Treasury shares	11	-	-	(122)	-	122	(122)		-	-	-	(122)
Investment in equity instruments derecognised
of associate during the period		-	-	-	-	-	(159,931)		-	159,931	159,931	-
Dividend paid	13	-	-	-	-	-	(1,071,431)		-	-	-	(1,071,431)
Balance as at 30 September 2025		10,714,382	379,246	(122)	1,071,443	122	17,854,560		1	(62,167)	(62,166)	29,957,465

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

1,293,045

1,841,876

1,245,986

1,781,577

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	3,255,397	3,712,167		1,745,794		2,118,761
Depreciation	71,696	74,062		14,410		15,453
Depreciation of right-of-use assets	165,735	137,124		19,934		20,007
Reversal of allowance for expected credit losses	(367)	(2,018)		-		(527)
Unrealised loss on exchange	6,307	7,177		-		-
Loss on change in fair value of derivatives	6,345	9,361		6,345		9,361
Share of loss (profit) from investments in subsidiaries	-	-		40,198		(134,684)
Share of profit from investments in associates	(1,313,301)	(1,277,309)		(1,313,301)		(1,277,309)
Income from forfeiture of booking and down payments	(345)	(661)		(90)		(253)
Interest income	(7,492)	(2,034)		(158,546)		(141,908)
Loss (gain) on sales of equipment	58	(6,304)		(44)		(6,166)
Provision for loss arising from litigations	30,930	69,337		3,355		5,153
Reversal of provision for loss arising from litigations	(722)	(1,351)		(545)		(1,118)
Reversal of provision for loss on diminution in value of projects	(60,953)	(55,590)		(3,819)		(4,602)
Provision for housing repairment	33,607	43,342		18,117		26,013
Provision for employee benefits	19,285	18,452		10,920		10,893
Transfer deferred financial fees to finance cost	4,255	3,715		4,255		3,715
Interest expenses	111,875	139,970		205,097		197,448
Interest expenses from lease liabilities	34,325	29,129		4,192		5,365
Profit from operating activities before changes in
operating assets and liabilities Decrease (increase) in operating assets Trade and other current receivables	3,649,680 31,469		4,740,445 21,952		1,842,258 8,724		2,627,179 (2,225)
Land and construction in progress	(555,339)		(1,709,640)		(248,541)		(1,050,741)
Advance for construction work	758		-		22		-
Advance for construction material	7,551		2,339		6,723		2,277
Other current assets	(54,092)		(7,329)		(50,863)		(12,006)
Land and project development costs	(450,815)		(1,784,799)		-		(402,171)
Deposits for lease of land and building	-		10,800		-		10,800
Deposits for purchase of land	-		(122,809)		-		-
Other non-current assets Increase (decrease) in operating liabilities Trade and other current payables	2,464 (123,950)		815 (268,402)		613 (87,463)		(142) (188,781)
Advance received from customers	22,999		(17,078)		21,586		(16,482)
Deposits for rental and service	(6,495)		189		(4,364)		(1,324)
Retention guarantees	(22,406)		8,756		(16,147)		6,441
Other current liabilities	(4,074)		(72,665)		20,254		20,571
Cash paid for litigation compensation	(4,577)		(152,870)		(3,639)		(29,654)
Cash paid for long-term employee benefits	(7,864)		(5,278)		(4,245)		(4,762)
Cash flows from operating activities	2,485,309		644,426		1,484,918		958,980
Cash paid for income tax	(106,961)		(206,234)		(50,397)		(127,830)
Net cash flows from operating activities	2,378,348		438,192		1,434,521		831,150
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	1,261,104	1,237,949	1,261,104	1,237,949
(Increase) decrease in long-term loans to related party	-	-	430,500	(567,000)
Interest received	7,492	2,034	160,983	143,296
(Increase) decrease in property, plant and equipment - net of disposals	(9,741)	(5,338)	(1,078)	2,225
Cash received from decreasing in capital unit of associate	54,605	30,677	54,605	30,677
Net cash flows from investing activities	1,313,460	1,265,322	1,906,114	847,147
Cash flows from financing activities
Increase (decrease) in short-term loans from financial institution	(1,000,000)	1,000,000	(1,000,000)	1,000,000
Cash received from long-term loan	-	1,500,000	-	1,500,000
Repayment of long-term loans	(1,062,500)	(562,500)	(1,062,500)	(562,500)
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	(1,071,431)	(1,392,821)	(1,071,431)	(1,392,821)
Cash paid for financial fees	(2,258)	(6,826)	(2,258)	(6,826)
Cash paid for interest expenses	(157,843)	(205,439)	(157,927)	(208,571)
Cash paid for lease liabilities	(206,656)	(155,237)	(36,400)	(36,399)
Net cash flows used in financing activities	(2,645,496)	(1,822,823)	(2,475,324)	(1,707,117)
Net increase (decrease) in cash and cash equivalents	1,046,312	(119,309)	865,311	(28,820)
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	2,509,527	1,228,390	1,262,867	312,834
	-		-
Supplemental cash flows information
Non-cash transactions
Transfer of land and project development costs to land and construction in progress	391,747	1,255,901	-	1,255,901
Transfer of deposits for purchase of land to land and project development costs	-	122,412	-	-
Interest expenses recorded as cost of projects	135,183	115,355	42,045	61,009
Increase in share of other comprehensive income
of associates - net of income tax	507,891	233,384	507,891	233,384
Increase in right-of-use assets due to new lease agreements	-	889,988	-	-

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 nine-month periods ended 30 September 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 periods.
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 cancellate ion 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 September

	2025	2024	2025	2024
Transactions with subsidiaries (eliminated from the consolidated financial statements)
Interest income	-	-	51	51
Material cost	-	-	6	14
Transactions with associates Goods and service cost	9	11	4	8
Office rental expenses	130	110	8	8
Building management income	17	17	3	6
Office rental income	7	15	7	15
Other service income	-	7	-	7
Interest income	2	-	-	-
Dividend income	466	493	466	493
Transactions with related companies
Material cost	5	8	-	6
Building management income	8	8	1	1
Office rental income	-	6	-	6
Other service income	1	1	-	-

Consolidated Separate financial statements financial statements

(Unit: Million Baht) For the nine-month periods ended 30 September

	2025	2024	2025	2024
Transactions with subsidiaries (eliminated from the consolidated financial statements)
Interest income	-	-	156	142
Material cost Transactions with associates	-	-	10	83
Goods and service cost	19	18	10	12
Office rental expenses	388	283	24	25
Building management income	51	52	15	18
Office rental income	27	51	27	51
Other service income	2	7	2	7
Interest income	7	2	2	-
Dividend income	1,261	1,238	1,261	1,238
Transactions with related companies Material cost	14	34	-	23
Building management income	23	24	3	4
Office rental income	10	19	10	19
Other service income	3	3	-	-

Consolidated Separate financial statements financial statements

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 September

2025

31 December

2024

30 September

2025

31 December

2024

(Audited) (Audited)

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

Associate

Land and Houses Bank Plc. 2,120,131 1,160,603 1,109,578 328,487

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

Trade accounts receivable - related parties

Associates

Related companies (common directors

261

or common shareholders)

668

Total trade accounts receivable - related parties

929

(Unit: Thousand Baht)

Consolidated financial statements Separate financial statements
	30 September		31 December		30 September		31 December
	2025		2024		2025		2024
			(Audited)				(Audited)
Other current receivables - related parties
Subsidiaries	-		-		10,151		10,201
Associates	24,703		33,644		12,515		16,138
Related companies (common directors or common shareholders)	5,542		9,702		1,032		2,770
Total other current receivables - related parties	30,245		43,346		23,698		29,109
Total	30,257		44,275		23,708		30,038
Deposit for rental and service - related party (shown under other non-current assets)
Associate		7,511		7,553		7,511		7,553
Trade and other current payables - related parties
Trade accounts payable - related parties
Subsidiary		-		-		848		1,528
Related companies (common directors
or common shareholders)		3,212		2,823		-		905
Total trade accounts payable
- related parties		3,212		2,823		848		2,433
Other current payable - related parties
Subsidiaries		-		-		591		591
Associates		3,446		4,189		2,104		1,937
Related company (common directors
or common shareholders)		9		13		-		-
Total other current payable - related parties		3,455		4,202		2,695		2,528
Total		6,667		7,025		3,543		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		66,452		62,095		-		-
Total		66,452		62,095		-		14
Rental income received in advance - related party
Associate
Current portion		27,224		27,224		27,224		27,224
Non-current portion		276,702		297,008		276,702		297,008
Total		303,926		324,232		303,926		324,232

	30 September	31 December	30 September	31 December
	2025	2024	2025	2024
		(Audited)		(Audited)
Lease liabilities - related parties Associates Lease payments	1,399,516	1,591,673	129,148	152,285
Less: Deferred interested	(123,782)	(157,502)	(9,604)	(13,371)
Total	1,275,734	1,434,171	119,544	138,914
Less: Current portion	(217,358)	(212,016)	(26,713)	(25,940)
Lease liabilities - net of current portion	1,058,376	1,222,155	92,831	112,974
				(Unit: Thousand Baht)

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

Consolidated financial statements

Separate financial statements

September 2025

December 2024

September 2025

December

2024 Interest policy

(Audited) (Audited) (% p.a.)

Long-term loans to and interest receivables - related parties

Subsidiary

Casa Ville Co., Ltd.	-	-	7,255,055	7,687,992	2.51% to 3.21%
Related party Harbour View Corporation	74,179	78,086	-	-	SOFR + 3.43%, 4.00%
					and 8.00%
Total	74,179	78,086	7,255,055	7,687,992
Less: Allowance for expected credit losses	(74,179)	(78,086)	-	-
Net	-	-	7,255,055	7,687,992

During the periods, 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 September

2025 Increase Decrease 2025

Long-term loans to and interest receivables - related party

Related party

Harbour View Corporation	78,086	- (3,907)	74,179
Less: Allowance for expected credit losses	(78,086)	- 3,907	(74,179)
Net	-	- -	-

1 January

(Unit: Thousand Baht) Separate financial statements

30 September

2025 Increase Decrease 2025

Long-term loans to and interest receivables - related party

Subsidiary

Casa Ville Co., Ltd. 7,687,992 178,042 (610,979) 7,255,055

Short-term loan from and interest payables - related parties

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 nine-month periods ended 30 September 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	15	16	45	47
	Long-term post-employment benefits	-	-	1	1
	Total	15	16	46	48
3.	Trade and other current receivables

For the three-month periods ended 30 September

For the nine-month periods ended 30 September

Consolidated financial statements

(Unit: Thousand Baht)

Separate financial statements

30 September

2025

31 December

2024

30 September

2025

31 December

2024

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

(Audited) (Audited)

Up to 3 months 12 929 10 929

Total trade accounts receivable

- related parties 12 929 10 929

Consolidated financial statements

(Unit: Thousand Baht)

Separate financial statements

30 September

2025

31 December

2024

30 September

2025

31 December

2024

Trade accounts receivable - unrelated parties Aged of receivables

(Audited) (Audited)

Up to 3 months	34,593	57,159	15	1,604
3 - 6 months	127	63	-	-
6 - 12 months	-	14	-	-
Over 12 months	400	782	-	-
Total trade accounts receivable -
unrelated parties	35,120	58,018	15	1,604
Less: Allowance for expected
credit losses	(880)	(1,247)	-	-
Total trade accounts receivable -
unrelated parties, net	34,240	56,771	15	1,604
Total trade accounts receivable - net	34,252	57,700	25	2,533
Other current receivables
Other current receivables - related
parties (Note 2)	30,245	43,346	23,698	29,109
Other current receivables - unrelated
parties	341	1,201	177	982
Total other current receivables	30,586	44,547	23,875	30,091
Total trade and other current receivables - net	64,838	102,247	23,900	32,624

Land and construction in progress

(Unit: Thousand Baht)

	30 September	31 December	30 September	31 December
	2025	2024	2025	2024
		(Audited)		(Audited)
Land and construction in progress Less: Provision for loss on diminution in value of projects	19,227,416 (513,468)	21,434,321 (574,421)	10,576,648 (136,665)	12,031,856 (140,484)
Land and construction in progress - net	18,713,948	20,859,900	10,439,983	11,891,372

Consolidated Separate financial statements financial statements

Movements in the provision for loss on diminution in value of projects during the nine-month period ended 30 September 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 (60,953) (3,819)

Balance as at 30 September 2025 513,468 136,665

Investments in subsidiaries

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

(Unit: Thousand Baht)

Separate financial statements

	30 September	31 December	30 September	31 December
	2025	2024	2025	2024
		(Audited)		(Audited)
Casa Ville Co., Ltd.	2,999,999	2,999,999	7,849,536	7,953,153
Q.H. International Co., Ltd.	25,000	25,000	463,411	411,323
Property Host Co., Ltd.	5,000	5,000	3,868	4,122
Centre Point Hospitality Co., Ltd. The Confidence Co., Ltd.* Q.H. Management Co., Ltd. (and 19% held through The Confidence Co., Ltd.)	4,999 - 88,635	4,999 - 88,635	(61,134) - 27,531	(72,947) - 27,759
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.*	- - -	- - -	- - -	- - -
Total	3,123,633	3,123,633	8,283,212	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.	(35,846)	20,643	(103,617)	50,730
Q.H. International Co., Ltd.	19,587	19,564	52,088	48,418
Property Host Co., Ltd.	(15)	(15)	(254)	(44)
Centre Point Hospitality Co., Ltd.	3,816	(323)	11,813	35,794
Q.H. Management Co., Ltd.	(65)	(78)	(228)	(214)
Total	(12,523)	39,791	(40,198)	134,684
6. Investments in associates
6.1 Details of investments in associates

For the three-month periods ended 30 September

For the nine-month periods ended 30 September

(Unit: Thousand Baht) Consolidated and separate financial statements

Company's name

Carrying amounts based on cost method

Carrying amounts based on equity method

30 September 31 December 30 September 31 December

2025 2024 2025 2024

(Audited) (Audited)

Quality House Business Complex
Leasehold Real Estate Investment Trust	1,904,804	1,959,409		1,108,574		1,089,147
Quality Houses Hotel and Residence
Freehold and Leasehold Real Estate
Investment Trust	1,052,800		1,052,800		353,456		350,411
Home Product Center Plc.	759,959		759,959		5,352,147		5,541,651
LH Financial Group Plc.	2,849,800		2,849,800		5,981,381		5,308,866
Total	6,567,363		6,621,968		12,795,558		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 September

For the nine-month periods

ended 30 September

For the three-month periods

ended 30 September

For the nine-month periods

ended 30 September

2025

2024

2025

2024

2025

2024

2025

2024

Quality Houses Leasehold Property Fund - 26,148 - 85,199 - - - -Quality Houses Business Complex Leasehold

Real Estate Investment Trust 30,945 - 92,643 - - - - -

Quality Houses Hotel and Residence Freehold

and Leasehold Property Fund Quality Houses Hotel and Residence Freehold	-	-	-	17,834	-	-	-	-
and Leasehold Real Estate Investment Trust	4,967	18,664	57,791	23,131	-	-	-	-
Home Product Center Plc.	264,664	286,537	881,879	949,139	(204)	(261)	(44)	818
LH Financial Group Plc.	127,023	79,654	280,988	202,006	373,154	247,090	507,935	232,566
Total	427,599	411,003	1,313,301	1,277,309	372,950	246,829	507,891	233,384

(Unit: Thousand Baht)

Company's name Dividend received

2025		2024		2025	2024
Quality Houses Leasehold Property Fund Quality Houses Business Complex Leasehold	-		22,496	-		69,534
Real Estate Investment Trust	3,272		-	18,611		-
Quality Houses Hotel and Residence Freehold and Leasehold Property Fund	-		-	-		35,900
Quality Houses Holtel and Residence Freehold
and Leasehold Real Estate Investment Trust	15,792		-	54,746		-
Home Product Center Plc.	418,083		470,344	1,071,339		1,045,209
LH Financial Group Plc.	29,102		-	116,408		87,306
Total	466,249		492,840	1,261,104		1,237,949

For the three-month periods For the nine-month periods ended 30 September ended 30 September

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 values as at

	30 September	31 December
	2025	2024
Quality House Business Complex Leasehold Real Estate
Investment Trust	749	969
Quality Houses Hotel and Residence Freehold and Leasehold
Real Estate Investment Trust	647	716
Home Product Center Plc.	19,336	24,432
LH Financial Group Plc.	2,183	2,241
Total	22,915	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.

On 15 August 2025, the Quality Houses Business Complex Leasehold Real Estate Investment Trust announced a capital reduction by Baht 0.1000, from the previously par value of Baht 8.9847 per unit to Baht 8.8847 per unit. This capital reduction does not affect the existing number of investment units. The Company received a total of Baht 20 million from this reduction in September 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 September			31 December	30 September	31 December
2025			2024	2025	2024
			(Audited)		(Audited)
Land and project development costs 6,214,336			6,121,491	558,607	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	6,097,939	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 nine-month period ended 30 September 2025 are summarised below:

(Unit: Thousand Baht)

	Balance as at 1 January 2025	2,058,474
	Less: Repayment	(1,062,500)
	Less: Unamortised portion of deferred transaction cost	1,575
	Balance as at 30 September 2025	997,549
9.	Unsecured debentures

Consolidated and separate financial statements

Number of debenture (Unit) Amount (Thousand Baht)

								30 September		31 December		30 September		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												(5,153)		(5,575)
Less: Discount on debentures												(234,303)		(188,222)
Debentures - net												9,030,544		8,076,203
Less: Current portion of debentures												(3,269,615)		(3,268,929)
Debentures - net of current portion												5,760,929		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 September	31 December	30 September	31 December
	2025	2024	2025	2024
		(Audited)		(Audited)
Other current provisions
Provision for public utility maintenance	239,692	258,398	124,918	125,995
Provision for housing repairment	357,214	341,566	200,469	190,766
Provision for compensation for Housing Estate Juristic Persons	126,703	128,078	79,450	76,415
Total other current provisions	723,609	728,042	404,837	393,176
Other non-current provisions
Provision for litigations	316,935	291,304	37,872	38,701
Total other non-current provisions	316,935	291,304	37,872	38,701
Total	1,040,544	1,019,346	442,709	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 September 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 nine-month periods ended 30 September 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) Weighted average number of ordinary shares	480,248		572,865		1,216,610		1,682,955
(Thousand shares)*	10,714,282	10,714,382		10,714,344		10,714,382
Basic earnings per share (Baht per share)	0.04	0.05		0.11		0.16
*Number of ordinary shares net of treasury shares

For the three-month periods ended 30 September

For the nine-month periods ended 30 September

Dividend paid

Dividends declared during nine-month period ended 30 September 2025 and 2024 consist of:

			Dividend
	Approved by	Total dividends	per share	Paid on
		(Thousand Baht)	(Baht)
Year 2025
Interim dividend for the operating result of	Board of Directors' Meeting of the
six-month period ended 30 June 2025	Company on 15 August 2025	214,285	0.02	15 September 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
		1,071,431	0.10
Year 2024
Interim dividend for the operating result of	Board of Directors' Meeting of the
six-month period ended 30 June 2024	Company on 7 August 2024	321,431	0.03	5 September 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
		1,392,821	0.13

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 nine-month periods ended 30 September 2025 and 2024 are made up as follows:

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

	2025	2024	2025	2024
Current income tax:
Interim income tax charge	41,504	37,180	31,887	36,953
Deferred tax:
Relating to origination and reversal of
temporary differences	20,698	16,770	12,727	774
Income tax expenses reported in the statements of comprehensive income	62,202	53,950	44,614	37,727

Consolidated financial statements

Separate financial statements

(Unit: Thousand Baht) For the nine-month periods ended 30 September

	2025	2024	2025	2024
Current income tax:
Interim income tax charge	61,354	129,178	31,887	96,364
Deferred tax:
Relating to origination and reversal of
temporary differences	15,081	29,743	(2,511)	2,258
Income tax expenses reported in the statements of comprehensive income	76,435	158,921	29,376	98,622

Consolidated financial statements

Separate financial statements

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

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

2025

2024

2025

2024

Deferred tax relating to share of other

comprehensive income of associates

78,541

32,257

78,541

32,257

Consolidated financial statements

Separate financial statements

(Unit: Thousand Baht) For the nine-month periods ended 30 September

2025

2024

2025

2024

Deferred tax relating to share of other

comprehensive income of associates

111,332

37,838

111,332

37,838

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 nine-month periods ended 30 September 2025 and 2024, respectively.

(Unit: Million Baht)

For the three-month period ended 30 September 2025

Real estate business Other

Revenues External customers	1,270	690	332	7	25	2,324	-	2,324
Inter-segment	6	-	-	-	13	19	(19)	-
Total revenues	1,276	690	332	7	38	2,343	(19)	2,324
Operating results Segment profit (loss)	82	82	3	(2)	24	189	-	189
Other income								1
Administrative expenses								(71)

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	427
Finance cost	(4)
Income tax expense	(62)
Profit for the period	480

(Unit: Million Baht)

For the three-month period ended 30 September 2024

Real estate business Other

Revenues External customers	1,646	362	312	29	25	2,374	-	2,374
Inter-segment	41	-	2	-	11	54	(54)	-
Total revenues	1,687	362	314	29	36	2,428	(54)	2,374
Operating results Segment profit (loss)	229	19	(1)	15	23	285	-	285
Administrative expenses								(66)

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 411

Finance cost (3)

Income tax expense (54)

Profit for the period573

(Unit: Million Baht)

For the nine-month period ended 30 September 2025

Real estate business Other

Revenues External customers	3,353	963	1,020	42	75	5,453	-	5,453
Inter-segment	20	-	-	-	40	60	(60)	-
Total revenues	3,373	963	1,020	42	115	5,513	(60)	5,453
Operating results Segment profit	87	19	26	8	68	208	-	208
Other income								3
Administrative expenses								(220)

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	1,313
Finance cost	(11)
Income tax expense	(76)
Profit for the period	1,217

(Unit: Million Baht)

For the nine-month period ended 30 September 2024

Real estate business Other

Revenues External customers	4,623	727	1,011	94	76	6,531	-	6,531
Inter-segment	148	-	2	-	32	182	(182)	-
Total revenues	4,771	727	1,013	94	108	6,713	(182)	6,531
Operating results Segment profit (loss)	592	(25)	117	52	64	800	-	800
Other income								2
Administrative expenses								(229)

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	1,277
Finance cost	(8)
Income tax expense	(159)
Profit for the period	1,683

Commitments and contingent liabilities
The Group has the following outstanding commitments and contingent liabilities.
1. The Group has the following outstanding commitments in respect of construction of projects.
  (Unit: Million Baht) 30 September 2025 31 December 2024
  (Audited)
  Construction contracts 408 445
2. 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:
  Payable:
  (Unit: Million Baht) 30 September 2025 31 December 2024
  (Audited)
  in up to 1 year 8 4
3. As at 30 September 2025, the Group has commitments in respect of various service commitments totaling Baht 32 million (31 December 2024: Baht 28 million).
4. As at 30 September 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 September 2025	31 December 2024
Letters of guarantee for arrangement		(Audited)
and maintenance of public utilities	1,527	1,799
Letters of guarantee for electricity usage	6	7
Other letters of guarantee	29	39
Total	1,562	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 September 2025, totaling Baht 1,286 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 September 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 September 2025, totaling Baht 694 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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