SET-listed developer Supalai Plc (SPALI) posted record highs in revenue, net profit and presales in 2017.

The company reported a net profit of 5.8 billion baht on revenue of 25.8 billion baht, up 19% and 10%, respectively. Revenue eclipsed the target of 24 billion baht.

Supalai had 30.8 billion baht in presales, up 27% from 2016. The key drivers were condominium sales in Bangkok and the provinces, up 37% and 35% respectively.

"Condo sales in the provinces picked up because there was no new supply added in the market," said managing director Tritecha Tangmatitham. "As a result, sales rates at existing condo projects improved."

Of the 2017 presales, 46% were from condominiums in Bangkok, 30% from single houses and townhouses in Bangkok, and 20% from single houses and townhouses in the provinces.

Mr Tritecha said residential sales in Chon Buri this year will beat Phuket, where Supalai traditionally records the most non-Bangkok sales, due to the Eastern Economic Corridor.

Supalai has had more than 10 residential projects in Chon Buri and Rayong since entering the area 15 years ago.

The company plans to launch 35 residential projects nationwide worth a combined 40 billion baht and have 33 billion baht in presales by the end of the year, an increase of 10% from last year.

Key drivers for 2018 presales will be single houses and townhouses in the provinces, accounting for 26%, up from 20% last year. Supalai has a sales backlog of 39.2 billion baht and aims to have 26 billion baht in revenue by the end of 2018.

Supalai's gross margin and net profit margin last year improved to 38.2% and 22.5% from 38% and 20.8%, respectively.

SPALI shares closed yesterday on the SET at 22.80 baht, down 10 satang, in trade worth 125.5 million baht.