Central Plaza Hotel Public Company Limited (SET: CENTEL) has announced 1Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss)
Million Baht |
747.85 | 755.31 |
| Earning Per Share
(Baht) |
0.5500 | 0.5600 |
| % Change | -0.99 | |
CENTEL reported a net profit in 1Q25 of Baht 747.85 million, a decrease of Baht 7.46 million or 0.99% compared to the previous year.
The performance Q1/2025 improved QoQ due to the seasonality of tourism. The Company achieved total revenues of Baht 6,752 million (Q1/2024: Baht 6,389 million), showing an increase of Baht 363 million (or a rise of 6% YoY). The proportion of revenues between the Hotel Business and the Food Business was 53% : 47% (Q1/2024: 51% : 49%).
Meanwhile, the Gross Profit was Baht 4,005 million or increasing 7% YoY (Q1/2024: Baht 3,758 million) which represented the Gross Profit Margin of 62% compared to total revenues (excluding other income), which was stable compared to the same period last year (Q1/2024: 62%).
As of March 31, 2025, the Company had hotels under management in a total of 87 hotels (19,420 rooms); with 51 hotels (11,101 rooms) already in operation together with 36 other hotels (8,319 rooms) still under development. For the 51 hotels in operation, 21 hotels (5,712 rooms) are owned and operated by the Company, while the remaining of 30 hotels (5,389 rooms) are operated under the Company’s Hotel Management Agreements.
The RevPar was Baht 5,066 in Q1/2025, increased 19% compared to Q4/2024 as a result of the increase in Average Room Rate (ARR) by 8% QoQ to Baht 6,585 in Q1/2025 and the Occupancy Rate (OCC) increased 7% QoQ to 77% in Q1/2025 reflecting typical tourism seasonality.
Compared to the same period last year, the RevPar in Q1/2025 improved by 1% because of the increase in ARR by 2%, while the OCC was stable at 77% compared to Q1/2024, mainly driven by the growth of hotels in Thailand and Japan. However, the performance of the two existing hotels in the Maldives softened compared to the same period last year, while the Centara Mirage Lagoon Maldives, which commenced operations in November2024, is still in the early stage of its opening. The details are as follows:
1) Bangkok: RevPar increased by 4%YoY to Baht 3,264as a result of the increase in Average Room Rate (ARR) by 5% YoY to Baht 4,227 while Occupancy Rate (OCC) slightly dropped from 78% to 77%.
2) Upcountry: RevPar increased by 11% YoY to Baht 5,074 as a result of the increase in Average Room Rate (ARR) by 5% YoY to Baht 6,455 and Occupancy Rate increased from 75% to 79% due to the growth of hotel performance in Koh Samui, Phuket, Hua Hin and Krabi, together with the reopening after major renovation of Centara Grand Mirage Beach Resort Pattaya.
3) Maldives: RevPar decreased by 41% YoY to Baht 8,970 due to the OCC dropping from 92% to 64% and ARR dropped by 16% compared to the same period last year to Baht 13,952. By considering in USD currency, the Total Revenue per Available Room (TRevPar) declined by 33% YoY to USD 414 due to the early stages of operation in Centara Mirage Lagoon Maldives. By excluding the performance of Centara Mirage Lagoon Maldives, RevPar decreased by 19% YoY and the Total Revenue per Available Room (TRevPar) decreased by 15% YoY in USD currency.
4) Dubai: RevPar was Baht 6,256, a drop of 6% YoY due to the drop of OCC from 90% to 83%, meanwhile, an ARR increased by 1% YoY to Baht 7,494. By considering USD currency, the RevPar decreased by 2% YoY to USD 184 because of the decline in travelling during the Ramadan throughout March 2025.
5) Japan: OCC increased from 67% to 69% with the ARR improved by 5% YoY to Baht 7,427. The RevPar was Baht 5,107, an 8% growth YoY. By considering the JPY currency, RevPar increased 16% YoY to JPY 22,904.
