CENTEL Returns to Profit, Net THB22 Million in 2Q22

Central Plaza Hotel Public Company Limited (SET: CENTEL) has announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q22 2Q21
Net Profit (Loss)
Million Baht
22.1 (606.5)
Earning Per Share (Baht) 0.02 (0.45)
% Change 104
6 Months 2022 2021
Net Profit (Loss)
Million Baht
(21.629) (1,082.2)
Earning Per Share (Baht) (0.02) (0.80)
% Change 98

CENTEL achieved a net profit of THB22 million in 2Q22, compared to a net loss of THB604 million last year, or improved by 104%, as total revenue during the three-month period ending June increased THB1,650 million, or 61% YoY, to THB4,340 million, with the proportion of total revenues between the hotel business and the food business being 33%:67% (2Q21:12%:88%); while a gross profit was THB2,431 million, an increase of 73% YoY and represented a gross profit margin of 58% of the revenues (excluding other income) that increased from the same period last year mainly due to the recovery of the hotel business. 

As of June 30, 2022, CENTEL had hotels under management in a total of 91 hotels (19,149 rooms); with 48 hotels (10,007 rooms) already in operation together with other 43 hotels (9,142 rooms) still under development. Of the 48 hotels already in operation, 19 hotels (5,050 rooms) are owned and operated by the company, with the other 29 hotels (4,957 rooms) being operated under the company’s Hotel Management Agreements.

In 2Q22, Thailand’s hotel performance had recovered significantly from the leisure travel and MICE (meetings, incentives, conferences, and exhibitions) market, supported by the reopening of the country and lifting the measures of preventing COVID-19. While the Maldives was in low seasons which affected the operating performance of both locations when being compared to the previous quarter in high season, but still having a remarkable improvement YoY. On average, the RevPar increased by 474% YoY to THB2,188, as a result of the Occupancy Rate (OCC) increasing from 12% in 2Q21 to 49% in 2Q22. While the Average Room Rate (ARR) increased by 39% YoY to THB4,472.