CENTEL Reports 15-Fold Increase in 1Q23 Performance, Earning THB629 Million

Central Plaza Hotel Public Company Limited (SET: CENTEL) has announced its 1Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q23 1Q22
Net Profit (Loss)
Million Baht
629.08 (43.69)
Earning Per Share
0.47 (0.03)
% Change 1,530

In 1Q23, CENTEL had a Net profit of Baht 629 million, or a growth of 1,530% YoY (1Q22: a net loss of Baht 44 million). The company’s performance had improved QoQ and YoY mainly because of a strong recovery of hotel business from the country’s reopening policy and an increase in tourist arrivals during the high season. 

CENTEL had total revenues of Baht 5,863 million (1Q22: Baht 3,882 million), an increase of Baht 1,981 million (or a rise of 51% YoY), with the proportion of total revenues for the hotel business and the food business being 48%:52% (1Q22: 32%:68%); while a Gross Profit was Baht 3,287 million, an increase of 54% YoY and represented a Gross Profit Margin of 59% of the revenues (excluding other income) that increased from the same period last year (1Q22: 58%). The increase in Gross profit margin was because of the recovery of the hotel business, although the food business had been impacted by cost push pressure. 

The Company achieved an Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) of Baht 1,672 million, (1Q22: Baht 951 million), an increase of Baht 721 million (or 76% YoY). An EBITDA Margin of 29% was an increase compared to last year (Q1/2022: 24%).

However, in 1Q23, CENTEL recognized a foreign exchange gain on foreign currency loans of Baht 25 million (1Q22: gain of Baht 90 million).