Central Pattana Reports Earnings of THB3,679 Million in 2Q23, a 34% YoY Growth

Central Pattana Public Company Limited (SET: CPN) has announced its 2Q23 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q23 2Q22
Net Profit (Loss)
Million Baht
3,677.83 2,753.44
Earning Per Share
0.82 0.61
% Change 34
6 Months 2023 2022
Net Profit (Loss)
Million Baht
6,923.72 5,081.70
Earning Per Share (Baht) 1.55 1.13
% Change 36

In 2Q23, CPN reported total revenues of THB11,133 million and a net profit of THB 3,678 million, up 22% and 34% year-over-year, respectively, indicating that its earnings performance has steadily improved since 2022’s robust recovery. CPN reported that total revenues increased quarter-over-quarter for all businesses, particularly retail and residential businesses. Excluding the effect of financial reporting standards, the company’s fundamental performance revealed a net profit of THB3,373 million, up 54% year-over-year.

2Q23 operating profit was THB4,207 million, growing by 45% YoY and 11% QoQ with an operating profit margin of 38% (vs 33% in 2Q22 and 37% in 1Q23). The YoY improvement was from higher rental discount in the previous year and QoQ improvement was mainly from SG&A expenses which was slightly lower than 1Q23 (SG&A to total revenues ratio was 15% in 2Q23 vs 17% in 1Q23).

CPN has 38 retail malls (16 in the Bangkok Metropolitan area, 21 upcountry, and 1 overseas), 17 community malls, and 1 joint venture with a total NLA of 2.3 million sqm as of the end of the second quarter. In 2Q23, the occupancy rate of the company’s retail mall increased to 91% from 90% in 1Q23.

CPN has 6 hotels and 1,099 rooms with an average occupancy rate of 61%, which is slightly lower than the previous quarter’s average of 65% due to seasonality and the new hotel, Go! Hotel Ban Chang, which opened on 10 May 2023.

To date, the company has developed 29 residential developments.