CENTEL Reports 214% Profit Growth in 2023 from Higher Revenue in Hotel Business

Central Plaza Hotel Public Company Limited (SET: CENTEL) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 2023 2022
Net Profit (Loss)
Million Baht
1,248.10 398.08
Earning Per Share
0.9200 0.2900
% Change 213.53

CENTEL reported a net profit of Baht 1,248 million, compared to a net profit of Baht 398 million, an increase of Baht 850 million, or 214% growth YoY.

Total Revenues in 2023 was Baht 22,547 million (Year 2022: Baht 18,216 million), an increase of Baht 4,331 million (or 24% YoY), with the proportion of total revenues between the Hotel Business and the Food Business being 44%:56% (Year 2022: 36%:64%); while Gross Profit was Baht 12,319 million, an increase of Baht 2,165 million or 21% YoY and represented a Gross Profit Margin of 57% of total revenues (excluding other income) that was a drop compared to last year (Year 2022: 58%) due to a decrease in Gross Profit margin of the food business.

The company had an extra item from the reversal of impairment on assets netted off deferred tax and depreciation in a total of Baht 128 million, which was due to the significant improvement in the performance of Centara Grand at Central Plaza Ladprao, Bangkok, compared to the impairment being estimated as the impact of COVID-19 in 2020.

In addition, the Board of Directors approved a dividend payment of THB0.42 per share to be paid on 27 May 2024. The ex-dividend date is 8 May 2024.