CPN Reports 28% Growth in 1Q24 Earnings with Strong Performance in Malls and Condos

Central Pattana Public Company Limited (SET: CPN) has announced its 1Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;

Year 1Q24 1Q23
Net Profit (Loss)
Million Baht
4,154.17 3,245.89
Earning Per Share
0.9300 0.7300
% Change 27.98


CPN reported a net profit of Baht 4,154 million in 1Q24, increased 28% from the same period of last year.

In 1Q24, the Company reported total revenue of Baht 12,234 million, increased 19% from last year. The increase was mainly from strong performance of shopping mall and food court businesses and significant increase in condominium transfers. The hotel business’ revenues also grew 39% YoY thanks to strong occupancy and room rate at Hilton Pattaya and improved occupancy YoY across all hotels.

1Q24 operating profit was Baht 5,034 million grew 33% YoY and 3% QoQ with an operating profit margin of 41% (excluding impact from Pinklao lease extension) (4Q23 and 1Q23 37%). The YoY improvement was in line with higher gross profit and higher other income. The QoQ improvement was due to seasonally lower SG&A and higher other income (SG&A to total revenues ratio was 16% in 1Q24 and 19% in 4Q23).

On May 8, CPNREIT also entered into the agreement for Pinklao lease extension for another 15 years from January 1, 2025 to December 31, 2040.

The Company has 42 shopping malls (17 in the Bangkok Metropolitan area, 23 upcountry, 1 overseas, 1 joint-venture), 17 community malls with a total NLA of 2.3 million sqm. The Company’s occupancy rate of shopping mall was improved from 92% in 4Q23 to 93% in 1Q24 mainly from the improving occupancy rate in Central Westville and selected upcountry locations.

The Company has 10 office buildings for rent with a total rental area of 314,569 sqm. The occupancy rate in 1Q24 was at 86%, slightly lower than the previous quarter at 88% due to lower occupancy at centralwOrld offices, which CPN is in the process of negotiating with potential tenants in the waitlist.