Central Pattana Public Company Limited (SET: CPN) has reported a record-breaking performance for the 2025 fiscal year, marking its third consecutive year of breakthrough growth. The company achieved all-time highs across total revenue, net profit, gross profit margins and dividend, driven primarily by a robust recovery in its core retail operations and strategic cost-efficiency initiatives.
CPN’s total revenue for 2025 reached THB 53 billion, a 2% increase compared to THB 51.91 billion in 2024. Net profit saw a significant jump, rising 13% year-on-year to THB 18.84 billion. Even when excluding non-recurring items—such as one-off accounting impacts from the Rama 2 lease extension with CPNREIT—the core net profit stood at THB 16.72 billion, representing a healthy 7% annual growth.
The rental and service business, CPN’s primary engine, delivered record revenue of THB 43.72 billion, up 4% from 2024. This growth was fueled by a 4% rise in same-store rental revenue, robust tenant sales growth, and the successful launch of new projects like Central Park and Central Krabi.
In contrast, the residential business faced challenges, with revenue dropping 30% year-on-year to THB 4.35 billion, attributed to condominium transfer schedules and tightened bank credit. Meanwhile, the hotel business remained stable, contributing THB 1.96 billion to the total.
A disciplined approach to expenses further bolstered the bottom line. Total costs decreased by 7% to THB 21.03 billion, while administrative expenses were pared down by 1%. A standout achievement was the expansion of the rental and service gross margin to an all-time high of 60%, up from 57.5% in 2024. This improvement was largely driven by solar rooftop installations and lower electricity tariffs, which significantly reduced energy costs.
On the back of these record results, CPN announced a historic dividend payment of THB 2.40 per share, with an Ex-Dividend (XD) date of March 9, 2026, and a payment date of May 19, 2026. Looking toward 2026, the company remains optimistic, citing tailwinds from a sustained tourism recovery and anticipated government stimulus measures.
