Retail property giant Central Pattana Public Company Limited (SET: CPN) delivered a robust core performance in the third quarter of 2026, supported by record-breaking rental and service income and improving hotel operations.
CPN reported a 15% year-on-year increase in core net profit to THB 4,831 million for 3Q26, up from THB 4,186 million in 3Q25. Core net profit margin expanded to 36.1%, up from 34% in the prior-year period. Net profit to parent company stood at THB 4,932 million. Excluding non-operating items, total revenue reached THB 13,399 million, marking a 9% YoY growth compared to THB 12,324 million in 3Q25.
Growth was overwhelmingly anchored by the core rental and service business, which contributed 92% of operational revenue and achieved a fifth consecutive quarter of all-time high revenue at THB 11,882 million (+10% YoY). Key growth drivers included strong same-store customer traffic and contributions from newly opened shopping centers, such as Central Northville and Central Khonkaen Campus.
Meanwhile, hotel revenue climbed 11% YoY to THB 506 million, bolstered by new GO! Hotel openings and average occupancy rates rose to 77%. Conversely, residential revenue fell 15% YoY to THB 530 million, weighed down by adverse weather conditions and delayed property transfers.
CPN maintained disciplined cost management during the quarter. Total operating costs increased 7% YoY to THB 5,288 million, trailing revenue growth and pushing gross profit up 9% to THB 7,631 million. Overall gross profit margin expanded by 60 basis points to 59.1%. Administrative expenses rose 8% YoY to THB 2,128 million, keeping the SG&A-to-revenue ratio stable at 15.9%.
The company further strengthened its balance sheet, lowering its net debt-to-equity ratio to 0.44x from 0.50x in 3Q25. A lower average borrowing cost of 2.70%—down from 2.95%—underscored overall financial resilience.
