Central Plaza Hotel Public Company Limited (SET: CENTEL) generated total revenues of THB 6,213 million in the third quarter of 2026, marking a 7% year-on-year increase. Driven by operational recovery across key hospitality markets and strict cost discipline, reported net profit jumped 149% YoY to THB 399 million, while core net profit surged 109% to THB 400 million.
Key Financial Highlights
- Total Revenues: THB 6,213 million, up 7% YoY.
- Reported Net Profit: THB 399 million, up 149% YoY.
- EBITDA Margin: Expanded to 26% from 25% in 3Q25.
- Hotel Business RevPAR: THB 3,622, up 2% YoY.
The hotel business led overall earnings growth, generating THB 2,822 million in total revenue (+9% YoY) and turning around to a core net profit of THB 148 million from a net loss of THB 35 million in the prior-year period. Average Revenue per Available Room (RevPAR) across the hotel portfolio rose 2% YoY to THB 3,622.
Growth was driven by robust domestic travel in Thailand, where RevPAR climbed 13% to THB 3,355, and an impressive 37% RevPAR surge in the Maldives to THB 6,465 following the ramp-up of newly opened properties. These gains effectively offset softer market conditions in Dubai and Japan.
The food business delivered steady top-line growth, generating THB 3,391 million in total revenue (+5% YoY) and core net profit of THB 252 million (+12% YoY). Total System Sales (TSS) rose 5%, supported by the inclusion of newly acquired buffet brand Lucky Suki (60 outlets) and store expansions under Auntie Anne’s and KFC, which offset flat Same-Store Sales (SSS) growth caused by domestic promotional campaigns and late-quarter regional flooding.
Bottom-line acceleration stemmed primarily from core operational productivity rather than non-recurring accounting items. One-time adjustments were minimal in 3Q26, limited to a THB 1 million foreign exchange loss. Profit margins expanded as corporate income tax expenses dropped 14% and finance costs declined 12% YoY to THB 262 million due to lower interest burdens.
CENTEL strengthened its liquidity position during the period, improving its current ratio to 0.8x from 0.6x at year-end 2025. Balance sheet leverage remained conservative, with net interest-bearing debt (excluding lease liabilities) to equity holding steady at 0.8x, well below the company’s debt covenant limit of 2.0x.
Management reiterated full-year 2026 guidance, projecting hotel revenue growth of 1% – 2% YoY alongside occupancy rates between 70% and 75%. The group has allocated a THB 4,800 million capital expenditure budget for 2026 to execute major property renovations in Hua Hin and Krabi, while advancing a strategic budget hotel joint venture with PTT Oil and Retail Business Public Company Limited (SET: OR) scheduled to launch in 2027.
