Central Pattana Public Company (CPN) Q2 2024 earnings summary

Executive summary

• Achieved double-digit revenue and net profit growth year-over-year and quarter-over-quarter in 2Q24, driven by strong performance across retail, hotel, and residential segments.

• Maintains market leadership as Thailand's largest retail property developer with a diversified mixed-use portfolio and robust occupancy rates.

• Total assets increased to 301,916.6 million Baht as of 30 June 2024, up from 279,872.7 million Baht at year-end 2023.

• Total liabilities rose to 200,312.5 million Baht from 179,291.0 million Baht over the same period.

• Equity attributable to owners of the parent reached 93,290.5 million Baht, with total equity at 101,604.1 million Baht.

Financial highlights

• 2Q24 total revenue reached Bt13,998.7m, up from Bt11,541.0m YoY; core net profit was Bt4,600.4m, up from Bt3,714.0m YoY.

• For the six months ended 30 June 2024, revenue totaled 26,701.7 million Baht, up from 22,239.2 million Baht YoY; net profit was 8,808.1 million Baht, up from 6,986.7 million Baht YoY.

• Basic earnings per share for the six months ended 30 June 2024 was 1.94 Baht, compared to 1.54 Baht in the prior year.

• Gross profit margin at 54%, operating margin at 40%, and net profit margin at 32% in 2Q24.

• 2023 total revenue grew 27% YoY to Bt46.8bn, with all-time-high revenues, net profit, and dividends per share.

Outlook and guidance

• 2024 revenue expected to grow over 10% YoY, with rental & services up 6–8%, hotel and residential businesses both targeting over 20% growth.

• Net D/E ratio guided at 0.6–0.7x, with finance costs expected at 3–3.5%.

• Five-year plan targets 4–5% CAGR in NLA, 10% revenue CAGR, and significant regional expansion by 2028.

• Dividend payments for the six months ended 30 June 2024 totaled 8,078.2 million Baht.