Central Pattana Public Company (CPN) Q3 2024 earnings summary

Executive summary

• Maintains leadership as Thailand's largest retail property developer with a diversified mixed-use portfolio and strong support from Central Group.

• Achieved all-time-high revenues, net profit, and dividends in 2023, with continued growth in 2024 through new project launches and asset enhancements.

• Revenue and profit increased year-over-year for both the three- and nine-month periods ended 30 September 2024, driven by growth in rental, hotel, and real estate sales income.

• Recognized for ESG leadership, ranked #1 in DJSI World 2023 for real estate management & development.

• Comprehensive income was positive, with notable contributions from both core operations and investment activities.

Financial highlights

• 3Q24 total revenue was THB 12,091m, down 2% YoY and 8% QoQ; core net profit was THB 3,922m, up 2% YoY but down 7% QoQ.

• Nine-month consolidated revenue reached 39,494.7 million Baht, up from 34,961.0 million Baht year-over-year.

• Net profit for the nine-month period was 13,006.6 million Baht, compared to 11,200.9 million Baht last year.

• Gross profit margin improved to 57% in 3Q24, up from 52% in 3Q23.

• 2023 total revenue grew 27% YoY to THB 46.8bn, with net D/E improving from 0.82x to 0.71x.

Outlook and guidance

• 2024 revenue growth targeted at over 10% YoY, with rental & services up 6–8%, hotel business up over 20%, and residential up ~20%.

• Five-year plan targets 4–5% CAGR in NLA and 10% revenue CAGR, with significant regional expansion and mixed-use projects.

• Committed THB 121bn CAPEX for 2024–28, focusing on mixed-use, retail, residential, and hotel projects.

• Continued focus on expanding rental and service income, with ongoing investments in property and real estate development.