CP ALL Public Company (CPALL) H1 2024 earnings summary

Executive summary

• Achieved strong growth in 2Q24 with consolidated revenue of 248,026 million Baht, up 6.9% year-over-year, and net profit of 6,239 million Baht, up 40.6% year-over-year.

• Company-only revenue reached 121,606 million Baht (+8.5% YoY) and net profit was 6,742 million Baht (+10.1% YoY).

• 1H24 consolidated revenue totaled 489,333 million Baht (+7.7% YoY) and net profit was 12,559 million Baht (+46.7% YoY).

• Operates 14,854 convenience stores in Thailand as of 30 June 2024, with both owned and franchised outlets, and continued international expansion with 87 stores in Cambodia and 6 in Laos.

• Principal businesses include convenience stores, wholesale, retail, malls, and payment centers.

Financial highlights

• Consolidated gross profit margin improved to 22.4% in 2Q24 (+9.1% YoY); EBIT margin at 5.0% (+21.4% YoY).

• Company-only gross margin reached 29.0% in 2Q24 (+11.9% YoY); EBIT margin at 8.0% (+7.5% YoY).

• EBITDA for 2Q24 was 21,538 million Baht (+11.3% YoY); net margin at 2.5% (+40.6% YoY).

• Profit attributable to equity holders for the six months ended 30 June 2024 was Baht 12,559 million, up from Baht 8,561 million year-over-year.

• Basic earnings per share for the six months was Baht 1.37, compared to Baht 0.93 in the prior year.

Outlook and guidance

• Ongoing store expansion with a 2024 CAPEX plan of 12,000–13,000 million Baht, targeting 700 new stores in Thailand and further growth in Cambodia and Laos.

• Focus on enhancing product mix and margin, leveraging fixed cost efficiencies, and expanding online-to-offline (O2O) channels.

• The Group is assessing the impact of International Tax Reform - Pillar Two Model Rules on future financial statements.