CP ALL Public Company (CPALL) H2 2023 earnings summary

Executive summary

• FY2023 total revenue rose 8.0% YoY to Bt921,187 million; net profit increased 39.3% to Bt18,482 million.

• Consolidated EBIT grew 16.5% YoY to Bt43,012 million, while EBITDA rose 8.4% to Bt79,594 million.

• 4Q23 revenue was Bt240,554 million, up 6.8% YoY; net profit reached Bt5,497 million, up 75.2%.

Financial highlights

• FY2023 gross profit margin was 21.9%, up from 21.5% in 2022; EBIT margin was 4.7%, up from 4.3%.

• Company-only FY2023 revenue increased 12.3% to Bt429,496 million and net profit rose 35.1% to Bt15,403 million.

• Company-only EBIT was Bt26,813 million, up 25.5% YoY; EBITDA was Bt43,555 million, up 15.1%.

Outlook and guidance

• 2024 CVS projected CAPEX is Bt12,000–13,000 million: Bt3,800–4,000 million for store expansion and Bt2,900–3,500 million for renovations.

• Planned 2024 investment also includes Bt4,000–4,100 million for projects, subsidiaries and distribution centers, plus Bt1,300–1,400 million for fixed assets and IT.

• Thailand store expansion target is 700 stores; expansion in Cambodia and Laos is set to continue.