CP ALL Public Company (CPALL) H2 2024 earnings summary

Executive summary

• Achieved record consolidated revenue of 987,794 million Baht (+7.2% YoY) and net profit of 25,346 million Baht (+37.1% YoY) for FY2024.

• Company-only revenue rose 10.1% YoY to 473,009 million Baht, with net profit up 40.0% YoY to 21,564 million Baht.

• Continued store expansion, reaching 15,245 stores (+700 YoY), including international growth.

• Maintained positive same store sales growth (+3.8% in 2024), with increased average daily sales per store.

Financial highlights

• Consolidated gross margin improved to 22.6% (+0.7pp YoY); company-only gross margin reached 29.0%.

• EBIT margin rose to 5.2% (consolidated) and 7.1% (company-only).

• EBITDA grew 11.3% YoY to 88,593 million Baht (consolidated); company-only EBITDA up 17.2% YoY.

• SG&A expenses increased 8.2% YoY (consolidated), but as a percentage of revenue remained stable at 19.7%.

• Earnings per share rose to 2.8 Baht (consolidated) and 2.3 Baht (company-only).

Outlook and guidance

• Plans to expand 700 new stores in Thailand and over 10 in Cambodia in 2025.

• Projected CAPEX for 2025 is 12,000–13,600 million Baht, focusing on store expansion, renovation, and IT.

• Proposed dividend payment of 1.35 Baht per share, subject to AGM approval.