Central Pattana reports strong and sustainable earnings growth for Q2 / 2023 with total earnings of 11.13 billion baht, increase by 22% YoY and net profit of 3.67 billion baht, increase by 34% YoY 

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·Successfully opened GO! Hotel Ban Chang Robinson Lifestyle and Escent Phetchaburi Condominium as planned.

·Moving forward with sustainability plans for ‘People’ (community and society) and ‘Planet’ (environment) such as the ‘Sustainable Tourism Ecosystem’, which aims to drive tourism, distribute income, create wealth for local communities and continue with the company’s journey to net zero 2050 by launching the green expo of the year: the ‘Better Futures Project’ to promote planet-friendly lifestyles.

·Central Pattana reaffirms as Thailand’s number one real estate developer by winning awards from Thailand Top CEO of The Year 2023’ and ‘IAA Awards for Listed Companies 2022-2023: Best CEO, Best CFO and Best IR’, reflecting the company’s all-round excellence in business and financial management.

·Highlighting the success of THAILAND’S PRIDE CELEBRATION 2023 – ‘PRIDE FOR ALL’, which brought together a large number of the LGBTQIAN+ community in a grand rainbow parade at centralwOrld – highlighting its reputation as a ‘Global Festive Destination’.


Bangkok: Central Pattana plc is reporting strong and continued growth for Q2/2023, with total earnings of 11.13 billion baht, or a 22% increase from the previous year, and a net profit of 3.67 billion baht, or a 34% increase from the previous year. Central Pattana continues to open new projects as planned – successfully opening GO! Hotel Ban Chang Robinson Lifestyle and Escent Phetchaburi Condominium in Q2/2023 and will continue to move forward with sustainability plans and strategies that help strengthen the entire business ecosystem while caring for communities, society and the environment under the model of ‘The Ecosystem for All’, to ensure the strong and sustainable growth for everyone.



Ms. Naparat Sriwanvit, Chief Financial Officer and Senior Executive Vice President, Finance, Accounting and Risk Management for Central Pattana plc, said: “Our earnings for 2023 continue to grow, with revenue having increased in every business category – in particular, our shopping centers and residential projects. Growth in revenue is supported by a continued recovery in the increasing number of tourists entering the country and overall improved domestic consumption. In Q2/2023, the company’s total earnings were 11.13 billion baht, or a 22% increase from the previous year and a net profit of 3.67 billion baht, or a 34% increase from the previous year. We are accelerating our non-retail businesses to complement our mixed-use projects – successfully opening GO! Hotel Ban Chang Robinson Lifestyle in May and Escent Phetchaburi Condominium in June. We will move forward with sustainable growth based on our five-year investment plan to create a strong business ecosystem under the model: ‘The Ecosystem for All’, while caring for our society and environment, covering ‘People’ (community and society) and ‘Planet’ (environment) through various projects, including:

·Sustainable Tourism Ecosystem Projects – helping to promote tourism in both major cities and secondary cities to distribute income and create wealth for local communities across Thailand using the strengths of Central shopping centers as lifestyle and shopping destinations nationwide; serving as starting points for travel and tourism destinations.

·Moving forward with journey to net zero 2050 – organizing the green expo of the year:  ‘Better Futures Project’ at centralwOrld to promote a planet-friendly lifestyle along with starting new green initiatives such as joining the ‘Green Partnership’ with the Metropolitan Electricity Authority (MEA) and SCG to help promote energy saving; joining hands with partners in green projects; and planning to issue a new sustainability-linked loans/bonds totaling 10 billion baht, as well as launching the first ‘low-carbon mall’, an eco-friendly shopping center at Central Westville, in November this year.

·Highlighting our shopping centers as the ultimate destination for all festivals – highlighting the success of THAILAND’S PRIDE CELEBRATION 2023 – ‘PRIDE FOR ALL’, which brought together over 500 LGBTQIAN+ community members in a wonderful rainbow parade, the symbol of equality, at centralwOrld as we aim to push forward Thailand as the global ‘Top Pride Destination’ to attract both Thai and foreign tourists from around the world.

In addition, Central Pattana has received several awards that confirm its reputation as Thailand’s no. 1 real estate developer. The company received the ‘Thailand Top CEO of The Year 2023’ award in the category of real estate – the awards are held by Business+ magazine in collaboration with the Faculty of Commerce and Accountancy, Thammasat University. Central Pattana also received three excellence awards: ‘Best CEO’, ‘Best CFO’ and ‘Best IR’ from the IAA Awards for Listed Companies 2022-2023, which reflects its excellence in business and financial management – helping build strong and sustainable growth while taking care of all stakeholders by adhering to ESG (Environmental, Social, and Governance) as recognized by investment analysts and stakeholders.

As of Q2/2023, Central Pattana currently manages 39 projects: 37 shopping centers – 15 in Bangkok and perimeter, 21 projects in provincial Thailand, and one project in Malaysia, one Esplanade shopping center, and one Mega Bangna shopping center (under joint venture), and 17 community malls, making a total net leasable area of 2.3 million m2. The company currently manages 33 food courts, ten office buildings, 6 hotels and 29 residential projects, which include condominiums under the brands: ESCENT, ESCENT VILLE, ESCENT PARK VILLE, PHYLL and BELLE GRAND RAMA 9 and low-rise projects under the brands: ESCENT TOWN (townhomes), ESCENT AVENUE (home-offices), NINYA (semi-detached houses), NIYHAM (luxury detached houses) and a variety of low-rise projects under the brands: ‘NIRATI’ in Chiang Mai, Chiang Rai, Bang Na and Don Mueang.

New projects under construction scheduled to open in 2023-2024 include Central Westville (scheduled to open on 29 November 2023), Central Nakhon Sawan (Q1/2024), Central Nakhon Pathom (Q2/2024), Central Krabi (Q4/2024); other projects to open in 2023 include Centara Ayutthaya Hotel, Centara One Rayong Hotel, 2 GO! Hotels adjacent to Central Si Racha and Central Chonburi, and 6 residential projects (NIRATI Nakhonsithammarat: three new detached house projects and two ESCENT condominium projects). In addition, the company has co-invested with Dusit Thani plc, in a large mixed-use project, ‘Dusit Central Park’, which will open from 2024 onwards.

In addition, CPNREIT (managed by CPN as the property manager) EGM already took place on 31 July 2023 which the unitholders approved the leases renewal and the fund-raising scheme, and the transaction is expected to be completed in 2H2024. CPN and CPNREIT believe that the investment will be beneficial to CPN as the source of financing for its CAPEX plan and CPNREIT unitholders as the lease renewal of both projects will lead to sustainable attractive returns. CPNREIT reported the 2Q23 performance growing in line with CPN, with total revenue of THB 1,419 mn, up 16%yoy due to a recovery stage across all businesses. Rental income from shopping malls and office buildings grew by 15%yoy. The average occupancy rate for shopping malls and offices remained high at 92.6%, and total footfall traffic improved by 16%yoy. Moreover, rental income from hotel business rose by 16%yoy, attributable to a larger-than-anticipated rise in the number of Thai and international guests. CPNREIT has announced the distribution payment to trust unitholders for the 2Q23 performance at THB 0.2900 per unit, with a high yield of 11%.

Central Pattana’s five-year (2023-2027) business plan continues investment in the development of new projects that have already been announced and also projects yet to be announced. These projects include mixed-use development, residential projects and the renovation of existing assets to add value as well as managing expenses by reducing costs effectively to maintain financial liquidity and prepare for uncertain situations. The company continues to study investment opportunities in other forms of business, acquisitions and overseas investments in Southeast Asia, such as in Malaysia and Vietnam, as well as studying potential opportunities in new types of business with high growth potential in order to bring in new revenue streams and align with targeted growth achievement for a stable and sustainable future.



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