Bangkok – CPNREIT 2Q23 financial performance continues to recover with a total revenue of THB 1,419 mn, +16%yoy, net investment income of THB 940 mn, +16%yoy, and a distribution of THB 0.2900 per unit to trust unitholders. The ex-dividend (XD) date is 23 August 2023, with payment is 8 September 2023.  

Ms. Pattamika Pongsurayamas, Chief Executive Officer of CPNREIT Management Company Limited, REIT Manager of CPNREIT, reported that the 2Q23 performance continued to recover with the revenue growth in all businesses compared to the same period last year. Rental income from shopping malls and office buildings increased 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, reflecting an improvement in private consumption. Moreover, rental income from hotel business grew by 16%yoy, attributable to a larger-than-anticipated rise in the number of Thai and international guests. As a result, the total income of THB 1,419 mn, increased by 16%yoy.  With the continuously efficient cost-effective approach, the total expenses increased by 14%yoy mainly due to the high cost of electricity and expenses incurred from marketing events at shopping centers. Consequently, CPNREIT’s net investment income increased by 16%yoy, reaching THB 940 mn.

The REIT Manager has gradually reserved more funds for renovating the Central Pinklao Project between 2024-2025 as approved in the EGM No. 1/2023 held on 31 July 2023, and announced the distribution payment to trust unitholders for the 2Q23 performance at THB 0.2900 per unit. This is in line with the operational plan and the projection for 2023, maintaining a high yield of 11%.

In the second half of 2023, the REIT Manager expects the recovery to continue across all sectors. This will be supported by economic activities that are returning to normal, which will help to sustain private consumption. Especially, activities related to the tourism sector during each festive season and the festive advertising campaigns at shopping malls will boost traffic and tenants’ sales.

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