Central Pattana sees record-breaking performance

Central Pattana Plc (CPN), the country’s number one developer and operator of shopping centres under the Central brand, said its revenue stood at 51.8 billion baht in 2024, up 11% with net profit of 16.7 billion.

Pending clearance from shareholders, the company would be disbursing a 20% larger dividend, at 2.1 baht per share, a record-high for the company.

“With the record-breaking performance in 2024 on every dimension — revenue, net profit, shareholder returns, dividend payouts and highs across every business group — the success of the retail-led mixed-use development strategy is clearly reflected,” said Wallaya Chirathivat, president and chief executive of CPN.

“This strategy and focus has resulted in sustained positive growth where both our retail and non-retail businesses can do well together,” she added.

“Our shopping centres are at the heart of this synergy, and connect perfectly to each of our key business pillars, namely residential, hotels and office buildings. Collectively, they will be ‘The Ecosystem for All’ — a robust and sustainable ecosystem, creating value and paving the way for growth for all stakeholders who matter namely, customers, partners, shareholders, employees, societies and communities,” said Ms Wallaya.

Naparat Sriwanvit, chief finance, accounting and risk management officer of CPN, said the firm’s 2024 performance reflected solid growth in every business group, from shopping centres to residential projects, office buildings and hotels nationwide.

The company had return on equity of 15% and paid a record 2.1 baht per share as dividend.

The company’s solid financial position provides it with a favorable backdrop for investments that should lead to continued growth and high shareholder returns. Having a long-term vision, the company is committed to sustainability in all aspects of its businesses, always invests in good quality every time, drives financial stability with strict discipline, and creates effective strategies that generate great returns for all stakeholders, added Ms Naparat.

CPN has opportunities for diverse consumer groups, making the company’s success on various projects such as CPN can create successful campaigns throughout sub branches across the country all year round with more than 500 million annual visits of CPN shopping centres, where millions of tourists are recorded inside with 67 million visits per year.

Over half of all tourists visiting Thailand — from China, Russia, Saudi Arabia, Malaysia and elsewhere — visit Central shopping centres, fuelling double-digit traffic growth at tourist malls around the country.

Positive macroeconomic factors contributing to business growth come from four frontiers: an increase in the government budget disbursement, particularly on investment projects; continued growth in the private sector consumption and investment; tourism and related industries recovering, and expected continued growth in exports in 2025 with consumer spending projected to increase by 3.3% from 2024, Ms Naparat said.

CPN continues to maintain its investment plan with strong confidence in the positive direction of the economy, focusing on the expansion of the project in all types. In order to be a part of strengthening and driving economic growth for every region in Thailand.

As an example, the company prepares to operate its management thoroughly in every aspect this year within the framework and plan with which the company has set up a lot of budgets creating growth, fully investing in accordance with the plan and paving for the opening of the mixed-use project “Central Park”, both a shopping centre and office buildings, in which national basis has extended throughout Thailand, and Central Krabi project to create the new landmark of the world class tourist city.

As of Q419, Central Pattana had a total of 42 shopping centres (40 Central malls — 16 in the Bangkok and peripheral area, 23 in provincial Thailand and one in Malaysia), including Esplanade and Megabangna malls in Bangkok, and 15 community malls with an aggregate net-leasable area of 2.3mn sqm.

CPN also runs 37 food courts and 10 office buildings, 10 hotels and 43 residential projects.