CPN profit up 28% to B4.15bn in Q1
Central Pattana Plc (CPN) reported total earnings of 12.2 billion baht in the first quarter of this year, up 19% year-on-year.
Net profit was 4.15 billion baht, a gain of 28% year-on-year.
The company opened mixed-use projects Central Nakhon Sawan and Central Nakhon Pathom, the latter being its 42nd mall.
Naparat Sriwanvit, chief financial officer and senior executive vice-president for finance, accounting and risk management for CPN, said private consumption in Thailand was driven by the uptick in tourism compared with the previous quarter, as well as the government’s Easy E-Receipt stimulus scheme.
Ms Naparat said consumer confidence may improve in the second half of this year thanks to government budget disbursement and more clarity on stimulus campaigns.
“Central Pattana recorded significantly better operational results across all business segments compared to the previous year, especially residential business of which the revenues almost doubled,” she said.
Ms Naparat said the company is continuing its long-term investment plan, with a total investment of 121 billion baht planned over the five-year period from 2024 to 2028.
There are 13 new projects scheduled to be launched this year, including Central Nakhon Sawan and Central
Nakhon Pathom, which have already commenced operations. The other projects are 10 residential developments and a new hotel in Rayong.
CPN is also gearing up for its “The World’s New Magnitude” campaign, expanding commercial and business districts in various parts of Bangkok, resembling the models of large cities worldwide, she said.
“We will develop five mixed-use projects with a combined area of more 2.2 million square metres. These projects will be located in prime locations around Bangkok, situated on major roads and connected to the skytrain,” said Ms Naparat.
“Each project will meet the needs of future living and be a landmark to attract tourists from around the world.”
CPN is also preparing to open Dusit Central Park, which is an office building as well as the Central Park shopping centre in 2025, she said.
CPN has reaffirmed its global sustainability status by being selected as a member of the highest-ranking Dow Jones Sustainability Indices (DJSI) and No.1 globally in the real estate management & development sector, according to the Sustainability Yearbook 2024 produced by S&P Global.
Cpn Retail Growth Leasehold REIT Unit (CPNREIT) recently executed its capital increase plan for the contracts of the Central Pinklao project as planned, CPN noted.
CPNREIT issued and offered a total of 1.053 billion trust units at a final offering price of 10.20 baht per unit, raising a total of 10.7 billion baht, including additional capital and some borrowed funds from financial institutions, according to CPN.
These funds will be invested in extending the lease rights for the Central Pinklao project for another 15 years, with a total value of 12.1 billion baht.