Central posts B49bn for Q1 revenue

Central posts B49bn for Q1 revenue

Mr Yol said CRC thrived during this year's first quarter after achieving 90% of its pre-Covid-19 performance numbers.
Mr Yol said CRC thrived during this year's first quarter after achieving 90% of its pre-Covid-19 performance numbers.

Central Retail Corporation Plc (CRC) reported revenue of 49 billion baht in the first quarter, dropping 9.7% year-on-year, mostly due to the impact of Covid-19 pandemic on business operations.

The earnings before interest taxes depreciation and amortisation (EBITDA) was 5.40 billion baht, an 8.2% contraction year-on-year, and net profit was 459 million baht, a drop of 48.4% year-on-year.

"Central Retail is steadily regaining its balance despite challenges and uncertainties. Our strength in employees' capability and their growth mindset, innovation and leading position in omnichannel experiences have set a new standard for retail in Southeast Asia," said Yol Phokasub, chief executive of Central Retail Corporation.

The company has taken advantage of a fully leveraged and diversified portfolio to enable business agility and the synergy between Central and Robinson department stores to meet the needs of customers in lifestyle and fashion while accelerating the expansion of Thai Watsadu and Tops Market nationwide as well as to Vietnam.

Central Retail has used its recent acquisition of COL as a spring board to expand the B2B platform. In Vietnam, it is continuing to expand the food category and GO! Malls.

"Our plan is to increase work efficiency and productivity through technological developments and strong cash flow while looking for new business ventures to diversify our portfolio. Central Retail's long-term vision and business plan before the Covid-19 pandemic remains unchanged and that is to achieve sustainable and profitable growth," said Mr Yol.

The company recently approved a dividend payment of 0.40 baht per share from its 2020 performance, totalling 2.41 billion baht to boost confidence among shareholders.

Central Retail is confident in its new central retail lifestyle and food platform for online shopping and under Central Retail with a customer base of more than 18 million members.

The @Home products under the newly added Live, Learn and Work category contributed almost 50% to this year's sales performance in the first quarter while the Tops Online, Quick Commerce and Personal Shopper For Everyone platforms also played a crucial role in enhancing the customer experience.

"During this crisis, Central Retail has stepped up by providing support through 'CRC's Resolve for Covid-19' initiative for all sectors," said Mr Yol.

"We built upon our existing platform to offer a total solution for the vaccination rollout programme and space at 109 locations nationwide starting with Robinson Lifestyle in Ladkrabang; donated corrugated boxes for the production of 6,000 recyclable field hospital beds and other essentials; and helped small SMEs nationwide to access government's soft loan to secure their capital," he said.

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