Thailand's largest retail property developer Central Pattana Plc (CPN) has reported earnings exceeding its target for 2022.
The company reported total earnings of 37.2 billion baht last year, up 28% from 2021, and a net profit of 10.8 billion baht, a 51% increase from the previous year.
CPN is continuing with its five-year investment plan under the strategy of retail-led mixed-use development, comprising shopping centres, residential projects, office buildings and hotels.
In the last quarter of 2022, the firm launched GO! Hotel Bowin in Chon Buri and "at work" at CentralWorld offices, which is a flexible work and lifestyle space that meets the hybrid work lifestyle, as well as five residential projects according to the company's five-year investment plan.
This year the company is launching new projects including the Marché Thonglor community mall in Thong Lor, which is scheduled to open in March 2023, and Central Westville under the concept of "The Evolution of Semi-Outdoor Retail Model", aiming to upgrade the Ratchaphruek area to a high-end lifestyle destination for western Bangkok.
In addition, there are new mixed-use projects under construction such as Central Nakhon Sawan and Central Nakhon Pathom, which are scheduled to open around the first and second quarters of next year.
Naparat Sriwanvit, chief financial officer and senior executive vice-president for finance, accounting and risk management at CPN, said earnings had recovered well, on a par with 2019, prior to the pandemic. Positive factors tracked the ongoing recovery of the economy, she said.
"People's spending improved at the end of the year and there are increasing numbers of tourists in addition to government and private sector support measures to spur spending," said Ms Naparat.
"Central Pattana organised great year-end campaigns at Central malls nationwide to attract customers and boost sales for our tenants and partners. These campaigns included 'Embracing Happiness 2023', in collaboration with Line Friends, and the 'Bangkok & Thailand Countdown 2023' event, also known as the 'Times Square of Asia', with both receiving overwhelmingly positive feedback."
In addition, CPN applied a cost-effective approach to maintain maximum profitability, she said.
The company launched GO! Hotel Bowin, a premium budget hotel offering comfort and convenience with standardised services.
CPN started five residential projects, include the high-rises Escent Ville Chachoengsao, Escent Ville Suphanburi and Escent Trang, in addition to two low-rise housing projects, Nirati Chiangmai and Ninya Ratchaphruek.