CPN posts substantial uptick for 2023 reported results

CPN posts substantial uptick for 2023 reported results

Central Westville mall opened in western Bangkok in November 2023, receiving positive feedback since opening day, according to Central Pattana.
Central Westville mall opened in western Bangkok in November 2023, receiving positive feedback since opening day, according to Central Pattana.

Retail and property developer Central Pattana Plc (CPN) reported net profit of 15.1 billion baht in 2023 on total revenue of 46.8 billion, increases of 40% and 26% year-on-year, respectively.

The company's earnings in the fourth quarter last year improved significantly from the previous quarter, with net profit of 3.98 billion baht, rising 42% quarter-on-quarter.

CPN said the new record-high dividend payment of 1.80 baht per share would be paid on May 15.

Naparat Sriwanvit, chief financial officer and senior executive vice-president for finance, accounting and risk management at CPN, said the performance should be considered a positive signal not only for the company, but also for the economy.

"This aligns with our commitment to improve the quality of life for people and communities, create jobs and distribute income to local communities," she said.

Ms Naparat said the positive earnings were attributed to three factors: the recovery of domestic consumption, as an increase in foreign tourists and various activities between CPN and partners led to higher rental income from tenants; additional income from new hotels and ownership transfers of housing and condominium projects, with two mixed-use projects added in Ubon Ratchathani and Phra Nakhon Si Ayutthaya; and the implementation of environmental, social and corporate governance (ESG) initiatives by CPN's management that helped achieve efficient energy consumption.

New mall Central Westville in western Bangkok opened in November last year.

As a semi-outdoor project that takes into account proximity to nature, quality of living for people and pets, and environmental sustainability, the property has received positive feedback since opening day, she said.

CPN also opened Escent Buriram and two housing projects: Baan Nirada Rama 2 in October and Baan Nirada Utthayan-Aksa in December.

In addition, Centara Ayutthaya was launched to complement the Central Ayutthaya mixed-use project.

CPN maintained its focus on ESG last year and was listed as the top-ranked Dow Jones Sustainability Indices member globally for sustainability, with the highest score among 299 real estate developers worldwide.

Ms Naparat said for 2024, CPN is ready to continue creating growth in every segment via new projects.

Following the opening of Central Nakhon Sawan on Jan 31, the company is scheduled to open Central Nakhon Pathom on March 30.

For 2024, the National Economic and Social Development Council projects the economy to grow by 2.2-3.2%, mainly from private consumption and the continued recovery of tourism.

"Consumption in 2024 is expected to grow by 3% as the labour market recovers and consumer confidence increases," Ms Naparat said.

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