Central Pattana’s profit surges 40 per cent as tourism recovers

Thailand’s Central Pattana reported double-digit earnings and net profit for FY23, with tourism recovery among the main factors contributing to the growth.

The company’s full-year earnings rose 26 per cent to 46.79 billion baht (US$1.3 billion), while net profit jumped 40 per cent to 15.06 billion baht ($422 million).

The firm attributed the results to the recovery of tourism and domestic consumption, as well as increased revenue from residential projects in the second quarter. 

Growth was also recorded across core businesses thanks to the ‘retail-led’ approach, along with the launch of projects including Central Westville, Escent Phetchaburi, and Escent Buriram among others.

“Central Pattana’s performance in 2023 was a very positive signal for our company and the country’s economy as a whole,” said Naparat Sriwanvit, CFO and senior executive VP, finance, accounting and risk management for Central Pattana.

“Thailand’s economy in 2023 grew by 1.9 per cent from the previous year mainly due to increased consumption in the private sector and is likely to see further increases.”

As of the end of FY23, the company managed 40 shopping malls, including 17 in and around Bangkok, 21 projects in provincial, one project in Malaysia and one JV project (Mega Bangna), along with 17 community malls, making a total net leasable area of 2.3 million sqm. It also manages 33 food courts, 10 office buildings, nine hotels and 33 residential projects.

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