Central Pattana Public Company (CPN) Q4 2024 earnings summary

Executive summary

• Achieved all-time-highs in revenue, gross profit margin, and net profit after tax for 2024, driven by a retail-led mixed-use strategy and robust ecosystem integration.

• Maintained market leadership as Thailand’s largest retail property developer, with a diversified portfolio and strong support from Central Group.

• Continued expansion with new project launches, asset enhancements, and a focus on sustainable growth and ESG initiatives.

Financial highlights

• Total revenue reached Bt 51.1bn in 2024, up 9% year-over-year; core net profit rose 18% to Bt 16.4bn.

• Gross profit margin improved to 55% (+200bps YoY); core EPS increased 18% to Bt 3.66.

• Announced dividend of Bt 2.10/share, a 17% YoY increase, with a payout ratio of 56%.

• Net D/E ratio improved to 0.58x from 0.71x in FY2023, reflecting a stronger balance sheet.

Outlook and guidance

• Five-year plan targets 10% revenue CAGR (2024–2028), with NLA expansion to over 2.7m sqm and international growth in Vietnam and SE Asia.

• Committed CAPEX of Bt121bn for 2024–2028, focusing on mixed-use, retail, residential, and hotel projects.

• Targeting 20% revenue growth in residential segment for 2024.