Central Pattana (CPN) announced its total revenue for the second quarter at 13.5 billion baht, reflecting a 21% increase year-on-year, alongside a net profit of 4.56 billion baht, which is a 24% rise.
The company plans to launch 10 new Residence projects this year, featuring both horizontal and vertical developments in prime locations nationwide, with a total project value of 13.4 billion baht. Recently, they introduced Escent Bangna, located just 500 meters from Central Bangna.
CPN is also focusing on sustainability initiatives and strategies to enhance its business model while supporting communities, society, and the environment under its “Ecosystem for All” framework.
Naparat Sriwanvit, CPN’s chief financial officer and senior executive vice president for finance, accounting, and risk management, noted that the second quarter saw a continuation of growth in private consumption in Thailand, driven by the tourism sector and a more favorable export outlook compared to the previous quarter.
According to the Tourism Authority of Thailand, foreign arrivals reached 17.5 million in the first half of this year, with projections estimating a total of 35-36 million arrivals for 2024.
Ms. Naparat attributed CPN’s robust second-quarter results to its mixed-use development strategy, which is evident from increased rental income at Central Westville, Central Nakhon Sawan, and Central Nakhon Pathom, as well as nearly doubling residential business transfers compared to the same period last year.
In April, the company celebrated the fifth anniversary of Central i-City, its mall in Malaysia, which has contributed to growth for both Thai and Malaysian partners in Kuala Lumpur’s western economic region, said Ms. Naparat.
Moreover, CPN revealed a long-term investment plan focusing on five mixed-use development projects, totaling over 2.2 million square meters. The first of these, Dusit Central Park, offers urban living in close proximity to Lumpini Park.
The new Dusit Thani Hotel is expected to open next month, followed by the Central Park office tower and shopping center in 2025.
As of the end of June, CPN managed 42 shopping centers and 17 community malls, totaling a net lettable area of 2.3 million square meters. Additionally, the company oversees 36 food courts, 10 office buildings, nine hotels, and 37 residential projects. The residential offerings include condos under the Escent, Escent Ville, Escent Park Ville, Phyll, and Belle Grand Rama 9 brands, along with horizontal developments under the Escent Town (townhouses), Escent Avenue (home offices), Ninya (semi-detached houses), and Niyam (luxury single houses) brands, as well as various projects under the Nirati and Baan Nirada names.
