Central Pattana (CPN) has announced second-quarter total revenue of 13.5 billion baht, a 21% increase year-on-year, and net profit of 4.56 billion baht, up 24%.
The company is set to launch 10 new Residence projects this year, encompassing both horizontal and vertical developments in prime locations across the country, with a combined project value of 13.4 billion baht.
More recently, Escent Bangna was launched, just 500 metres from Central Bangna.
CPN is also pursuing sustainability initiatives and strategies, strengthening its business system while caring for communities, society and the environment under its "Ecosystem for All" model.
Naparat Sriwanvit, chief financial officer and senior executive vice-president for finance, accounting and risk management at CPN, said that in the second quarter private consumption in Thailand continued to be driven by the tourism sector and a more positive outlook on exports than the previous quarter.
Foreign arrivals tallied 17.5 million in the first half of this year, according to the Tourism Authority of Thailand. The total is projected at 35-36 million arrivals for 2024.
CPN's strong second-quarter performance was attributed to its mixed-use development strategy, she said.
"This is evident from the increased rental income from Central Westville, Central Nakhon Sawan and Central Nakhon Pathom, as well as residential business transfers, which almost doubled from the same period last year," said Ms Naparat.
Regarding its business model, in April the company celebrated the fifth anniversary of Central i-City, its mall in Malaysia. The mall has driven growth for both Thai and Malaysian partners in the western economic region of Kuala Lumpur, Ms Naparat said.
CPN also unveiled a long-term investment plan, aiming to create a development project that covers five mixed-use projects totalling more than 2.2 million square metres. The first project, Dusit Central Park, offers urban living close to Lumpini Park.
The new Dusit Thani Hotel is expected to debut next month, followed by the Central Park office tower and shopping centre in 2025.
As of the end of June, the company has 42 shopping centres under its management and 17 community malls, with a net lettable area of 2.3 million sq m.
CPN also manages 36 food courts, 10 office buildings, nine hotels and 37 residential projects. The residential projects comprise condos under the Escent, Escent Ville, Escent Park Ville, Phyll, and Belle Grand Rama 9 brands, and horizontal developments under the Escent Town (townhouses), Escent Avenue (home offices), Ninya (semi-detached houses) and Niyam (luxury single-house) brands, as well as various horizontal projects under the Nirati and Baan Nirada brands.
