Central Plaza Hotel Plc (Centel) has announced improved results for the fourth quarter of 2024, reporting a net profit of 668 million baht, a 57% increase year-on-year.
The growth was attributed to the seasonality of tourism.
The company posted total revenue of 6.4 billion baht, up 6% year-on-year.
Centel's hotel business contributed 48% of total revenue and the food business accounted for 52%.
Gross profit for the quarter was 3.51 billion baht, up 9% year-on-year, representing a gross profit margin of 58%.
The hotel business achieved total revenue of 3.04 billion baht, an 11% gain from the previous year.
The revenue per available room (RevPar) rose by 26% from the third quarter to 4,306 baht in the fourth quarter, attributed to a higher average room rate, increasing 23% quarter-on-quarter to 6,066 baht in the fourth quarter.
The occupancy rate increased from 69% in the third quarter to 71% in the fourth quarter, mainly due to the normal seasonality of tourism.
As of Dec 31, 2024, Centel had 90 hotels under management, with 51 hotels in operation and 39 hotels under development.
The company's food business achieved a total revenue of 3.36 billion baht, a 3% increase year-on-year.
Same-store sales excluding joint venture brands and The Terrace brand, were stable, while total system sales (TSS) growth decreased to 2%.
The revenue growth was mainly driven by Mister Donut, Auntie Anne's, Ootoya and Pepper Lunch.
At the end of the quarter, the company operated 1,396 restaurant outlets, including joint venture brands in Thailand and overseas.
The company anticipates that in 2025, the hotel business in Thailand will continue to expand, driven by the increasing number of international tourist arrivals.
This year Centel projects an occupancy rate of 74-77%, RevPar of 4,500-4,800 baht and total revenue growth excluding joint ventures of 23% year-on-year.
The growth will be driven by the continuing growth of hotels in Thailand, the first full-year performance from major renovations (Centara Karon Resort Phuket and Centara Grand Mirage Beach Resort Pattaya), and the newly opened Centara Mirage Lagoon Maldives.
Furthermore, Centara Grand Osaka is expected to experience a positive impact from the World Expo 2025, scheduled from April to October 2025.
In the food sector, the firm has forecast same-store sales growth, excluding joint venture brands, between 3% and 5%, along with TSS growth projected at 6-8% compared to last year.
Centel aims to expand the total number of outlets by 4-5% year-on-year, with a strong emphasis on increasing the number of outlets for high profit margin brands.
