Central Pattana Plc (CPN), Thailand's top real estate leader and the developer of Central shopping centres, reported an 11% increase in revenue to 51.8 billion baht in 2024, with net profit of 16.7 billion.
The company is paying a record-high dividend of 2.1 baht per share, a 20% increase from the previous year, pending shareholder approval.
"With the record-breaking performance in 2024 across all dimensions -- revenue, net profit, shareholder returns, dividend payouts, and highs in all business groups -- the success of the retail-led mixed-use development strategy is clearly proven," said Wallaya Chirathivat, president and chief executive of CPN.
This strategy has driven sustainable growth, enabling both retail and non-retail businesses to thrive together, she said.
"At the core of this synergy are our shopping centres, which seamlessly connect with our key business pillars: residential, hotels and office buildings. Together, they form 'The Ecosystem for All' -- a strong and sustainable system that creates value and drives growth for all stakeholders, including customers, partners, shareholders, employees, society and communities," said Ms Wallaya.
Naparat Sriwanvit, chief finance, accounting and risk management officer at CPN, said the company's performance in 2024 showed excellent growth across all business groups, including shopping centres, residential projects, office buildings and hotels nationwide.
The company announced return on equity of 15%, with a record-high dividend of 2.1 baht per share.
With a strong financial position, the company is well-positioned to drive investments for sustained growth and high shareholder returns. Guided by a long-term vision, it remains committed to sustainable business practices, continuous investment, financial stability with strong discipline, and effective strategies that deliver outstanding returns to all stakeholders, said Ms Naparat.
CPN creates successful campaigns across all its branches nationwide year-round, attracting over 500 million visits annually to its shopping centres, including more than 67 million tourist visits per year.
More than half of all tourists entering Thailand -- from China, Russia, Saudi Arabia, Malaysia and beyond -- visit Central shopping centres, driving double-digit traffic growth for tourist malls nationwide.
Ms Naparat said positive macroeconomic factors are contributing to business growth from four key areas: increased government budget disbursement, especially for investment projects; continued growth in private sector consumption and investment; recovery in tourism and related industries; and expected continuous growth in exports in 2025, with consumer spending projected to rise by 3.3% from 2024.
CPN is confident in positive economic trends and it continues to invest according to its business plan, focusing on expanding projects in various areas to be part of developing and driving economic growth across all regions of Thailand.
The company is ready to move forward this year with strong management strategies and a strong financial position, creating growth and investing fully according to its plan, with preparations to launch the world-class mixed-use project "Central Park" including both a shopping centre and office buildings, and the Central Krabi project to create a new landmark that fulfills every dimension and elevates the potential of a world-class tourist city.
As of the fourth quarter of 2024, Central Pattana operated a total of 42 shopping centres (40 Central malls -- 16 in Bangkok and surrounding areas, 23 in provincial Thailand, one in Malaysia, as well as the Esplanade and Megabangna malls in Bangkok), and 15 community malls with a combined net leasable area of 2.3 million square metres.
In addition, CPN operates 37 food courts, 10 office buildings, 10 hotels and 43 residential projects.
