Central Pattana Posts Record Core Profit in 1Q26 as Rental Revenue Hits New Highs

Central Pattana Public Company Limited (SET: CPN) has delivered a stellar financial performance for the first quarter of 2026, reporting a record-breaking core net profit of Bt4,872 million, representing a 27% year-on-year (YoY) surge. The company’s reported net profit reached Bt4,971 million, up 18% YoY, bolstered by a recovery in domestic consumption and a 12% YoY increase in international tourist arrivals during the quarter. Total revenue for 1Q26 climbed to Bt13,352 million, a 10% increase compared to 1Q25. The rental and service business remained the primary engine of growth, achieving an all-time high revenue of Bt11,428 million (+6% YoY). This performance was underpinned by healthy same-store growth, increased customer traffic, and the successful occupancy ramp-up of new malls, including Central Park and Central Krabi, alongside completed renovation projects. Other business segments also showed resilience. Hotel revenue grew 5% YoY to Bt556 million, driven by an improved average occupancy rate of 79%. Meanwhile, the residential business remained stable, contributing Bt607 million (+1% YoY). Notably, “Other Income” skyrocketed by 217% YoY to Bt762 million, primarily due to unrealized foreign exchange gains from overseas operations. CPN demonstrated strong operational discipline, with total costs rising only 1% YoY to Bt4,951 million. Efficiency initiatives, particularly lower electricity tariffs compared to the previous year, helped drive the gross profit margin to a record 61%, up from 59% in 1Q25. Operating profit jumped 19% YoY to Bt6,222 million, with the operating profit margin expanding to 47%. Furthermore, CPN’s administrative expenses were well-managed, with the SG&A-to-revenue ratio improving to 16% from 17% in the same period last year. With government stimulus measures and a revised 2026 GDP growth forecast of 2.1%, CPN appears well-positioned to maintain its growth momentum throughout the year.