Improved consumer confidence, backed by the general election and a recovery in tourism, supported the first-quarter performance of Central Pattana Plc (CPN).
The company posted a net profit of 4.97 billion baht, representing 18% year-on-year growth, while total revenue rose 10% from the same period last year to 13.3 billion baht.
Naparat Sriwanvit, chief financial officer and president of hotel and office at CPN, said these factors helped boost spending nationwide.
The company's retail-led mixed-use development strategy and its ongoing "Festival & Experience Economy" initiatives, featuring year-round events and festivals, have continued to drive customer traffic and spending at CPN's shopping centres.
The company achieved record-high rental and service income from its shopping centre business, driven by rising customer traffic, stronger tenant sales, and an expanded portfolio of shopping centres.
CPN also recorded all-time-high gross profit margins of 62% for its rental and services business, while its overall gross profit margin reached 61%.
The hotel business also performed strongly, particularly Centara Hotels & Resorts and GO! Hotel, reflecting the strength of CPN's ecosystem and its ability to drive economic growth, tourism and lifestyle experiences nationwide.
The company plans to invest more than 110 billion baht during 2026-2030 in mega-scale projects and landmark masterplans nationwide to create new neighbourhoods and cities, with the aim of elevating Bangkok and Thailand to a world-class level.
Major projects under development include the "mega-scale city of the future" in Rangsit, spanning more than 750 rai and representing the largest project in Central Pattana's history; the mixed-use project "Central GR9" in the heart of the Rama 9 CBD; and "The Central District", a collaboration between Central Ladprao and The Central Phahonyothin.
Several projects are scheduled to launch this year, including Central Khonkaen Campus, a new mixed-use development in the Northeast, which is set to open on May 20.
In the early third quarter, the company will launch Central Northville, the largest mixed-use project in Nonthaburi, and move forward with landmark transformations nationwide, including the new Central Bangna, Central Chiangmai Airport and Central Phuket.
Furthermore, CPN continues to establish "Global Festival Landmarks" nationwide, positioning Thai festivals as world-class experience destinations throughout the year.
By the end of the first quarter, CPN was operating 44 shopping centres and 16 community malls, with a total net leasable area of 2.3 million square metres, 11 office buildings, 11 hotels and 51 high-rise residential and housing estate projects.
