What: Central’s profits are soaring.

Why it is important: thank the regional touristic flows… probably coming at the expense of Europe.

Thailand's Central Pattana reported significant earnings and net profit growth for FY23, with tourism recovery playing a crucial role. The company's full-year earnings increased by 26% to 46.79 billion baht (US$1.3 billion), while net profit jumped 40% to 15.06 billion baht ($422 million). This growth was attributed to the recovery of tourism, domestic consumption, and increased revenue from residential projects. Central Pattana managed 40 shopping malls, including 17 in and around Bangkok, 21 projects in provincial areas, one project in Malaysia, and one JV project (Mega Bangna), along with 17 community malls, making a total net leasable area of 2.3 million sqm. The company also manages 33 food courts, 10 office buildings, nine hotels, and 33 residential projects.

Central Pattana’s profit surges 40% thanks to tourism