Central Retail Corporation Public Company Limited (SET: CRC) has announced 2024 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 2024 | 2023 |
| Net Profit (Loss)
Million Baht |
8,136.31 | 8,016.31 |
| Earning Per Share
(Baht) |
1.3500 | 1.3300 |
| % Change | 1.50 | |
CRC reported a net profit in 2024 of Baht 8,136.31 million, an increase of Baht 120 million or 1.50% compared to the previous year. The flat increase in net profit was due to declining revenue from investment and share of profit of associates and joint ventures after recognizing one-time loss of THB 657 million from share swap transaction from Porto Worldwide Limited (Joint Venture) that has swap its entire shares in GrabTaxi Holdings (Thailand) Co., Ltd. to ordinary shares of Grab Holdings Limited which listed on the NASDAQ at the market price.
Revenue from sales of goods accounted for THB 234,470 million, an increase of 5.7% compared to the same period last year. Revenue from sales of goods can be classified based on the Company’s business segments as follows:
1) Revenue from sales of the fashion segment was THB 66,861 million, an increase of 6.8% from the same period last year. In Thailand, the fashion and lifestyle distribution segment experienced a surge in sales, driven by the addition of leading fashion and lifestyle brands to cater to evolving consumer demands.
This growth was further fueled by the government’s Easy E-Receipt program in the first quarter, a rise in tourist footfall, and the inauguration of two new stores of Central Department Stores. Additionally, the expansion of Brandshop and Running Specialty stores under the REV RUNNR brand contributed to the growth.
Additionally, ongoing store enhancements, such as the fully renovated and reopening of Central Chidlom, have further contributed to sales growth. Similarly, Italy experienced a boost in sales attributed to an increase of both domestic customers and tourists. Omnichannel sales increased by 11% from the same period last year.
2) Revenue from sales of the hardline segment was THB 73,798 million, which decreased by 0.5% from the same period last year. Sales in Thailand witnessed an upward trajectory owing to the establishment of new stores, ongoing existing ‘s store enhancements, an increase in number of tourists, and the government’s Easy E-Receipt program in the first quarter.
Conversely, Vietnam saw a decline in sales, reflective of a more cautious consumer spending trend and intense competition. Omnichannel sales increased by 8% compared to the same period last year.
3) Revenue from sales of the food segment was THB 93,811 million, an increase of 10.2% from the same period last year. Thailand witnessed a surge in sales, primarily fueled by the positive reception to GO Wholesale, the inauguration of new stores of Tops Supermarket and the government’s Easy E-Receipt program in the first quarter.
Meanwhile, in Vietnam, sales rose from new stores, including GO! mall, GO! hypermarket and go! stores. Omnichannel sales increased by 17% compared to the same period last year.
Revenue from rental services was THB 7,889 million, grew by 1.3% from the same period last year, driven by the increasing number of service users which resulted in increased revenue collection from tenants and the expansion of leasable areas in Thailand and Vietnam.
Revenue from rendering of services was THB 1,841 million, an increase of 6.6% from the same period last year as there were more visitors to food courts.
Gross profit was recorded at THB 69,441 million, an increase of 4.4% from the same period last year. Key components are as follows: – Gross profit from sales was THB 62,118 million, an increase of 4.7% from the same period last year.
Gross profit from sales increased in all segments according to higher sales, representing a gross profit margin of 26.5%, decreased from 26.7% of the same period last year due to a change in sales mix, and a growing consumer trend toward value-oriented products. To effectively manage gross profit, all business units have improved procurement efficiency and controlled inventory through well-planned promotional activities.
Gross profit from rental and rendering of service was THB 7,323 million, an increase of 2.3% from the same period last year, representing a gross profit margin of 75.3%, remaining relatively stable compared to the same period last year.
Other income was THB 18,342 million, an increase of 8.2% from the same period last year due to an increase in promotional campaigns and PR advertisements, gains on disposal of right-of-use assets due to land acquisition, and higher income sharing and commission.
