Central Pattana revenue rises 2% to B13.4bn in Q3

Central Pattana revenue reached 13.4 billion baht in the third quarter of 2026, up 2% from the previous quarter, while net profit rose 4% to 4.9 billion baht. The mall developer said its shopping centre business posted record revenue for the fifth quarter in a row, the Bangkok Post reported on Tuesday.

Central Pattana Plc (CPN) said new malls and steady growth at existing ones drove the result, at a time when many Thai businesses are still cautious about the economy.

Central Pattana revenue: the key numbers

• Total revenue: 13.4 billion baht, up 2% quarter-on-quarter.
• Net profit: 4.9 billion baht, up 4% quarter-on-quarter.
• Shopping centre business: record revenue for a fifth straight quarter.
• Gross profit margin: continued to improve, helped by cost control.
• Net debt-to-equity ratio: still falling, despite ongoing investment.

Chief financial officer Naparat Sriwanvit said the quarter showed the strength of the company's core business. The company pointed to effective cost management and steady gains in operating efficiency as the reasons margins kept rising.

New malls carry the growth

The company named four newer projects as key contributors: Central Park, Central Krabi, Central Khonkaen Campus and Central Northville. It said these, along with sustained growth at older centres, lifted occupancy rates, foot traffic and tenant sales.

For readers on the Andaman coast, Central Krabi stands out as a sign that the group sees long-term spending power in southern tourist provinces, not only in Bangkok. CPN said it supported the gains with changes to its tenant mix and marketing designed to match shifting consumer tastes. Shoppers in Phuket will know the island's own large retail centres, which we cover in our Phuket luxury shopping mall guide.

Megaprojects planned for 2027

Chief executive Chanawat Uahwatanasakul said the company's strategy is built around retail-led mixed-use developments, with malls at the centre and hotels, offices and housing around them. He described this ecosystem as the main engine for long-term growth.

The company wants each new site to work as a full neighbourhood rather than a stand-alone shopping centre, so that visitors stay longer and spend across several businesses. Two large Bangkok projects are planned for 2027:

• The Central, which will turn the Ladprao-Phahonyothin area into The Central District.
• Central Central at Siam Square, pitched as a global hub for youth culture.

The hotel side is growing too. CPN has opened two GO! Hotels in Chiang Rai and Chiang Mai, with more planned for Ayutthaya and Nakhon Pathom.

How big CPN is today

At the end of September, the group ran 45 malls. That includes 43 Central shopping centres, of which 17 are in Greater Bangkok, 25 are in other provinces and one is in Malaysia, plus Esplanade and Mega Bangna. It also runs 16 community malls, 11 office buildings, 15 hotels and 52 residential projects. Total net leasable area stood at 2.4 million square metres.

Why it matters

Mall operators are a useful gauge of domestic spending because their income depends on tenant sales and visitor numbers. The latest Central Pattana revenue figures suggest that well-located, newer centres are still drawing crowds, even as wider surveys show softer confidence, such as the recent fall in Thai business sentiment in October.

The results also fit the government's push to grow sectors such as tourism and wellness under the Reinvent Thailand plan, since large malls often anchor visitor spending in provincial cities. Investors will now watch whether CPN can keep its record run going through the fourth quarter, when the year-end holidays and the peak tourist season usually bring busier malls across the country.

The quarterly figures were first reported by the Bangkok Post.

Image: CentralWorld in Bangkok, one of the malls behind Central Pattana revenue growth. Photo by Christophe95 via Wikimedia Commons, licensed CC BY-SA 4.0.