Central Retail net profit soars over 470% in Q2

Its net profit stood at THB1.6b.

Central Retail Corporation reported its net profit grew 477% year-on-year to THB1.605b in the second quarter of the year. 

Over the same period, the company’s revenue jumped by 23% to THB56.8b. The company linked the growth to the reopening of Thailand’s borders in the third quarter of 2021. 

“After the reopening of borders in Q3 of 2021, Central Retail has achieved continuous growth to date despite the rising inflation, oil prices, and interest rates along with the uncertainty of Covid-19,” Yol Phokasub, CEO of Central Retail Corp., said. 

“Amidst these challenges, Central Retail marched ahead with unwavering strength and stability, achieving leaping growth powered by its strong foundation and agile DNA that has enabled the company to quickly adapt through every challenge.”

Read more: Central Retail invests THB300m in new home improvement store

Central Retail’s sales growth was largely led by its food category, which accounted for 39%. This is followed by the hardline category (36%), and the fashion category (25%). 

Moreover, the omnichannel performance, which made up 17% of the total sales, saw double-digit growth.

“Along with the CRC Retailligence strategy, the company has successfully achieved its short-term and long-term goals and remains confident that it will exceed its sales growth target of 15-20% by the end of 2022,” Phokasub said.