Central Retail’s net profit soars 124% in Q4 2021

The company posted a THB2.46b net profit during the quarter.

Thailand’s Central Retail reported its net profit climbed by 124% to THB2.46b in the fourth quarter of the year after maintaining sales growth across its three key markets.

Over the same period, Central Retail also saw its revenue rise by 15% to THB58.76b. For the full year 2021, the company recorded a profit of THB277m.

“Despite the ongoing challenges posed by the spread of COVID-19 for extended periods across Thailand, Vietnam and Italy, Central Retail achieved profitability and generated positive returns to shareholders, with dividend payment of THB0.30 per share,” Yol Phokasub, CEO of Central Retail Corporation PCL, said.

Central Retail in Thailand saw a 26% sales growth in its hardline segments. The company had launched 5 new Thai Watsadu branches and new store formats under its go! WOW banner, bringing its total branches to 15.

Its Vietnam market also posted an 8% sales growth despite seeing its stores close in the second and third quarter of the year due to the pandemic; whilst its sales in Italy saw a strong growth of 30% compared to the previous year.

“2021 was the year that put Central Retail through rigorous-resilience tests. With antifragility in the DNA, we were able to thrive amid the widespread uncertainty to emerge first and stronger,” Yol also said.

Aside from its retail operations, Central Retail’s property segment, particularly Robinson Lifestyle, recorded a more than 90% occupancy rate. By the end of 2021, the company’s reached a total of 69 branches across Robinson Lifestyle, Tops Plaza and GO! Lifestyle, with a net leasable space of over 650,000 square metres.  

Moreover, enhancements in its technology integration also paved the way for a 109% growth omnichannel sales.

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