CP ALL Public Company (CPALL) Q4 2024 earnings summary

Executive summary

• Achieved record consolidated revenue of 987,794 million Baht (+7.2% YoY) and net profit of 25,346 million Baht (+37.1% YoY) for FY2024.

• Company-only revenue rose 10.1% YoY to 473,009 million Baht, with net profit up 40.0% YoY to 21,564 million Baht.

• Expanded store network to 15,245 stores (+700 YoY), including international growth.

• Board proposed a dividend of 1.35 Baht per share for 2024, pending AGM approval.

• Completed business restructuring and amalgamation, forming a new entity listed on the SET.

Financial highlights

• Consolidated gross margin improved to 22.6% (+0.7pp YoY); company-only gross margin reached 29.0%.

• EBIT margin rose to 5.2% (consolidated) and 7.1% (company-only).

• EBITDA grew 11.3% YoY to 88,593 million Baht (consolidated); company-only EBITDA up 17.2% YoY.

• Basic EPS was 2.8 Baht (consolidated) and 2.3 Baht (company-only), up from 2.01 Baht in 2023.

• Total assets stood at 944,120 million Baht, with total equity of 319,611 million Baht as of 31 December 2024.

Outlook and guidance

• Plans to expand 700 new stores in Thailand and over 10 in Cambodia in 2025.

• Projected CAPEX for 2025 is 12,000–13,600 million Baht, focusing on store expansion, renovation, and IT.

• The Group expects to recognize contract liabilities as revenue during 2025-2029, mainly from loyalty programs and service advances.

• Management continues to focus on store expansion, operational efficiency, and capital structure optimization.