Dear Shareholders,
In 2024, the retail, wholesale, and service sectors continued to navigate challenges in executing business amid external pressures, including intensified domestic and international competition. These economic uncertainties led consumers to be increasingly cautious with their spending. However, with Central Retail’s strong and resilient platform, we swiftly adapted to challenges and market shifts while expanding our portfolio across core business groups in Thailand, Vietnam, and Italy. At the same time, we maintained financial stability and upheld efficient cost management and expense control. As a result, we achieved strong overall performance, generating Total Revenue of 262,804 million baht and Core Net Profit attributable to Owner of the Parent of 8,870 million baht. Moreover, the Company maintained its “AA-” rating with a ‘Stable’ outlook, the highest rating in the retail industry by TRIS Ratings. This reaffirmed Central Retail’s leadership in the retail and wholesale sectors across Asia, reflecting both investor confidence and the Company’s excellence in financial management.
Guided by the CRC OMNI-Intelligence vision, Central Retail achieved strong business growth and key milestones in 2024 by strategically expanding both retail and wholesale operations. In addition to strengthening our core businesses, we undertook major store renovations and introduced new brands and products across our 5 business categories in Thailand, Vietnam, and Italy. These efforts underscored our commitment to excellence, with key highlights showcasing our business achievements as follows:
Fashion – We created a remarkable milestone by transforming Central Chidlom into “THE STORE OF BANGKOK,” elevating it into a world-class luxury destination. This one-stop shopping experience brings together an extensive collection of luxury brands, captivating both Thai and international customers. Additionally, Central Retail made a strategic move into the Performance Sports sector by acquiring a 75% majority stake in Rev Edition. This investment strengthens our confidence in driving growth for our sports business group, Supersports, positioning it as a leader in the sports industry.
For the fashion business in Vietnam, Central Marketing Group Vietnam introduced leading fashion and lifestyle brands, including FitFlop, Crocs, and Dyson, catering to high-purchasing-power customers. The Company remains committed to enhancing brand positioning and continuously bringing new and exciting brands to the market.
Following the renovation of Rinascente’s flagship store at Piazza Duomo in Milan, the Company is set to expand its presence in the luxury beauty sector. Plans are underway for the Odeon Beauty Hall, covering over 3,000 square metres, making it the largest beauty hall in Italy. The construction is expected to be completed by 2027, further strengthening Rinascente’s position as a premier luxury retail destination.
Food – We continue to drive growth and expand our food retail presence with strategic developments across multiple formats. Tops is transforming into a Food Discovery & Destination under the concept of “Every Day DISCOVERY”, accompanied by the opening of 9 new branches across Thailand. Tops Food Hall maintains its leadership in the premium supermarket segment, while Tops daily has introduced a franchise model. GO Wholesale has rapidly grown, opening 10 new branches within a year.
In Vietnam, GO! Mall expanded its presence with 3 new locations, bringing the total to 42 by the end of 2024. GO! Hypermarket also added 3 branches, reaching a total of 41. Meanwhile, go! opened 5 new stores, ending the year with 14 branches.
Hardline – The Company reaffirmed its position as the No.1 Omnichannel DIY home retailer by adding 7 new Thaiwatsadu branches and renovating 4 existing locations. By the end of 2024, this expansion brought the total number of Thaiwatsadu branches to 86, further solidifying our leadership in the home improvement sector.
Property – Robinson Lifestyle launched a new business model, ‘Strip Mall,’ at Robinson Lifestyle Kanchanaburi. This model features a variety of shops and services designed to cater to customer lifestyles while supporting local businesses.
In addition, sustainability development has always been a core focus for Central Retail. To reaffirm our commitment to being a Green & Sustainable Retail & Wholesale organisation, we have set our mission to be ‘Central to Life’ in alignment with the CRC Care philosophy, which spans 7 dimensions: Care for the Economy, Customers, Partners, People, Communities, Environment, and Governance. This commitment is reflected in the widespread recognition we have received both in Thailand and internationally.
The Company was ranked among the Top 3 out of 466 retail businesses by DJSI, achieving a score of 84; being ranked in the THSI and SET ESG Ratings for 4 consecutive years, receiving an AA rating in the 2024 assessment from the Stock Exchange of Thailand, and getting selected as a member of the DJSI World Index for 2 consecutive years and the DJSI Emerging Markets Index for 3 consecutive years.
Central Retail has consistently demonstrated excellence in corporate governance. The Company has received a 5-star rating for 4 consecutive years and was ranked in the Top Quartile of listed companies with a market value of at least 10,000 million baht, according to the Corporate Governance Report of Thai Listed Companies (CGR) survey. Additionally, on July 11, 2024, the Company was certified as a CAC Change Agent and awarded the CAC symbol as part of a special project by the Thai Private Sector Collective Action Against Corruption (CAC), following its formal commitment to join the initiative on March 20, 2023.
2024 was truly a year of pride for Central Retail, as we received 70 awards from 38 world-class organisations and leading magazines in Thailand and abroad. These accolades covered all key aspects of our business, including 27 awards in Human Resources, 19 in Business and Governance, 13 in Sustainability, 7 in Outstanding Leadership, and 4 in Investor Relations. These recognitions further solidify our leadership in the retail and wholesale sectors, highlighting our commitment to strong business management while considering our impact on society, the environment, and all stakeholders. This dedication continues to drive sustainable growth and strengthen investor confidence both domestically and internationally.
In 2025, Central Retail remains dedicated to driving strong business growth while adapting to market dynamics and operating with caution amid economic uncertainty. The Company continues to prioritise sustainability practices across all sectors in alignment with the CRC Care philosophy, encompassing all 7 dimensions. We are steadfast in our commitment to being a Platform of Trust for all stakeholders, ensuring a positive impact on society and contributing to a better and more sustainable world for future generations.
On behalf of the Board of Directors of Central Retail Corporation Public Company Limited, we extend our sincere gratitude to our shareholders, customers, suppliers, and investors for their continued trust and support. We also wish to express our deep appreciation to our employees at all levels for their dedication in delivering exceptional customer experience and contributing to the Company’s continued strong and sustainable success.