February 22, 2018 / 11:41 AM / 10 months ago

Thai store operator CP ALL profit up 20 percent, beats estimates

BANGKOK, Feb 22 (Reuters) - Thailand’s largest convenience store operator, CP ALL Pcl on Thursday posted a net profit of 19.9 billion baht ($631.55 million) for its 2017 fiscal year, up 19 percent on revenue growth and a strong performance from its subsidiary.

CP ALL beat estimates of 19.4 billion baht based on a Reuters survey of 14 analysts.

Expansion and product strategy drove total sales revenue to 278.7 billion baht, up 8.7 percent from the year earlier with a gross profit margin of 28.1 percent, down from 28.3 percent in 2016 due to higher oil prices that pressured logistics costs, the company said.

CP ALL is controlled by Thai billionaire, Dhanin Chearavanont, and currently operates over 10,000 7-Eleven convenience stores in the country. This year it plans to add 700 new stores with a goal of reaching 13,000 by 2021, targeting tourist destinations.

The company plans capital expenditure of 9.5-10 billion baht for store expansion, renovation, and investments in new projects in 2018.

Last week, its cash-and-carry subsidiary Siam Makro Pcl reported 14 percent growth in net profit from a year earlier, reaching 6.18 billion baht. ($1 = 31.5100 baht) (Reporting by Chayut Setboonsarng, editing by David Evans)

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