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TTA announces positive turnaround of shipping business

Feb 28. 2018
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By The Nation

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Thoresen Thai Agencies Plc (TTA) ended full year 2017 with a net profit of Bt692 million, increasing 814 per cent year-on-year.

It also reported normalised net profit of Bt489.2 million, improving 1,402 per cent y-o-y, and strong EBITDA of Bt2.06 billion, due to an upturn in the shipping industry.

In fiscal year 2017, consolidated revenues were recorded at Bt13.36 billion, in line with last year result but with improved margins, the company said in a statement.

Shipping, offshore service, agrochemical and investment contributed 30 per cent, 37 per cent, 21 per cent and 12 per cent to the consolidated revenues respectively. Gross profits amounted to Bt3.42 billion, an increase of 19 per cent y-o-y. Gross margin also improved from 21 per cent in FY2016 to 26 per cent in FY2017.

TTA resolved to maintain a strong balance sheet reflecting in the year-end consolidated cash, cash equivalents, and current investments which remained high at Bt6.42 billion and low-net-interest-bearing-debt to equity at 0.07 times as of December 31, 2017.

“Long-term investment strategies look beyond short-term volatility for sustainable growth,” the company said. “Reflecting this philosophy, we have re-organised our other businesses under investment. Thus, our new business segments are shipping, offshore service, agrochemical and investment.”

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