TTCL pays out a High 50.33% Dividend from Net profit; yielding 5.31%
• Rank as No. 1 Contractor which pays Highest Dividend from Highest Profits
• Steps up Overseas Projects Bidding to fuel 25-year earnings growth
Toyo-Thai Corporation Plc. (TTCL) confirms paying out 50.33% of its net profits as dividend. Shareholders will receive another 19.50 satang per share from its second-half earnings or a total 5.31% yield. Management is confident of sustaining its continuous growth by bidding large overseas projects worth 40,000 million baht.
Khun Suvit Manomaiyanon, Vice President and General Manager, Sales & Contract Division, of Toyo-Thai Corporation Plc., the country largest full-service EPC contractor, reveals that the shareholders have approved the company plan to pay out another 19.50 satang dividend per share, from its second-half net profits to all listed shareholders. Combined with the first-half dividend of 15 satang per share, total dividend per share reaches 34.50 satang, yielding a large 5.31%, which is the highest dividend yield in contractor sectors. Total annual dividend payout in 2009 equals 165.6 million baht, showing a high 50.33% payout ratio from its net profits of 329 million baht-also the Highest Net Profits in Contractor sector for 2 –years in a row. The company will record qualified shareholder list on April 16, 2010; and close the record book on April 19, 2010 and pay out cash dividend on April 30, 2010, respectively.
“TTCL is proud to be the Only Contractor in Thailand which can increase its net profits continuously throughout its 25-year history, even when faced with Map Ta Phut dilemma. TTCL has the Highest ROE at 23.71% and highest EPS at 78 satang per share while its share still trading at lowest Price-earnings ratio in the sector of 9.44 times. Last year, the financially-strong company had core revenues from engineering and construction of 10,240 million baht and now has over 2,700 million baht of cash and short-term investment without any interest-bearing debts.
Recently, TTCL has won 2 EPC Projects to build 2 large-scale Ethanol Plants in Vietnam. First project is from Petro Vietnam, the largest Oil & Gas & Petrochemical group in Vietnam and the second is from a Japanese investment group. The combined project value is 120 US$ Million with each project worth 60 US$ Million. With these 2 projects, TTCL now has a backlog of over 10,000 million baht and can realize the revenues this year onwards. Both projects are scheduled to start this year and to complete in 2012. Each plant has a production capacity of 300,000 liters of ethanol per day, with the output to be used for producing Gasohol for Vietnam market.
Khun Suvit adds that “Toyo-Thai is in process of bidding many large-scale projects worth about 39,000 million baht. These mostly-overseas projects include a large fertilizer plant in Morocco, a fertilizer plant and a petrochemical plant in Vietnam and petrochemical plants from its Thai’s Largest Petrochemical groups. The management is confident of winning a sizeable businesses and therefore, fuel its business growth because it can earn higher margins from international projects.
Founded in 1985, by Toyo Engineering (JAPAN), a leading Japanese EPC Contractor and Italian-Thai Development Plc., Thailand’s largest general contractor, Toyo-Thai Corporation Plc. has a registered capital of 480 million baht. The company’s track records cover over 160 projects in 24 years, with combined project value of 60,000 million baht. Its local customers include many large listed conglomerates such as PTT Group, SCG Group, Vinythai Group, Kao Group and Ube Group from Japan; German’s Bayer Group and Belgium-based Solvay Group. Its main markets are Vietnam, where it has an operating subsidiary, China, Asian Countries, Middle East Countries, Africa and USA. The company now employs the largest number of engineers in Thailand, i.e. 817 engineers from a total headcount of 1,563 persons.