Thaicom Public Company Limited (SET: THCOM) has announced its 2023 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Year | 2023 | 2022 |
| Net Profit (Loss) Million Baht |
353.65 | 42.21 |
| Earning Per Share (Baht) |
0.3200 | 0.0400 |
| % Change | 737.79 | |
THCOM reported a net profit of Baht 354 million for the fiscal year 2023, increased 737% from the same period last year. This is equivalent to earnings per share of Baht 0.32.
This increase was primarily driven by:
1) Recognition of other income, stemming from compensation income of Baht 301 million resulting from a dispute with a business partner over certain contractual terms. The Supreme Court’s ruling in June 2023 favored the Company’s interpretation of the agreement, leading to the recognition of this compensation as other income
2) Decrease in share of losses from investments in joint ventures, particularly in the telephone business in Laos, namely Shenington Investments Pte Limited and Lao Telecommunications Public Company (LTC). THCOM’s share of losses was Baht 184 million in 2023, showing an improvement of 39.9% from 2022 of Baht 306 million loss, primarily due to LTC’s improved operating results compared to the previous year, together with a decrease in foreign exchange losses due to the KIP currency’s depreciation relative to the US Dollar being less pronounced compared to that of 2022.
In addition, the Board of Directors’ meeting No. 2/2024, held on 8 February 2024, approved to propose to the shareholders’ meeting the consideration and approval of dividend payment for the fiscal year 2023 at the rate of Baht 0.13 per share. The amount of dividend payable is approximately in total of Baht 142 million, equivalent to 40% payout ratio.
