Consolidated Performance Highlights

In 4Q/20, revenues increased 2%QoQ to Baht 3,326.4 million. Shipping, Offshore Service, Agrochemical, and other segments (Food & Beverage and Investment) contributed 36%, 22%, 21%, and 21% to the consolidated revenues, respectively. Gross profits increased 10%QoQ to Baht 932.2 million, due to significantly improved performance of Offshore Service segment. The gross profit margin accordingly increased from 24% in 4Q/19 and 26% in 3Q/20 to 28% in 4Q/20. EBITDA rose 77%QoQ to Baht 585.8 million, and it was almost back to the same level as 4Q/19. Meanwhile, Shipping’s time charter equivalent (TCE) rate has rebounded since June 2020 and averaged at US$ 11,282 per day in 4Q/20. Offshore Service’s performance has significantly improved once the second key vessel sent for drydocking resumed their normal operation in August after the required quarantine; its EBITDA recovered positively and performing vessel utilization reached 93% in 4Q/20. Agrochemical segment continued to be profitable; its net profits to TTA grew 60%QoQ in 4Q/20. In summary, normalized net profits to TTA improved by 216%QoQ to Baht 160.4 million as all core businesses’ operating performance improved QoQ, and net profits to TTA turned positive to Baht 110.1 million in 4Q/20 while there was a net loss to TTA of Baht 1,354.6 million in 3Q/20, primarily from the extraordinary and non-cash loss from the sale of shares in one associate.

Performance Summary