TTA has established a policy to distribute dividends of at least 25% of the consolidated net profit after tax but excluding unrealised foreign exchange gains or losses, subject to the Company’s investment plans and other relevant factors. The Board may review and revise the dividend policy from time to time to reflect the Company’s future business plans, the needs for investment, and other factors, as the Board deems appropriate. However, dividend distributions may not exceed the retained earnings reported in the separate financial statements of the Company.
As of 25 December 2019, TRIS Rating affirmed the company rating on Thoresen Thai Agencies Plc. at “BBB” with “stable” outlook. The rating indicates a company with moderate credit risk. The company has an adequate capacity to pay interest and repay principal on time, but is more vulnerable to adverse changes in business, economic or other external conditions and is more likely to have a weakened capacity to pay interest and repay principal than higher-rated categories.
TTA is a holding company that invests in other companies through shareholding. TTA’s strategic business portfolio is categorized into 4 business segments as follows:
- Shipping trades under the brand name “Thoresen Shipping”, which is an internationally acclaimed participant in the global dry bulk markets with roots going back over 110 years. Thoresen Shipping is 100% owned by TTA.
- Offshore Service provides subsea and offshore drilling services for major oil and gas companies and their contractors. Mermaid Maritime Plc. (“Mermaid”) is a flagship company, of which 58.2% of total paid-up capital is owned by TTA. Mermaid is a Thai company listed on the Singapore Exchange (SGX).
- Agrochemical produces and distributes fertilizer mainly in Vietnam under the “STORK” trademark, registered in Vietnam since 2005 and highly-recognized and credited for quality and reliability. This segment is represented by PM Thoresen Asia Holdings Plc. (“PMTA”), a listed company on the Stock Exchange of Thailand (SET). TTA owns 68.5% of its total paid-up capital.
- Investment comprises of all other businesses, which are not categorized in the above three core businesses. Some examples are food & beverage, water, and logistics including port and warehouse services.
Approximately 60-70% of total revenues came from Shipping and Offshore Service Segments. In 2019, total revenues were recorded at Baht 15,428 million. Shipping, Offshore Service, Agrochemical, and Investment Segments contributed 44%, 21%, 19% and 16% to the consolidated revenues, respectively.
At year-end 2019, Shipping owned 21 Supramax bulk carriers with an average size of 55,285 DWT and an average age of 12.71 years.