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MD&A



 
 
 

Consolidated Performance Highlights

TTA reported solid revenues of 5,125.8 million in 2Q/21, increasing 49%QoQ and 74%YoY on the significantly improved contribution from all key business segments especially Shipping as the dry bulk freight rate reached a record high in more than a decade. Shipping, Offshore Service, Agrochemical, Food & Beverage, and Investment segments contributed 52%, 15%, 17%, 11%, and 5% to the consolidated revenues, respectively. Gross profits accordingly increased 80%QoQ and 191%YoY to Baht 1,417.3 million. The gross profit margin increased from 16% in 2Q/20 and 23% in 1Q/21 to 28% in 2Q/21 from the better margin from almost all businesses, particularly Shipping and Offshore Service segments. EBITDA rose 105%QoQ and 1,179%YoY to Baht 1,013.0 million. Meanwhile, Shipping’s average time charter equivalent (TCE) rate increased 61%QoQ and 144%YoY to US$ 18,330 per day with gains from both owned and chartered-in vessels. Offshore Service segment continued the momentum; its order book reached its new record high at US$ 286 million at quarter-end, and its EBITDA became positive. Agrochemical segment continued to be profitable from the growth in domestic fertilizer sales volume and higher selling price. There were extraordinary losses of Baht 122.6 million, mainly from the allowance for impairment. In summary, normalized net profits to TTA was Baht 652.8 million, and net profits to TTA was Baht 530.3 million, improving 180%QoQ and 320%YoY in 2Q/21.

Performance Summary

 
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