Thai Oil to pay Bt1.50 interim dividend
Thai Oil Plc last week declared an interim dividend of Bt1.50 per share, thanks to the favourable consolidated financial performance of the group in the first half.
Managing director Viroj Mavichak said total dividends would be equivalent to 29 per cent of net profits after deduction of legal reserves, which is higher than the company's policy to distribute annual dividends of at least 25 per cent of net profits.The dividend yield was 4.7 per cent, he said, adding that dividends would be paid on October 4. First-half net profit increased to Bt10.97 billion from Bt3.75 billion in the first half last year, supported by a strong gross refinery margin from surging product prices, and high refinery throughput of 108 per cent. Among developments contributing to the good financial results was the hot-oil project at its crude distillation unit (CDU-1), which raised refining capacity by 5,000 barrels per day. CDU-1 is one example of the hydrocarbon management synergy between Thai Oil and Thai Lube Base Plc. The commissioning of the mercury absorption unit allowed more indigenous crude from the Gulf of Thailand to be refined, resulting in lower feedstock cost and higher profit. Independent Power (Thailand) Ltd started running at full capacity of 700 megawatts on June 20. This quarter, it is expected to receive Bt425 million in compensation for the damage to its high-voltage transformer and the business interruption it caused. Thai Oil plans to join the bidding next year for the construction of the 700-megawatt power plant, as offered by the Electricity Generating Authority of Thailand. Established in 1961, Thai Oil is the largest petroleum oil refiner and supplier in the country. As of June 30, Thai Oil and its subsidiaries had total assets of Bt127.74 billion, total liabilities of Bt57.48 billion and shareholders' equity of Bt70.26 billion.
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