Glow announces Normalized Net Profit of 2.8 billion THB for the second quarter of 2017

Energy Press Releases Thursday August 10, 2017 16:09
Bangkok--10 Aug--Glow Energy
  • Strong contributions from all business lines.
  • Demand from Industrial Customers remains robust.
  • 2017 interim dividend set at 1.531 THB/share, which represents a 5% increase from 2016.
For the first half 2017, Glow Group ("Glow") has posted:
  • Consolidated total revenue of THB 26,149 million,
  • Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), excluding adjustments for Financial Lease accounting, of THB 9,255 million,
  • Net Profit of THB 4,728 million, and
  • Normalized Net Profit ("NNP") (net profit excluding net foreign exchange gains/losses, deferred tax income/expenses and adjustments for Financial Lease accounting) of THB 4,539 million.
EBITDA for the first half 2017 decreased by 11%, and NNP decreased by 18% from the same period of 2016, reflecting, among others, maintenance intensive in the first quarter of 2017.
For the second quarter of 2017, Glow Group ("Glow") has posted:
  • Consolidated total revenue of THB 14,013 million,
  • Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), excluding adjustments for Financial Lease accounting, of THB 5,483 million,
  • Net Profit of THB 2,830 million, and
  • Normalized Net Profit ("NNP") (net profit excluding net foreign exchange gains/ losses, deferred tax income/expenses and adjustments for Financial Lease accounting) of THB 2,827 million.
Excellent second quarter results, after a maintenance-intensive first quarter.

Brendan Wauters, CEO of Glow Group, commented: "Our performance in the second quarter of 2017 was excellent and was driven by sustained strong demand from our industrial customers and solid availability levels across our fleet. Margins on the Cogeneration side of our business remain sound and reflect increasing gas prices and the upwards revision of the Ft from May onwards. Our results also incorporate some non-recurring income items, such as the settlement of a material insurance claim for Gheco-One."

5% increase in Interim Dividend

The board of directors of Glow Group approved an Interim Dividend payment of 1.531 THB/share, an increase of 5% from the Interim Dividend paid in 2016. The XD date is set at 21 August 2017, and the payment date is on 8 September 2017.

Pajongwit Pongsivapai, CFO of Glow Group, commented: "The board of directors has approved an increase of our Interim Dividend payment by 5% from last year's level. As a reminder: for fiscal year 2016, Glow paid a Total Dividend of 5.75 THB/share, consisting of a Normal Dividend of 3.64 THB/share and a Special Dividend of 2.11 THB/share. The Interim Dividend paid in 2016 at 1.458 THB/share was therefore equivalent to 40% of the Normal Dividend for that fiscal year. The continued increase in Interim Dividend payment reflects our strong cash flow generation and solid capital structure."


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