Bangkok Land announces dividend of 0.06 baht per share in the 48th general shareholder meeting

Stocks and Financial Services Press Releases Thursday July 23, 2020 13:49
Bangkok--23 Jul--Inspire Communications

Bangkok Land Public Company Limited, led by Mr. Peter (Sui Hung) Kanjanapas, Vice Chairman and Executive Director, held the annual general shareholder meeting for the year 2020 and reported its continued growth. It also announced a dividend payment of 0.06 baht per share, a 33.3% drop from the previous year. The Company had made the interim dividend payment to the shareholders on 13 March 2020 at an amount of 0.04 baht per share while the difference of 0.02 baht per share was approved at the 48th general shareholder meeting today. This year has been a big challenge mainly due to the fluctuation of the global economy after the COVID-19 crisis. All the domestic and international business sectors have experienced a slowdown. However, with its great determination and management expertise, BLAND is confident that it can certainly make the business achieve a steady growth.

Mr. Peter (Sui Hung) Kanjanapas, Vice Chairman and Executive Director of Bangkok Land Public Co., Ltd. stated “Over the past year, the unit trust of IMPACT Growth Real Estate Investment Trust, was held by IMPACT Exhibition Management Co., Ltd. for 741,250,000 units, with the recorded cost net of 10.60 baht per unit, a total value of 7.857 billion baht as shown in this annual report. As of 31 March 2020, the unit market price was closed at 14.60 baht per unit, an increase of 37.7%. The Company also made an agreement on the purchase of land (Srinakarin) with an unrelated party for 14.953 billion baht. The transfer of land ownership valued at 13.815 billion baht has been completed, with the remaining of 1.138 billion baht to be followed soon.”

“The Company has greatly suffered from the COVID-19 as the government responded to the situation by announcing the lockdowns for many businesses to help control the spread of the disease. IMPACT Convention and Exhibition Center had to be closed in March and has recently been open on 1st June with some restrictions to be adhered to. Many retail businesses are still to be closed or able to be open under certain conditions. Therefore, the Company has lost a lot of revenue from the rental spaces at Cosmo Bazaar, BEEHIVE Lifestyle Mall, Cosmo Office, and Bangkok Land Building, for example. The Novotel Bangkok IMPACT hotel has experienced the lowest occupancy rate ever while ibis Bangkok IMPACT had to be closed since the mid of March,” added Mr. Peter.

Company’s performance as of 31st March 2020: The Group reported a consolidated recurring operating profit of 988 million baht and a net profit after non-recurring items and tax of 1.217 billion baht.
The Group’s financial position has shown a strong growth with details as follows:

Adjusted net asset value decreased by 1.2% to 49.481 billion baht (2019 - 50.068 billion baht)Adjusted net asset value per share increased by 5.9% to 2.85 baht per share (2019 -2.69 baht per share)Net profit to owners of the company decreased by 33.0% to 1.217 billion baht (2019 - 1.816 billion baht)Earnings per share decreased by 28.6% to 0.070 baht per share (2019 - 0.098 baht per share)Consolidated total assets decreased by 1.6% to 63.224 billion baht (2019 - 64.222 billion baht)Shareholders’ equity decreased by 2.3% to 45.767 billion baht (2019 - 46.822 billion baht)

“As mentioned above, due to the COVID-19 pandemic, we need to take careful steps in our future investment until the situation gets better. We will mainly focus on offering the remaining products and improving the rental spaces in our existing projects. However, we have finally finished the construction of “Cosmo Walk” and a skywalk, with moving walkways, that connects Cosmo Bazaar and office building to ibis Bangkok IMPACT and IMPACT exhibition halls. It is a shopping complex that houses a variety of popular brand name stores including Nike Factory Store, the biggest one in Thailand, AIIZ store, Dohome, and Mr. D.I.Y. We are confident that Cosmo Walk will be a magnificent addition to facilitate customers who visit IMPACT and COSMO Bazaar.

Under the current uncertain economic and political environment, I expect a difficult year ahead for the Thai economy. Nevertheless, with our debt free and strong financial position in addition to the continued strength of our businesses, BLAND will withstand any pressures or challenges that may be posed by the political restlessness and other uncertainties due to COVID-19,” concluded Mr. Peter.

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