BLAND announces dividend of 0.03 baht per share at the 49th general shareholder meeting - Siam Outlook


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Saturday, July 24, 2021

BLAND announces dividend of 0.03 baht per share at the 49th general shareholder meeting

Bangkok Land Public Company Limited, led by Mr. Peter (Sui Hung) Kanjanapas, Chairman and Chief Executive Officer, held its virtual annual general share meeting for the year 2021. The Company announced a gradual turnover growth and a dividend of 0.03 baht per share to be paid to the Bangkok Land shareholders, a decrease of 50% from the previous year. The announced dividend will be proposed for approval at the 49th shareholder meeting today. The year under review was a challenging one for the Company due to the uncertainties of the world economy with the ongoing pandemic, which is still affecting both local and international businesses.

Mr. Peter (Sui Hung) Kanjanapas, Chairman and Chief Executive Officer of Bangkok Land Public Company Limited, said “Last 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 a recorded net cost of 10.60 baht per unit and a total value of 7.857 billion baht as shown in this annual report. As of 31 March 2021, the closing market price was at 19.40 baht per unit, an increase of 83.0%. Also, the Company has made additional land sales (Srinakarin) to unrelated parties, totaling 14.822 billion baht. The plots of land totaling 14.680 billion baht have already been transferred while the rest with a total value of 142 million baht is to be transferred soon.”

“The Company has been affected tremendously again after the announcements from the government, causing many business sectors to halt its operations in order to curb the spread of the third wave of Covid-19 in Thailand. All the events at the IMPACT Exhibition and Convention Center have been postponed since May 2021, and due to the high daily cases, it is still unclear when the events can be resumed. However, we are pleased to be able to help by offering IMPACT’s exhibition halls as one of the temporary key field hospitals that can accommodate up to 5,200 beds. We really hope that we could join forces to help alleviate this crisis,” added Peter.

At the end of the fiscal year on 31 March 2021, the Group reported a consolidated recurring operating loss of 213 million baht and a net loss after non-recurring items and tax of 801 million baht.

The Group’s financial position has shown a strong growth with details as follows:

• Adjusted net asset value decreased by 1.7% to 48.632 billion baht (2020 - 49.481 billion baht)

• Adjusted net asset value per share decrease by 1.8% to 2.80 baht per share (2020 - 2.85 baht per share)

• Net profit to owners of the company decreased by 165.8%, resulting in a net loss of 801 million baht (2020 - net profit of 1.217 billion baht)

• Earnings per share decreased by 165.7%, resulting in a loss per share of 0.046 baht (2020 - earnings per share of 0.070 baht)

• Consolidated total assets decreased by 0.6% to 62.850 billion baht (2020 - 63.224 billion baht)

• Shareholders’ equity decreased by 2.6% to 44.598 billion baht (2020 - 45.767 baht)

“As mentioned earlier, due to the COVID-19 crisis, the Company will remain very cautious in terms of future investments until the situation improves. The Company will mainly focus on managing the current inventory and improving the rental spaces in many of our projects. On a positive note, the Mass Rapid Transit Authority (MRTA) has finally approved the extension of the BTS mass transit pink line into Muang Thong Thani. There will be 2 stations connecting to the IMPACT Challenger Hall and the land bank around the lake. This will open up tremendous development opportunities for Muang Thong Thani. Despite the economic instability, the Company has decided to resume the construction of the Lenôtre Culinary Arts School (Lenôtre Thailand) at the lakeside of Muang Thong Thani, scheduled to be open in the second quarter of 2022.

Under the current situation of economic and political fluctuations, I expect a difficult year ahead for the Thai economy. However, with our debt-free and cash-rich position together with our continual business strength, Bangkok Land will withstand the pressure and challenges that may be posed by the political turmoil and the unprecedented uncertainty during the COVID-19 pandemic,” concluded Peter.

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