EGCO Group Approves 1H23 Interim Dividend Payment at THB3.25 per share
Electricity Generating Public Company Limited or EGCO Group approved the interim dividend payment of THB3.25 per share from the first-half performance of 2023. The company has the capability to consistently pay dividends because of its solid business fundamentals based on strong cash flow.
Thepparat Theppitak, EGCO Group's President, said that to confirm the company's commitment to a regular dividend payment policy, the Board of Directors approved the interim dividend payment for the first six-month operating results of 2023 at THB3.25 per share totalling THB1.711 billion, which is similar to the same period last year. The record date to entitle rightful shareholders who may receive the dividend will be on September 15, 2023, and the payment date will be on September 28, 2023.
EGCO Group's capability to pay interim dividends was contributed by its outstanding performance in the first six months of 2023. The company posted THB30.718 billion gross income, a 7% increase year on year and THB 3.482 billion net profit, a 4% increase year on year.
For the first half-year period, EGCO Group continued to maintain high efficiency of all power plant portfolio and fuel cost management at all power plants, especially the big ones in Thailand and overseas, enabling the company to generate more income from sales of electricity. In addition, the company has ensured that all projects under construction have continued as planned, enabling the company to generate more income in the future.
For the second half of 2023, EGCO Group expected to benefit from income recognition from new investment projects, hydropower plants in Lao PDR, RISEC Power Plant in the USA and Yunlin Offshore Wind Farm Project in Taiwan which has gradually started to transmit electricity to the grid once the wind turbine generators are completely installed. We will also recognize income from the Extension of Petroleum Pipeline System in Northeastern Project (TPN) which is expected to commence its commercial operation within Q3/2023.
"EGCO Group is strongly committed to consistent dividend payment to shareholders as a dividend stock with continuous yield. With over 31 years of experience in the power and energy industry, EGCO Group is driving business growth in line with the energy industry's transition towards clean energy. The company, therefore, sets a new goal of achieving Net Zero by 2050 to promote low carbon society together with sustainably creating values for shareholders," said Thepparat.
