TASCO’s 2020 Profit Increase 15% from Lower Expenses amid Decreasing Sales-Services

Tipco Asphalt Public Company Limited (TASCO) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

TASCO reported a net profit of 3,591 million baht in 2020, increased 15% from a net profit of 3,123 million baht in 2019. The increase in net profit was mainly due to a decrease in cost of sales and services from 33.4 billion baht in 2019 to 21.4 billion baht in 2020.

 

Meanwhile, sales and services stood at 26.1 billion baht, decreased 29.11% from 2019 due to significant decrease in sales volume in the international market. However, the domestic asphalt sales experienced strong volume and price increases resulting from shortage of asphalt supply as regional refineries cut production during the economic shut down under the Covid-19 crisis.

 

The Board of Directors of TASCO approved a dividend payment of ฿1.00/share to be paid on April 28, 2021. The ex-dividend date will be on March 2, 2021.