BEM’s 2020 Profit Declines 62% from Lower Ridership, Offering Bt0.10 of Dividend

Bangkok Expressway and Metro Public Company Limited (BEM) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

In 2020, BEM reported a net profit of 2,051 million baht, decreased 62.26% from a net profit of 5,434 million baht in 2019. The decrease was mainly from one time gain on reclassification of investment in TTW Public Company Limited (TTW) in 2019 at the net amount of 2,334 million baht, coupled with the coronavirus outbreak that plunged BEM’s ridership in April by 74%.

 

BEM had revenue from main business of 13,490 million baht representing a decrease from the previous year by 2,617 million baht or 16.2%. Toll revenue decreased by 2,157 million baht, revenue from Rail business decreased by 502 million baht whereas revenue from Commercial Development business increased by 42 million baht.

Other revenue of 833 million baht, representing a decrease from the previous year by 55 million baht or 6.2% due to no gain on sale of investment in this year.

Moreover, the company recorded dividend income from TTW instead of share of profit from investment in associates after the reclassification of the investments in the second quarter of the year 2019.

 

Cost of service amounted to 8,426 million baht representing a decrease from the previous year by 1,885 million baht or 18.3% mainly from the decrease in amortization expense as cost of rights to operate expressway sectors of Si Rat Expressway Sector A, B, C were fully amortized in the first quarter of 2020 whereas there was an increase in expenses related to the operation of the MRT Blue Line which was operated in full commercial service on March 30, 2020.

Although the company had expenses related to the anti-COVID-19 measures, selling and administrative expenses slightly increased from the previous year due to efficient cost management.

 

In addition, the Board of Directors of BEM approved a dividend payment of ฿0.10/share to be paid on May 25, 2021. The ex-dividend date is May 7, 2021.