Bangkok Expressway Plc (BECL) believes it can nearly double its net profit to 4 billion baht this year from 2.25 billion last year thanks to its increased stake in the SET-listed Thai Tap Water Plc (TTW) and a scheduled toll increase.
A bird’s-eye view from the Baiyoke Tower II shows heavy traffic on the Expressway in the Makkasan area. BECL Plc, the Expressway operator, expects toll traffic to grow by 2-3% in the inner city this year. PATTARAPONG CHATPATTARASILL
The SET-listed Expressway operator raised its ownership last month in TTW to 20% from 9%, resulting in 2.8 billion baht in accounting gains.
In 2012, BECL earned dividend revenue of 180 million baht from TTW.
Managing director Payao Marittanaporn said the listing of CK Power Ltd (CKP), which is 30% owned by BECL, on the SET in May will also contribute to profits. BECL will sell 20 million baht worth of shares in CKP in an initial public offering.
BECL is also due to increase tolls from Sept 1, as its concession allows the toll to rise every five years based on inflation. The Expressway Authority of Thailand (Exat) set up a subcommittee to decide on the increase before submitting it to the Transport Ministry for final approval.
The current fee is 45 baht in inner Bangkok, with BECL receiving 40% under a revenue-sharing agreement with Exat.
BECL is in the process of constructing the Sri Rat-Outer Ring Road Expressway, which is expected to be finished in four years. At a distance of 16.7 kilometres, the project is projected to cost 25.5 billion baht.
Mrs Payao said toll traffic is projected to grow by 2-3% in the inner city this year and 7% in the suburbs. Last year, traffic averaged 1.1 million trips per day, up from 1.02 million in 2011, with daily toll revenue of 21.1 million baht, up from 20 million in 2011.
There were 4.54 million registered cars and pickup trucks in Bangkok last year, up by 11.3% from 2011.
Total revenue hit 9.22 billion baht, up by 20.5% from 2011. Net profit reached a record 2.25 billion, up by 61.9% from 2011.
Some 700 million baht in profit came from its share divestment in Southeast Asia Energy Co (SEAN), in which BECL holds a 75% stake.
BECL paid a dividend of 62 satang in the middle of last year and will pay another of 88 satang for the year-end.
Shares of BECL closed yesterday on the SET at 39.75 baht, unchanged, in trade worth 45.6 million baht.
About the author
- Writer: Nanchanok Wongsamuth
Position: News Reporter