2 days ago
TTA Posts Baht 942m Profit in First Half of 2025
Bangkok, August 15, 2025 – Thoresen Thai Agencies (TTA) posted first-half revenues of 14.52 billion baht and net profit of 942.4 million baht, driven by strong Shipping and Other Investments performance. Shipping, Offshore Service, Agrochemical, Food & Beverage, and Other Investments contributed 23%, 53%, 14%, 7%, and 3% of revenue, respectively. Shipping achieved a TCE rate 31% above the market, while Offshore Service maintained a US$688.1 million order book. Other income surged 833% YoY to 1.56 billion baht on digital asset sales. TTA closed the half with 5.7 billion baht in cash, net operating cash flow of 1.61 billion baht, and a debt-to-equity ratio of 0.37.
Mr Chalermchai Mahagitsiri, president and CEO, said: 'As we look back on the second quarter of 2025, the Baltic Supramax Index averaged 962 points, up from 819 in 1Q/25, as the seasonal slowdown eased. The Time Charter rate peaked at US$10,762 per day, with a quarterly average of US$10,126. For 2025, Clarksons Research sees dry bulk trade volumes down 0.9% in tonnes but up 0.2% in ton-miles, with bulker supply growing 3.1% amid a limited order book and continued Red Sea rerouting.'
He added: 'In June, we optimised fleet efficiency by selling a 24.2-year-old Supramax, reducing the fleet to 24 vessels. We are also proud to be ranked second globally in the 2024 performance survey for listed dry bulk companies by Lienguard & Roschmenn, Maritime Advisors.'
Key Strategic Business Segment Performance
Shipping Segment: Thoresen Shipping posted freight revenues of 1.67 billion baht in 2Q/25, down 7% year-on-year but up 1% quarter-on-quarter, as Supramax rates softened. The firm's TCE averaged US$12,291 per day, 28% above the market rate, with full fleet utilisation and a peak TCE of US$21,197. Operating costs stood at US$4,600 per day, 13% below the industry average, boosting efficiency. Net profit surged 95% QoQ to 337.9 million baht. The fleet stood at 24 vessels with an average size of 56,068 DWT and age of 16.7 years.
Offshore Service Segment: Mermaid Maritime posted revenues of 3.72 billion baht in 2Q/25, down 7% QoQ on lower cable-laying, decommissioning, and T&I activity. Subsea-IRM revenues fell 17% YoY due to vessel maintenance and a brief halt from the Iran conflict, but rose 10% QoQ on expanded non-vessel work. The performing subsea-IRM vessel's utilisation climbed to 87% from 78% a year earlier. Mermaid reported EBITDA of 64.1 million baht and held an order book worth US$688.1 million at quarter-end.
Agrochemical Segment: PM Thoresen Asia Holdings (PMTA) booked revenues of 1.07 billion baht in 2Q/25, up 16% QoQ on stronger fertiliser sales. Sales rose 15% in value and 12% in volume to 52,300 tonnes, driven by Vietnam's domestic demand during the planting season and stockpiling ahead of July's VAT hike. Domestic sales surged 45% QoQ to 49,100 tonnes, while exports fell to 3,200 tonnes. Single fertiliser sales jumped 50% QoQ, and NPK fertiliser sales gained 8% QoQ. Service income grew 8% to 31 million baht. Net profit soared 153% QoQ to 41.5 million baht.
Food & Beverage:
Pizza Hut is operated as a 70%-owned subsidiary of TTA. As of 30 June 2025, there were 200 outlets nationwide.
Taco Bell, the leading American restaurant chain serving a variety of Mexican-inspired food, is operated as a 70%-owned subsidiary of TTA. As of 30 June 2025, there were 33 outlets nationwide.
