Bangkok--23 Feb--IR network
PDI posts a 2017 net profit of 905 million Baht, rising 89% to mark a record high.
Francis Vanbellen, Managing Director of Padaeng Industry Public Company Limited (PDI), commented on the Company's FY2017 excellent performance. Total revenues are up to 6,357 million Baht, surging 19% from the year before, whilst net profits almost doubled to 905 million Baht, up 89% from 478 million Baht in 2016. The 2017 net profit is the highest in the past 10 years, driven by strong sales performance with rising global zinc prices, jumping above US$3,200 per ton and sustained solid local market premiums. The average global zinc price in 2017 was US$2,884 per ton, 40% higher than the average price of US$2,019 per ton in 2016.
"Our 2017 performance was better-than-expected, marking a record high in 10 years and the third best result ever in the 33 years since our establishment. The record net profit was driven by surging global zinc prices in 2017, which allowed PDI to generate higher revenue and net profit from our low-cost zinc ore inventory of 30,000 tons from the Mae Sot mine. These zinc ores were distributed and sold to local customers. Furthermore, PDI applied strict cost management and expense control, and realized for the first time substantial revenues from its renewable energy business," Mr. Vanbellen said.
Last year, PDI successfully achieved its strategic make-over plans to end its conventional zinc operations and transform into a zinc trading business in 2018. Moreover, PDI will continue to expand its renewable energy business to generate higher revenues and net profit. While the Company's renewable energy projects have achieved good progress, its recycled waste and environmental management businesses have just started and PDI continuous to explore more attractive M&A targets in the future as well.
General Information
PDI, or Padaeng Industry Public Company Limited, was founded April 10, 1981 and listed on the Stock Exchange of Thailand with a registered capital of B 2,260 million Baht. PDI was a zinc mining and smelting company for over 30 years. In 2014, PDI reassessed its business structure in anticipation of a shift to sustainable business, with the objective to increase eco-efficiency and to foster growth. The Company is structured in three business units: PDI Energy – providing energy mainly from renewable sources; PDI Materials – providing added value materials from recycled materials; and PDI Eco – providing waste management solutions for complex industrial waste.