Business Overview
PRM operates in the maritime transport business, providing complete services for transporting crude oil, refined oils, and chemical products. We also support maritime petroleum exploration and production activities and offer full-cycle agency services for shipping and ship agents. The business is divided into 5 segments: 1) Petroleum and Chemical Tanker Business "PCT" 2) Crude Oil Carrier Business "COC" 3) Floating Storage Unit Business "FSU" 4) Offshore Support Vessel Business “OSV” and 5) Ship Agent and Shipping Business ("SAS").
Financial Statement
| 6M24 | 6M23 | 2023 | 2022 |
|---|
Income Statement (MB)
| Revenues | 4,616.67 | 4,276.16 | 8,538.77 | 7,785.34 |
| Expenses | 3,112.59 | 2,889.49 | 5,837.02 | 5,717.23 |
| Net Profit (Loss) | 1,202.51 | 1,048.54 | 2,125.39 | 2,214.90 |
Balance Sheet (MB)
| Assets | 21,850.96 | 20,815.74 | 20,716.00 | 20,575.28 |
| Liabilities | 10,176.15 | 9,463.65 | 8,677.44 | 9,763.20 |
| Shareholders' Equity | 11,255.82 | 10,924.14 | 11,620.91 | 10,411.41 |
Cash Flow (MB)
| Operating | 2,187.06 | 1,758.26 | 3,258.27 | 3,248.98 |
| Investing | -961.86 | -495.84 | -531.33 | 572.14 |
| Financing | -1,224.96 | -1,325.23 | -2,498.01 | -2,966.20 |
Financial Ratio
| EPS (Baht) | 0.50 | 0.42 | 0.85 | 0.89 |
| GP Margin (%) | 37.61 | 38.43 | 35.07 | 33.20 |
| NP Margin (%) | 27.45 | 25.97 | 25.93 | 29.89 |
| D/E Ratio (x) | 0.87 | 0.83 | 0.72 | 0.90 |
| ROE (%) | 20.55 | 28.08 | 19.29 | 23.08 |
| ROA (%) | 13.43 | 17.61 | 13.14 | 14.64 |
Business Plan
- The Company is focusing on the continuous expansion of OSV business to support the growth of petroleum exploration and production activities in the Gulf of Thailand. This includes strategic investments in the Floating Storage and Offloading (FSO) project and new-build crew boat fleets to meet increasing customer demand. The Company’s strategy involves securing long-term contracts for all new vessels and maintaining a high utilization rate across the fleet to ensure a steady income stream over the long term.
Sustainable Development Plan
- The company focuses on and prioritizes conducting business for sustainability. At present, the company has been appointed the Corporate Governance and Sustainable Development Committee as a sub-committee that will determine policies, objectives, and strategies for sustainable development as well as supervise, monitor, and support operations of the company to achieve the objective of environmental preservation, taking care of all stakeholders both internally and externally and maintaining good governance in conducting business.
Business Highlight
The company specializes in maritime shipping and storage of crude oil, refined oils, and liquid fine chemical products both domestically and internationally. This includes providing maritime petroleum exploration and production activity vessel services upstream in the petroleum industry. Additionally, the company offers ship agent and shipping services to rapidly support and meet customer criteria, leveraging over 37 years of experience.
Performance and Analysis
Business Performance Summary
- In the first half of 2024, the Company achieved the performance targets, generating total revenue of 4,519.2 million Baht, reflecting a 7.7% increase compared to the same period in 2023. This growth was driven by the full utilization rate of most vessels and the expansion of the PCT and OSV businesses, which added a total of four new vessels: one AWB, two hybrid crew boats, and one oil tanker in Q1 and Q2 of 2024. Additionally, the recovery in demand for storage and blending services in FSU was supported by increased consumption of bio-blended fuel oil. The Company also effectively maintained long-term time charter contracts, which helped stabilize income streams, manage variable service costs, and optimize cash flow to benefit from interest rate income. As a result, net profit increased by 14.1% compared to the corresponding period last year.
Key Milestones
- Q1/2024 The Company expanded the OSV business by adding three vessels: one AWB vessel in Jan 2024 and two hybrid crew boats in Jan, and Mar 2024, respectively.
- Q2/2024 The Company provided an additional oil tanker with a capacity of 5,000 DWT in May 2024.
Risk Management Policy
- Financial risk: The Company managed risks from the volatility of the exchange rate and interest rate to ensure that the Company’s liquidity and cash flow are adequate to support its operation and loan repayment.
- Operational and technical risk: The Company tracked the delivery and inventory number of spare parts to ensure that there will be adequate spare parts for the scheduled maintenance program (Preventive Maintenance System: PMS) and Dry-docking. Also, the company reserves the necessary safety equipment to strictly comply with the regulation’s standard.
- Risk from International Trade Policy: The Company monitored, strictly complied with economic sanction obligations, and prepared accurate fact-based documents. It imposed a more stringent Know Your Customer (KYC) process before entering into contract engagement with the client to ensure the Company does not engage in any violation related to economic sanctions.
- Compliance risk on maritime regulations: The Company has studied and strictly complied with local and international maritime regulations.
Recent Awards and Recognitions
- The company remains at the rated of 5 stars or “Excellent CG” on corporate governance for the 5th year in a row.
- The company was re-certified (the 1st renewal) as a member of the Thai Private Sector Collective Action Against Corruption (CAC). This is in line with the Company’s good corporate governance principle and how it has placed its importance on anti-corruption regardless of form.
Revenue Structure
Stock Information
SET / SERVICE / TRANS
| as of 28/06/24 | PRM | TRANS | SET |
|---|---|---|---|
| P/E (X) | 9.49 | 46.85 | 17.05 |
| P/BV (X) | 1.71 | 2.62 | 1.22 |
| Dividend yield (%) | 4.43 | 1.33 | 3.53 |
| 28/06/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 21,500.00 | 13,375.00 | 17,875.00 |
| Price (B/Share) | 8.60 | 5.35 | 7.15 |
| P/E (X) | 9.49 | 6.48 | 10.52 |
| P/BV (X) | 1.71 | 1.18 | 1.74 |
CG Report:
Major Shareholders
as of 04/06/2024
Company Information and Contact
http://www.primamarine.co.th
prima-ir@primamarine.co.th
02-016-0190
No. 80 Soi Bangna-Trad 30, Bangna Tai Sub-district, Bangna District Bangkok 10260
Other Trading Info. :
https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=PRM
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