TQR’s 2020 Net Profit Surges 68% to ฿74Mn, Ensuring Strong Growth in 2021

TQR’s 2020 Net Profit Surges 68% to ฿74Mn, Ensuring Strong Growth in 2021

TQR’s net profit in 2020 was 74 million baht, an increase of 68% YoY, recording a new high as expected. The Board approved a dividend payment of ฿0.014/share with an EX-dividend date on March 16, 2021. Furthermore, TQR expects revenue to grow at least 30%.

 

Mr. Chanaphan Piriyaphan, Chief Executive Officer of TQR Public Company Limited (TQR), revealed that in the year ended 31 December 2020, the company had a total revenue of 196.04 million baht, an increase of 47.97% from the previous year. Meanwhile a full-year net profit was 74.06 million baht, an increase of 68.17% from the previous year, which is the highest profit of TQR.

 

This is a result of the increase in service income as TQR could serve the needs of insurance companies and traditional insurance companies at most efficiency, together with well-managed costs and expenses, bringing the reinsurance premium payables to increase align with the insurance. 

 

In 2021, TQR expects a revenue growth of not less than 10% aligned with a 10% estimated growth of reinsurance premium payables to 7,500 million baht. The company has been expanding at the average of more than 10% per year for over 5 years. However, TQR also seizes opportunities for business’s growth and expansion, as well as jointly conducting the study and development for new launching products with business allies.

 

For the year 2021, TQR will mainly focus on developing the Operating Efficiency Improvement and Financial Model for the insurance industry in preparation for business expansion and boosting TQR’s competitiveness in the global stage. Mr. Chanaphan added that TQR will maintain its annual growth for this year at 30%.

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