TRUE Reports a Decline in 2020 Earnings by 81%, Offering Bt0.07 of Div with XD on Mar. 12

TRUE Corporation Public Company Limited (TRUE) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

In 2020, TRUE reported a net profit of 1,048 million baht, decreased 81.40% from a net profit of 5,636 million baht in 2019, driven by continued network expansion and spectrum acquisition resulting in higher depreciation and amortization, TFRS16 adoption, and the net benefit of approximately 3.4 billion baht in 2019 as the gain from asset sale to DIF outpaced non-recurring expenses related to asset impairments.


Total revenue reached 138.2 billion baht in 2020 as consolidated service revenue increased 1.4% YoY to 107.2 billion baht despite the lengthy COVID-19 and economic impact. This is driven by above-industry subscriber growth of postpaid and broadband internet. This, together with continued focus on cost discipline, droveEBITDA up 18%YoY to 37.2 billion baht, increased 56%YoY to 52.7 billion baht in 2020 as reported including the effect of the new accounting standard (TFRS16).


Core Telecommunication services outgrew the industry with mobile revenue growing 3% YoY and broadband internet delivered highest net adds of 390k while digital platform and services continued to grow revenues in double-digit rates.


In addition, the Board of Directors of TRUE approved a dividend payment of ฿0.07/share to be paid on May 28, 2021. The ex-dividend date is March 12, 2021.


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