Ocean Glass sees rise in sales by year-end

Ocean Glass (OGP), one of Thailand“s largest manufacturers of crystal products expects to reach THB 1.15 billion in sales by the end of this year and is prepared to issue dividends of THB 2 per share…

Ocean Glass (OGP), one of Thailand“s largest manufacturers of crystal products expects to reach THB 1.15 billion in sales by the end of this year and is prepared to issue dividends of THB 2 per share by the end of December, OGP president Supawal Kanyaprasert recently reported to the press. She added that the company would likely post full year net profit of THB 180 million. As for next year, she said OGP“s sale volume will likely reach THB 1.25 billion, up 8% from this year, as well as an 8% rise in profits. “Next year“s growth figures are based on the addition of THB 90 million in new production equipment, which will boost our production capacity from 120 million pieces a year to 132-135 million,” Supawal said. OGP is ready to pay a THB 2 per-share dividend to shareholders following a two-year suspension of dividend payments, she said. “Because the company“s sale volume has surged, OGP will resume dividend payments. Earlier this year, the company gained THB 67 million in profits through a debt restructuring programme,” she said. In addition, the company will invest around THB 70 million in cash in new machines and expects to export some 65% of its output. “39% of the company“s products will be shipped to Asia, 13% to Europe, 5% to the US and 35% will stay in the domestic market,” she said. Foreign demand stands at about 17,000 tons a day, equivalent to THB 900 million in sales, she said. She added that OGP may split its share“s par value in order to increase benefits for shareholders.