The Largest EPC Contractor earns 314 million Baht net profits and plans IPO soon

Toyo-Thai Corporation Plc., a leading Turn-key Integrated Contractor reports the 2008 revenues of 11,049 million Baht an impressive 140% revenue growth. The First & Only Thai Integrated EPC Contractor also reports a healthy 314 million Baht net profit in the period that many contractors struggle financially.

Mr. Hironobu Iriya, President & Chief Executive Officer (CEO) of Toyo-Thai Corporation Public Company Limited (TTCL) reveals " The company is a leading integrated contractor who provides integrated design and engineering, procurement of equipment and materials, and construction (integrated EPC) services for turnkey projects. During its 24 years experiences, the company continues to expand its business every year. In 2008, it has achieved the revenues of 11,049 million Baht, the highest revenues in the Company's history. This shows a 140% increase over revenue of 4,573 million Baht in 2007. Net profits also jump 124% from 140 million Baht in 2007 to 314 million Bath in 2008. The company has achieved a healthy cumulative growth rate of 48% during 2005-2008 and has no interest-bearing debt. Its ROE (return on equity) is 46%, also the highest among publicly-listed contractors."

Jointly established in 1985 by Toyo Engineering Corporation (Japan), a leading Integrated Engineering Contractor with 48 years experiences from Japan and Italian-Thai Development Plc., Thailand's largest General Contractor, Toyo-Thai Corporation Plc. is the First and Only Thai EPC Contractor, capable of competing with global EPC Contractors. The company is now the largest engineering company in Thailand employs 744 engineers among its total1,529 employees.

" The EPC business is a specialized engineering contractor business that not only requires international experiences but also expertise in all engineering fields from engineering design, procurement of machinery and equipment and plant construction. Therefore, it has only few capable contractors in the market and the company is the only Thai company, competing with global contractors. The EPC market has a high market value and has been expanding continuously. As a leader in this large and growing EPC market, the company has numerous repeated clients. Most of them are large publicly-listed groups such as PTT group, SCG Group, VinyThai Group as well as global companies such as Kao Group from Japan, Bayer Group from Germany." explains, Suvit Manomaiyanon, Director and General Manager, Sales and Contract Division

Mr. Hironobu Iriya, TTCL's President & CEO reveals about its IPO plan " The company has increased its registered capital to 480 million Baht and will offer its 130 million shares to investors in its upcoming Initial Public Offering. The company will use the fund proceeds from IPO to strengthen its capabilities in order to bid for the world-scale project worth US$ 300-500 million per project and to support its international market expansion into Asian & Middle East markets. Currently, the company already has a backlog of 11,230 million Baht and is working on numerous project bidding both domestic and internationally. With its proven track records of 12 years undertaking international projects, the company has strong competencies in delivering an international-standard quality of work at a much lower cost than its global competitors. By becoming a publicly listed company, the company will increase its trustworthiness among its international customers."

Prasert Tantayawit, Tisco Securities' Senior Vice President, its Financial Advisor, adds that " Toyo-Thai has a strong business model and has continuously delivered solid business performances. Its revenues and profits has grown dramatically for many years highlighting the Company's strengths in its Market. The EPC market is a large and lucrative niche market with few competitors, unlike the general contractor market that has so many competitors and much higher risks. With its plan to enter the world-scale project segment and its international expansion plan, the company should continue to grow with stability. Its IPO stocks are expected to get strong attention from the investors."

Toyo-Thai Corporation Plc. has a registered capital of 480 million Baht with paid-up of 350 million Baht. The Company's track records cover over 160 projects in 24 years, with combined project value of 60,000 million Baht.

The company has undertaken international projects for 12 years. It has generated a combined 6,000 million Baht in revenues from overseas projects, accounting for 12.5% of overall revenues in the same period. Its main markets are Vietnam, where it has an operating subsidiary, China, Asian Countries, Middle East Countries, Africa and USA