“Dan Hetrakul” announced a big capital restructuring Clear the accumulated losses, IRCP hopes to pay dividend to shareholders.
Mr. Dan Hetrakul Chief Executive Officer, International Research Corporation Public Company Limited or IRCP Information and communication technology business operator With more than 34 years of experience, revealed the operating results for the year ended December 31, 2020 that can turn around to have a net profit of 7.5 million baht, an increase of 107.39% compared to the year 2019 with a net loss of 101.45 million. For the fourth quarter of 2020, the net profit was 20.76 million baht, an increase of 13% compared to the previous quarter with a net profit of 18.37 million baht.
“The company has 3 consecutive quarters of net profit, from the first quarter of 2020 a net loss of 34.60 million baht, but the second quarter has a net profit of 2.97 million baht, an increase of 1,265% from the first and the third quarter, the net profit is 18.37 million baht, an increase of 518%. From the second quarter clearly reflected the return of turnaround. “ Dan said.
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Mr. Dan said The improved performance came from a subsidiary, IT Green Company or ITG, increased sales revenues with income of 486.51 million baht, coupled with good cost control and cost reduction. Total income of 942.26 million baht, a slight decrease from the previous year with total income of 952.59 million baht, while expenses decreased by 11.22% and we are confident that the performance will continue to improve. Especially business equipment and programs Network security system With larger orders And is a business with a good gross margin (margin) The margin was 15.43%, an increase from the same period of last year which was 15.40%. The trend of network security equipment and applications business There is still a lot of growth as online transactions increase. Which will support the year 2021 to have more income, expect revenue in 2021 to exceed 1 billion baht
Dan also said In order for the company to grow back in strength and stability At the Board of Directors’ meeting on February 18, 2021, the Company passed a resolution approving a major capital restructuring by 1. Approved to reduce the registered capital. By reducing the unbilled capital of 66.23 million shares, resulting in the registered capital decreased from 320.54 million shares at the par value (par) of 1 baht to 254.30 million shares. 2. Approved to reduce the capital by reducing par. 1 baht to 0.50 baht or 127.15 million baht, resulting in a decrease in the registered capital from 254.30 million baht to 127.15 million baht, with the number of shares after the capital reduction still at 254.30 million shares.
3. The board resolved to bring the existing share premium over 117.15 million baht and legal reserve of 25.43 million baht to clear the accumulated loss, which at the end of 2020 the company has accumulated loss of 297.20 million baht after operation will cause loss. Accumulated to only 27.47 million baht and is confident that the accumulated loss will be wiped out. 4. The Board of Directors resolved to increase the registered capital from 254.30 million shares to 435.55 million shares by issuing 181.25 million ordinary shares to be offered to existing shareholders. (RO) in proportion of 1.4 existing shares per 1 new capital increase share Offering a price of 0.80 baht per share, the value of fund raising from the sale of capital increase shares totaling 145 million baht, which will be proposed for approval at the Annual General Meeting of Shareholders on April 9, 2021.
“I reiterate to the shareholders that they do not have to worry about the capital increase of the company. Because of the disturbance of shareholders this time Is to increase the financial strength of the company And prepare funds for business expansion To increase the potential to accept more new jobs to create stable growth Including the fastest return to pay dividends to shareholders “ Dan said.
In addition Mr. Pracha Hetrakul And himself who is the Chief Executive Officer, director and major shareholder of the Company. Has made a letter to notify the Board of Directors meeting that Intend to exercise the right to subscribe for the newly issued ordinary shares in full proportion And ready to subscribe to 155.78 million shares of excess shares. As a result, Mr. Pracha Haetrakul and himself may increase to no more than 49.82%, which may lead to Mr. Pracha Haetrakul and his own stakeholders to cross the point of making a tender offer for all securities of the companies that are 25%, there will be a request for a waiver from making a tender offer to buy all securities (Tender Offer) to the SEC.
The company expects to sell the capital increase shares during July 2021. The proceeds from the capital increase. In addition to strengthening the capital structure and the ratio of debt to equity is more appropriate. The company will expand the business. To support more bidding for government projects In which this year plans to participate in the auction More than 20 government projects to increase the value of the work on hand, generating continuous and stable income. The company aims that in 2021 revenues will grow from 2020 by more than 50% by the end of 2020, the company has a backlog that prepares to recognize revenue by 2021 approximately 350 million baht.
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