The dividend policy of the Company and its subsidiaries is to distribute annual dividends to its shareholders at a rate of not less than 40.00% of the net profit as recorded in the Company’s separate financial statements after deductions for income tax and all legal reserves as required by law and articles of association of the Company and its subsidiaries. In considering the dividend payment, the Company’s board of directors shall consider the benefits to shareholders as main consideration and the dividend payment shall not have significant impact on normal business operation of the Company. Notwithstanding the foregoing, such dividend payments are subject to changes based on the Company’s results of operations, financial positions, cash flow, investment plans, other necessity in the future, and other factors relating to management of the Company’s business as the Company’s board of directors and/or shareholders deem appropriate.

The Company’s board of directors may consider the annual dividend payment, but the annual dividend payment must be approved by the annual general meeting of shareholders, except for interim dividend payment of which the Company’s board of directors may, from time to time, approve to pay the shareholders the interim dividends, provided that it is of the view that the Company has adequate profits to make such payment and reports to the shareholders during the next shareholders’ meeting. The past records of the Company’s net profits and dividend payments were as follows:

Financial Statements - Company Only
(Baht Million)
2014 2015 2016 2017 2018 2019
Dividends 16.001/ 352.002/ 235.973/ - 55.80 23.25
Net Profits4/ 110.78 119.91 122.83 73.77 63.60 50.35
Dividend Payout Ratio (%) 14.44 293.56 192.10 - 87.74 46.18

1/Dividends paid to shareholders during the year 2014.
2/Dividends paid to shareholders during the year 2015.
3/Dividends paid from retained earnings as of 31 December 2016.
4/Net profits from the financial statements of the Company (company only).