PSP holds 2025 shareholders meeting, approves dividend of 0.15 baht/share from 2024 profit, breaking record at 672 million baht

P.S.P. Specialties Public Company Limited (PSP), the leading lubricant solutions partner, held its Annual General Meeting (AGM) for 2025 and approved a dividend payout of 0.15 baht per share from its 2024 operating performance. The dividend is scheduled to be paid on May 16, 2025. The company reported revenue of 13.351 billion baht in 2024, with net profit surging by 57.1% to 672 million baht — the highest since the company’s founding. Key growth drivers included investment in new businesses and continued execution of core strategies, particularly the expansion of international sales. PSP aims to expand exports to account for 30% of total revenue by 2028 and sees growth opportunities in the green industry market.

Mr. Sakesan Krongphanich, Deputy CEO of P.S.P. Specialties Public Company Limited (PSP), stated that 2024 marked a significant milestone for the company. PSP achieved total revenue of 13.351 billion baht, an 8.9% increase from the previous year, and net profit rose by 57.1% to 623 million baht — both figures being the highest since the company's inception. This growth stemmed from efficient business operations, investments in new ventures that complement the core business and show strong growth potential, as well as market expansion both domestically and internationally. In 2024, the proportion of revenue from international sales increased from 15.9% in 2023 to 19.2%.

“In the past year, we have enhanced our workflows through ongoing digital transformation efforts,” said Mr. Sakesan. “We began implementing an Enterprise Resource Planning (ERP) system, including SAP S/4 HANA, SAP SuccessFactors, SAP Analytics Cloud, and COMARCH, starting from October 1, 2024. The goal is to eliminate redundant processes and utilize data analytics for effective resource management.”

On the investment front, PSP acquired a 25% stake, valued at 125 million baht, in Genius Genetics Co., Ltd., Thailand’s first provider of DNA testing interpretation services and a market leader in genetic analysis. This strategic move extends PSP’s reach into three new business segments under Genius Genetics: GATTA Café, offering personalized coffee based on DNA; JELLY CARE, jelly-based vitamins for children; and Genius Care, customized vitamins. Additionally, PSP acquired a 27.78% stake in Recycle Engineering Co., Ltd., a company specializing in chemical recycling services using German technology.

Additionally, PSP has entered a joint venture with two partners—Phongrawee Co., Ltd. and V. Sirikan Autoparts Co., Ltd.—to establish Triple S Lubricants Co., Ltd. This new entity focuses on developing and distributing lubricants and specialty products for automotive and industrial use. PSP has also built Thailand’s first AdBlue (diesel engine exhaust treatment fluid) manufacturing facility certified by Germany’s VDA standards, complete with its own testing laboratory. The plant has a maximum production capacity of 15 million liters per year. Furthermore, PSP signed a Memorandum of Understanding (MOU) with Global Green Chemicals Public Company Limited to develop bio-based transformer oil derived from palm oil, which is currently undergoing joint testing with the EnPAT project under NSTDA.

PSP remains committed to sustainable business practices. In 2024, the company developed an ESG Roadmap encompassing goals across economic, environmental, social, and governance dimensions. These include reducing energy and water consumption by 5% by 2027, achieving zero industrial waste landfill by 2029, increasing green space within the organization by no less than 5%, fostering employee engagement levels above 85%, and maintaining customer satisfaction above 95% by 2029. The company also upholds a zero-tolerance policy toward fraud and corruption.In recognition of these efforts, PSP received the CSR-DIW award and the Carbon Footprint for Organization (CFO) certification in 2024. Additionally, the company earned a 4-star CG Rating from the Thai Institute of Directors (IOD), reflecting its strong commitment to good corporate governance.

At the 2025 Annual General Meeting, shareholders approved a dividend payment of 0.15 baht per share for the company’s 2024 performance. The record date for determining shareholders eligible for the dividend is March 14, 2025, and the payment date is set for May 16, 2025. Previously, an interim dividend of 0.05 baht per share was paid on October 25, 2024, following a resolution from the Board of Directors’ Meeting No. 6/2024. This brings the total dividend payout for 2024 to 0.20 baht per share, amounting to 280 million baht.

“We remain committed to strengthening the organization in all dimensions to drive sustainable growth in the short, medium, and long term,” Mr. Sakesan concluded. “A key goal is to expand both domestic and international markets, with a particular focus on increasing the proportion of revenue from international sales to 30% of total revenue by 2028—one of our core strategic objectives. We also see significant growth opportunities arising from the global expansion of the green industry, alongside investments in future-oriented businesses and the continued implementation of ESG principles for truly sustainable development.”