RCL accounts: good-year profits went into the fleet
RCL earned THB 24,625 million in 2022, when freight rates spiked, and THB 1,502 million in 2023. Profit recovered after that, but investing used more than operating cash flow brought in, so cash after investing was negative in 2024 and 2025.
| Price (THB) | P/E (x) | P/BV (x) | ROE | Payout | Dividend yield | 52-week position |
|---|---|---|---|---|---|---|
| 45.00 | 4.8 | 0.64 | 14.1% | 27% | 5.56% | 74% |
Price at the midday break on 12 October 2026. Other ratios are Stock Exchange of Thailand statistics at the previous trading day's close. 52-week position: 0% is the low of the range, 100% the high.
What RCL does
RCL PCL is a Thailand-based container line with three main businesses: carrying shippers' own containers (SOC), regional service with its own containers (COC), and related logistics. Its network covers Asia, the Indian subcontinent, the Middle East, the Red Sea, East Africa and Latin America.
Revenue was THB 37,667 million in 2025, against THB 52,219 million in 2022.
Four years and the latest half-year
| Year | Revenue | Net profit | Gross margin | Operating cash flow | Cash after investing | DPS (THB) | Payout |
|---|---|---|---|---|---|---|---|
| 2022 | 52,219 | 24,625 | 49.1% | 26,044 | 15,854 | 7 | 24% |
| 2023 | 26,836 | 1,502 | 13.2% | 6,752 | -1,341 | 0.75 | 41% |
| 2024 | 35,588 | 9,171 | 28.5% | 11,760 | -6,171 | 2.5 | 23% |
| 2025 | 37,667 | 8,167 | 28.0% | 11,487 | -3,995 | 2.5 | 25% |
| H1 2026 | 18,820 | 3,652 | 25.1% | 5,594 | 4,602 | 0.5 | 11% |
Money in THB million, consolidated. Cash after investing = net cash from operating activities + net cash from investing activities. Dividends per share are counted in the year of the results they were paid from. Payout = dividend per share ÷ earnings per share. The half-year row covers January to June 2026 only.
Freight rates drive almost all of the profit
Gross margin was 49.1% in 2022, fell to 13.2% in 2023 and was back at 28.0% in 2025. Ships, fuel and port costs are largely fixed, so when freight rates move, profit moves far more than revenue.
A P/E of 4.8x looks low, but in a cyclical business a P/E based on a good year usually understates what the business earns across a cycle.
Fleet investment outran operating cash
Net investing cash flow was THB -17,931 million in 2024 and THB -15,482 million in 2025, more than operating cash flow in the same years (THB 11,760 million and THB 11,487 million).
Cash after investing here is net operating cash flow plus net investing cash flow, which covers both capital spending and investments in other companies. Over 2022–2025 cash after investing of THB 4,347 million fell short of dividends of about THB 10,567 million; the gap came from cash built up in 2022 and from borrowing. D/E is still low at 0.41x.
The payout from 2025 results was 25% of earnings per share: most of the profit is kept for the fleet. In the first half of 2026 investing fell to THB -992 million, and cash after investing turned positive at THB 4,602 million.
Latest results and news
- 7 August 2026 · Q2 2026 net profit of THB 1,980.87 million, down 1.2% from THB 2,004.88 million; first-half profit of THB 3,651.96 million, down from THB 4,062.96 million. Interim dividend of THB 0.50 a share. อินโฟเควสท์ ผ่าน RYT9
Figures to watch next
- Container freight indices on Asian routes.
- Commitments to build or buy ships, in the notes to the accounts.
- Volume carried (TEU) against average freight rates.
- Bunker fuel prices.
Questions
Why is RCL's payout low?
Shipping needs periodic fleet investment and profit swings with freight rates, so the company keeps most of its earnings. The payout from 2025 results was 25%.
Read next
Financial statements, dividends and share counts are from the Stock Exchange of Thailand website; price and ratios are as of the date on the page; news is from the linked sources. Figures do not update automatically.
Note: this explains how to read a listed company's accounts. It is not a recommendation to buy or sell any security, it sets no valuation or target price, and its author is not a licensed investment adviser. Check the latest information and weigh your own goals and risks before investing.