The key earnings driver was an expansion of the company's customer base from 80 clients in 2004 to 120 last year.

As a result, sales volume for coal rose 30 per cent to about 600,000 tonnes. Despite fluctuating coal prices and foreign-exchange and freight rates, Unique Mining Services sustained a gross margin above 30 per cent.

The company posted a net profit of Bt42 million for last year's fourth quarter, up 26 per cent year on year, thanks to new customer orders after boiler conversions.

The broker expects Unique Mining Services' sales volume of coal to climb 38 per cent to 900,000 tonnes this year, with gross margins above 30 per cent. Earnings are forecast to rise 18 per cent to Bt206 million.

The company has the potential of adding another 40-100 customers, because many firms are in the process of changing from boiler fuel to coal. Thus, the brokerage expects Unique Mining Services to have a total of 200 customers by year's end.

With commercial operations of the new depot and coal port, the brokerage believes the company can attain sustainable growth over the long term.

The company has announced an additional dividend of 50 satang a share after a nine-month dividend of Bt1, representing an attractive yield of 8.3 per cent.

The stock will go ex-dividend on March 6.