PTT Oil and Retail Business Public Company Limited (SET: OR) has announced its financial results for the first quarter of 2025, posting a net profit of THB 4,379.48 million, marking a 17.63% increase compared to the same period last year. In Q1/2024, the company recorded a net profit of THB 3,723.20 million. The primary drivers of the profit growth included increased revenues from sales and services, which rose by THB 1,688 million or 1.0%, supported by a higher total sales volume of 230 million liters (+3.6%), despite a drop in average selling prices in line with global oil price trends.
Sales volume in the commercial market segment surged by 299 million liters (+7.7%) across nearly all product groups, particularly aviation fuel thanks to increased international flights following government policies promoting tourism and continued expansion of both existing and new customer bases. Additionally, OR secured a new contract for the supply of diesel to Section 7 customers.
Retail oil sales declined by 69 million liters (-2.6%), mainly due to a decrease in diesel sales, while gasoline sales saw a slight increase, reflecting a broader slowdown in oil demand amid the economic environment.
Revenues from the food and beverage retail segment increased by THB 61 million (+1.6%), buoyed by branch expansion and robust growth in non-beverage product sales. Meanwhile, revenue from other retail businesses grew slightly by THB 4 million (+0.2%) thanks to the expanded convenience store network.
Revenue from overseas sales and services jumped by THB 1,600 million (+12.4%), with total sales volumes up by 143 million liters (+31.8%), even as average selling prices softened. In the Philippines, sales were particularly strong, driven by effective cost management. In Cambodia, fuel oil and aviation fuel sales grew, offsetting a decrease in diesel sales. Meanwhile, Laos posted increased sales, particularly in the diesel segment, alongside a modest uptick in Café Amazon sales.
EBITDA improved by THB 311 million (+5.0%), largely due to enhanced average gross profit per liter in the Global business group (Laos, the Philippines, and Cambodia), and effective cost control measures in Lifestyle businesses. However, the Mobility business group saw a decline in average gross profit per liter despite overall higher sales volumes, particularly in aviation fuel.
Net operating expenses declined, especially in outsourced labor costs, while the share of profit from investments increased. These factors enabled OR to deliver an overall net profit growth of THB 657 million, representing a robust year-on-year increase of 17.6%.
