In Q1/2025, PTT Global Chemical Public Company Limited (SET: PTTGC) had total sales revenue of Baht 132,547 million, remaining stable compared to Q4/2024. Total sales revenue decreased by 15% from Q1/2024, mainly due to the Refinery business, in line with the lower petroleum products spreads and the global market trends. The current economic conditions continue to face challenges from various uncontrollable factors including ongoing economic slowdown, geopolitical uncertainties, and trade tensions among the United States and other trading partners, particularly in response to U.S. tariffs, which continue to put pressure on costs and weaken consumer sentiment.
In Q1/2025, the Company reported Adjusted EBITDA of Baht 5,377 million, a 102% increase from Q4/2024. This improvement was primarily driven by continued cost control and operational excellence. The performance was mainly supported by Olefins and Polymers businesses, with Olefins business benefiting from increased ethane feedstock availability compared to the previous quarter, enhancing its competitiveness.
In Q4/2024, the Company recorded a one-time retroactive adjustment of the ethane feedstock purchase agreement with PTT Public Company Limited (PTT), effective from January 2024. This item was not present in the current quarter.
Olefins business had the utilization rate at 80% in Q1/2025 which is higher than the average utilization rate in Asia. Despite the ongoing economic slowdown, the prices of polymer products experienced a slight increase compared to the previous quarter. The impact of U.S. tariffs raised concerns about demand in the downstream sector, coupled with oversupply, which led many producers to continue controlling production. For Performance Chemicals business, the performance improved from the previous quarter, driven by higher sales volume from allnex due to seasonal factors, along with a decrease in Vencorex’s operating expenses resulting from the restructuring. However, Aromatics business reported a decline in performance due to a lower Benzene spread. The Refinery business remained stable, recording a Market GRM of 3.4 USD/barrel for the quarter.
The Company recognized the impact of uncontrollable market-related factors, including stock loss net NRV reversal for a total loss of Baht 55 million, gain from commodity hedging of Baht 809 million, net gain from foreign exchange and financial derivatives of Baht 441 million. Additionally, the Company recognized a share of loss from investments totaling Baht 138 million this quarter, despite improved performance from petrochemical joint ventures, specifically, the polypropylene business, which was primarily driven by increased sales volume. Considering these impacts, the Company reported a net loss of Baht 2,567 million in Q1/2025 (Baht -0.61/share).
