PTT Global Chemical Public Company Limited (SET: PTTGC) has announced its 2Q25 consolidated financial statement through the Stock Exchange of Thailand as follows:
In 2Q25, the company had total sales revenue of Baht 133,381 million, declined by 20% compared to the same period last year, primarily due to the drop in crude oil prices leading to a decrease in petroleum product prices.
The Company recognized the impact of uncontrollable market-related factors, including stock loss and NRV for a total loss of Baht 1,891 million, loss from commodity hedging of Baht 32 million, net gain from foreign exchange and financial derivatives of Baht 370 million. In this quarter, the Company realized gain from the deconsolidation of Vencorex France and Vencorex TDI in the amount of Baht 1,499 million. Additionally, the Company recognized a share of loss from investments totaling Baht 17 million this quarter, improved from the last quarter. Considering these impacts, the Company reported a net loss of Baht 3,616 million in Q2/2025 (Baht -0.85/share).
In Q2/2025, Upstream business had Adjusted EBITDA of Baht 2,681 million, declined by 11% from the previous quarter. The performances of Refinery and Aromatics business were improved. However, these were offset by weaker Olefins business.
The Intermediates business had Adjusted EBITDA of Baht -232 million, decreased from the previous quarter by 12%. Overall sales volume dropped by 5% when compared with Q1/2025. This was due to the planned shutdowns of monoethylene glycol (MEG), BPA and Purified Terephthalic Acid (PTA) plants during the period.
Polymers and Chemicals Business had Adjusted EBITDA of Baht 1,581 million, which increased by 94% from the previous quarter. This was driven by improved product spreads of polyethylene over ethylene, primarily due to a decline in ethylene prices following the drop in naphtha prices. Overall, sales volume increased by 2% compared to the previous quarter.
The Bio and Circularity business had Adjusted EBITDA of Baht 115 million, a decrease of 45% from the previous quarter, with Adjusted EBITDA Margin of 2%. The slowdown in demand for methyl ester (ME) was primarily driven by the onset of the monsoon season, which disrupted agricultural logistics, while the government’s maintained the biodiesel blending mandate at B5 despite a decline in crude palm oil (CPO) prices. The fatty alcohol (FA) P2F increased in Q2/2025 due to buyers restocked in response to tight supply caused by shutdowns of major producers in Asia, coupled with a rise in FA prices following higher crude palm kernel oil (CPKO) prices.
For Performance Chemicals Business in Q2/2025, the Adjusted EBITDA was Baht 2,015 million, which increased from the previous quarter by 23%. The main improvement was followed the liquidation of Vencorex France and Vencorex TDI, which ceased to be subsidiaries of the Company as of May 13, 2025, resulting in reduced losses from the Vencorex group compared to the previous quarter. allnex’s sales volume increased by 2% from Q1/2025, mainly driven by higher sales in the Asia-Pacific region and also maintained stable unit margins during the quarter.
In addition, the reciprocal tariff has raised concerns over downstream demand for petrochemical products, while excess supply continues leading to the control of operating rates cautiously. The performance of the Performance Chemicals business improved, primarily due to the liquidation of Vencorex France and Vencorex TDI, which ceased to be subsidiaries of the Company as of May 13, 2025.
