PTT Public Company Limited (SET: PTT) has reported a 39.3% year-on-year (YoY) decline in net profit for the second quarter of 2025 (2Q2025), falling to Baht 21,533 million. This downturn coincided with a 17.7% drop in sales revenue to Baht 676,754 million compared to 2Q2024. Earnings before interest, tax, depreciation, and amortization (EBITDA) also decreased by 31.7% to Baht 78,793 million.
The weaker financial performance was primarily driven by a 21.6% decrease in the average Dubai crude oil price to US$66.9 per barrel in 2Q2025, which led to lower selling prices across various product segments. PTT also recorded a significant stock loss, adjusted to net realizable value (NRV), of approximately Baht 7,200 million in 2Q2025 — a sharp reversal from a Baht 2,800 million gain in the same period last year.
Performance by business segment:
- Exploration and Production: Impacted by lower average selling prices, reduced sales volumes, and higher operating expenses.
- Petrochemical and Refining: Pressured by stock losses and narrower product spreads for Aromatics and Olefins.
- International Trading: Affected by lower margin per unit.
- Gas Business: Particularly in the Natural Gas Supply and Trading (S&T) segment, gross profit declined as gas costs fell less than selling prices to industrial customers.
Mitigating factors helped offset some of the decline. PTT recorded a foreign exchange gain of Baht 9,051 million in 2Q2025, up sharply from Baht 2,065 million in 2Q2024, mainly due to Thai Baht appreciation. The share of profit from investments in joint ventures and associates also surged to Baht 7,938 million (from Baht 500 million in 2Q2024), largely driven by a gain on bargain purchase by Thai Oil Public Co., Ltd. (SET: TOP) following its acquisition of Shell’s refineries in Singapore. In addition, finance costs decreased by 13.7% from debenture redemptions and lower interest rates, while depreciation and amortization expenses fell by 5.7%.
While non-recurring gains in 2Q2025 (approximately Baht 4,200 million) were lower than in 2Q2024 (approximately Baht 5,400 million), PTT Group maintained a solid financial position, actively managing foreign exchange risk and strengthening internal capabilities through strategic initiatives.
